State of Alaska Department of Revenue Has $13.35 Million Stock Position in Arista Networks, Inc. $ANET

Key Points

• State of Alaska Department of Revenue trimmed its fourth‑quarter stake in Arista Networks by 8.2%, selling 9,055 shares and ending the quarter with 101,916 shares worth $13.35 million.
• Arista reported a quarterly beat with $0.82 EPS vs. $0.75 consensus and revenue of $2.49 billion (up 28.9% year‑over‑year), beating the $2.38 billion analyst estimate.
• Insiders have been net sellers recently — Kenneth Duda sold 26,000 shares on March 17 and insiders sold a total of 199,632 shares valued at $26.87 million over the past 90 days.

State of Alaska Department of Revenue reduced its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 8.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 101,916 shares of the technology company's stock after selling 9,055 shares during the quarter. State of Alaska Department of Revenue's holdings in Arista Networks were worth $13,354,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ANET. Board of the Pension Protection Fund bought a new position in shares of Arista Networks in the fourth quarter valued at approximately $26,000. AdvisorNet Financial Inc grew its holdings in Arista Networks by 56.7% during the third quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company's stock valued at $29,000 after purchasing an additional 72 shares during the period. Knuff & Co LLC bought a new position in Arista Networks during the third quarter valued at $29,000. Ameliora Wealth Management Ltd. bought a new position in Arista Networks during the fourth quarter valued at $30,000. Finally, Richardson Financial Services Inc. lifted its position in shares of Arista Networks by 141.3% during the third quarter. Richardson Financial Services Inc. now owns 222 shares of the technology company's stock worth $32,000 after acquiring an additional 130 shares in the last quarter. 82.47% of the stock is owned by institutional investors.

Arista Networks Price Performance

NYSE ANET opened at $147.27 on Monday. The stock has a market capitalization of $185.05 billion, a PE ratio of 53.36, a PEG ratio of 2.60 and a beta of 1.48. Arista Networks, Inc. has a 1 year low of $66.59 and a 1 year high of $164.94. The business's 50-day moving average is $133.97 and its 200 day moving average is $135.81.

Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings data on Thursday, February 12th. The technology company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.75 by $0.07. Arista Networks had a net margin of 38.99% and a return on equity of 30.37%. The business had revenue of $2.49 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same period last year, the business posted $0.66 earnings per share. Arista Networks's quarterly revenue was up 28.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Activity at Arista Networks

In other Arista Networks news, insider Kenneth Duda sold 26,000 shares of the firm's stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $134.14, for a total value of $3,487,640.00. Following the completion of the sale, the insider directly owned 502,400 shares in the company, valued at $67,391,936. This trade represents a 4.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Kelly Bodnar Battles sold 422 shares of the firm's stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $128.06, for a total transaction of $54,041.32. Following the completion of the sale, the director owned 9,529 shares of the company's stock, valued at $1,220,283.74. This trade represents a 4.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 199,632 shares of company stock valued at $26,873,604. 3.54% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. The Goldman Sachs Group restated a "buy" rating and set a $188.00 target price (up from $165.00) on shares of Arista Networks in a research report on Friday, February 13th. UBS Group set a $200.00 target price on Arista Networks in a research note on Tuesday, February 24th. Piper Sandler reissued an "overweight" rating and issued a $175.00 target price (up from $159.00) on shares of Arista Networks in a research note on Friday, February 13th. Truist Financial began coverage on Arista Networks in a research note on Tuesday, March 31st. They set a "buy" rating and a $161.00 price objective on the stock. Finally, Needham & Company LLC raised their price objective on Arista Networks from $165.00 to $185.00 and gave the company a "buy" rating in a research note on Friday, February 13th. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $176.44.

Arista Networks Profile

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista's offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista's product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company's hardware platforms.

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