State of Michigan Retirement System Has $42.07 Million Stock Position in Arista Networks, Inc. (NYSE:ANET)

State of Michigan Retirement System boosted its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 31.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 542,956 shares of the technology company's stock after purchasing an additional 131,400 shares during the period. State of Michigan Retirement System's holdings in Arista Networks were worth $42,068,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in ANET. HighMark Wealth Management LLC increased its holdings in shares of Arista Networks by 179.7% during the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock worth $28,000 after buying an additional 230 shares in the last quarter. Quarry LP boosted its holdings in shares of Arista Networks by 381.5% during the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after acquiring an additional 206 shares in the last quarter. Dunhill Financial LLC grew its position in Arista Networks by 415.7% during the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after acquiring an additional 212 shares during the last quarter. Cloud Capital Management LLC acquired a new position in Arista Networks in the 1st quarter worth about $30,000. Finally, McIlrath & Eck LLC bought a new position in Arista Networks in the fourth quarter valued at about $35,000. Institutional investors and hedge funds own 82.47% of the company's stock.

Insider Buying and Selling

In other Arista Networks news, SVP Kenneth Duda sold 26,000 shares of the business's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $92.23, for a total value of $2,397,980.00. Following the transaction, the senior vice president directly owned 592,400 shares of the company's stock, valued at approximately $54,637,052. The trade was a 4.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $99.36, for a total value of $794,880.00. Following the transaction, the director owned 65,784 shares in the company, valued at $6,536,298.24. The trade was a 10.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,123,370 shares of company stock valued at $113,157,408 over the last 90 days. Company insiders own 3.39% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on ANET shares. Needham & Company LLC assumed coverage on Arista Networks in a research note on Wednesday, May 28th. They set a "buy" rating on the stock. Piper Sandler reiterated a "neutral" rating and set a $89.00 target price (up from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. BNP Paribas Exane lowered shares of Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 target price on the stock. in a report on Wednesday, June 11th. The Goldman Sachs Group decreased their price target on shares of Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Finally, Citigroup raised their price target on shares of Arista Networks from $112.00 to $123.00 and gave the company a "buy" rating in a research note on Friday. Seven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $110.07.

Arista Networks Trading Up 2.3%

ANET stock traded up $2.42 during midday trading on Friday, hitting $108.71. The stock had a trading volume of 12,952,328 shares, compared to its average volume of 9,160,374. The firm has a market cap of $136.53 billion, a P/E ratio of 46.02, a price-to-earnings-growth ratio of 3.10 and a beta of 1.40. The business has a fifty day moving average price of $94.70 and a two-hundred day moving average price of $95.15. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.06. The firm had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The business's quarterly revenue was up 27.6% on a year-over-year basis. During the same period last year, the company posted $0.50 EPS. On average, equities analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks announced that its board has authorized a stock repurchase plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the technology company to purchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.

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.