State of Alaska Department of Revenue Trims Position in Arista Networks, Inc. $ANET

Key Points

• The State of Alaska Department of Revenue reduced its stake in Arista Networks, Inc. by 4.2%, holding 115,831 shares valued at approximately $11.85 million.
• Insider sales included Charles H. Giancarlo selling 58,000 shares valued at over $8.6 million, indicating a significant decrease in insider ownership.
• Several brokerages have increased their price targets for Arista Networks, with BNP Paribas Exane upgrading its rating to "outperform" with a target price of $172.00.

State of Alaska Department of Revenue trimmed its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 4.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 115,831 shares of the technology company's stock after selling 5,060 shares during the period. State of Alaska Department of Revenue's holdings in Arista Networks were worth $11,850,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. HighMark Wealth Management LLC boosted its position in shares of Arista Networks by 179.7% in the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock worth $28,000 after purchasing an additional 230 shares during the period. Cloud Capital Management LLC bought a new position in Arista Networks during the first quarter valued at $30,000. Saudi Central Bank purchased a new stake in shares of Arista Networks in the first quarter valued at $33,000. Tradewinds Capital Management LLC lifted its holdings in shares of Arista Networks by 45.8% in the 1st quarter. Tradewinds Capital Management LLC now owns 455 shares of the technology company's stock worth $35,000 after acquiring an additional 143 shares during the last quarter. Finally, Costello Asset Management INC boosted its stake in shares of Arista Networks by 51.3% during the 1st quarter. Costello Asset Management INC now owns 454 shares of the technology company's stock worth $35,000 after purchasing an additional 154 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 58,000 shares of Arista Networks stock in a transaction on Friday, September 19th. The shares were sold at an average price of $148.42, for a total value of $8,608,360.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Kenneth Duda sold 30,000 shares of the company's stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $141.79, for a total value of $4,253,700.00. Following the transaction, the insider directly owned 12,976 shares in the company, valued at approximately $1,839,867.04. The trade was a 69.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 7,520,816 shares of company stock worth $979,873,167 over the last three months. Corporate insiders own 3.39% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on ANET. BNP Paribas Exane upgraded Arista Networks from a "neutral" rating to an "outperform" rating and set a $172.00 target price for the company in a research report on Thursday. BNP Paribas upgraded Arista Networks from a "hold" rating to an "outperform" rating in a research report on Thursday. Piper Sandler boosted their target price on shares of Arista Networks from $89.00 to $143.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. Erste Group Bank raised shares of Arista Networks from a "hold" rating to a "buy" rating in a research note on Wednesday, July 23rd. Finally, Needham & Company LLC boosted their price objective on shares of Arista Networks from $155.00 to $160.00 and gave the company a "buy" rating in a research report on Tuesday, September 16th. Eighteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $162.00.

Arista Networks Price Performance

Shares of NYSE ANET opened at $142.53 on Friday. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $156.32. The business has a fifty day moving average price of $134.23 and a 200 day moving average price of $104.35. The stock has a market capitalization of $179.14 billion, a P/E ratio of 56.06, a price-to-earnings-growth ratio of 2.97 and a beta of 1.50.

Arista Networks (NYSE:ANET - Get Free Report) last posted its earnings results on Tuesday, August 5th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.08. The company had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.11 billion. Arista Networks had a return on equity of 31.05% and a net margin of 40.90%.The firm's quarterly revenue was up 30.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.53 earnings per share. Arista Networks has set its Q3 2025 guidance at EPS. As a group, equities research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks Profile

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.

Want to see what other hedge funds are holding ANET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arista Networks, Inc. (NYSE:ANET - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.