Teacher Retirement System of Texas Reduces Stock Position in Arista Networks, Inc. (NYSE:ANET)

Teacher Retirement System of Texas trimmed its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 34.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 659,732 shares of the technology company's stock after selling 340,943 shares during the quarter. Teacher Retirement System of Texas owned about 0.05% of Arista Networks worth $51,116,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in ANET. HighMark Wealth Management LLC increased its holdings 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 last quarter. Quarry LP increased its holdings in shares of Arista Networks by 381.5% in the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after purchasing an additional 206 shares during the last quarter. Dunhill Financial LLC grew its position in Arista Networks by 415.7% in the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after acquiring an additional 212 shares in the last quarter. McIlrath & Eck LLC purchased a new position in Arista Networks in the fourth quarter worth about $35,000. Finally, Tradewinds Capital Management LLC grew its position in Arista Networks by 45.8% in the first quarter. Tradewinds Capital Management LLC now owns 455 shares of the technology company's stock worth $35,000 after acquiring an additional 143 shares in the last quarter. 82.47% of the stock is owned by institutional investors.

Insider Buying and Selling at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $99.36, for a total transaction of $794,880.00. Following the completion of the transaction, the director owned 65,784 shares in the company, valued at approximately $6,536,298.24. The trade was a 10.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Jayshree Ullal sold 748,444 shares of the business's stock in a transaction on Monday, June 30th. The stock was sold at an average price of $102.43, for a total transaction of $76,663,118.92. Following the transaction, the chief executive officer owned 30,000 shares of the company's stock, valued at approximately $3,072,900. The trade was a 96.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,123,400 shares of company stock valued at $113,159,520 over the last quarter. 3.39% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on ANET shares. Redburn Atlantic started coverage on Arista Networks in a research report on Wednesday, May 28th. They issued a "buy" rating and a $112.00 price target for the company. JPMorgan Chase & Co. dropped their price target on Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. 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 note on Wednesday, May 7th. Piper Sandler reissued a "neutral" rating and issued a $89.00 price objective (up previously from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. Finally, Citigroup boosted their price objective on shares of Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Seven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $109.33.

Arista Networks Price Performance

Shares of ANET stock traded up $1.32 during trading on Friday, hitting $102.45. 5,296,699 shares of the stock traded hands, compared to its average volume of 9,105,538. The firm has a market capitalization of $128.66 billion, a P/E ratio of 43.36, a price-to-earnings-growth ratio of 2.95 and a beta of 1.40. The firm's fifty day moving average price is $92.44 and its 200-day moving average price is $95.40. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.59 by $0.06. The firm had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The business's revenue for the quarter was up 27.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.50 EPS. As a group, equities research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks announced that its Board of Directors has authorized a stock repurchase program on Tuesday, May 6th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the technology company to buy up to 1.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

About Arista Networks

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.