Teacher Retirement System of Texas grew its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 58.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 627,143 shares of the technology company's stock after purchasing an additional 231,995 shares during the quarter. Teacher Retirement System of Texas' holdings in Arista Networks were worth $82,175,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Marietta Wealth Management LLC lifted its stake in shares of Arista Networks by 20.2% during the fourth quarter. Marietta Wealth Management LLC now owns 28,321 shares of the technology company's stock valued at $3,711,000 after acquiring an additional 4,757 shares during the period. Confluence Wealth Services Inc. increased its holdings in Arista Networks by 4.7% in the fourth quarter. Confluence Wealth Services Inc. now owns 2,170 shares of the technology company's stock valued at $284,000 after purchasing an additional 98 shares during the last quarter. EPG Wealth Management LLC increased its holdings in Arista Networks by 3.9% in the fourth quarter. EPG Wealth Management LLC now owns 14,923 shares of the technology company's stock valued at $1,955,000 after purchasing an additional 567 shares during the last quarter. HB Wealth Management LLC increased its holdings in Arista Networks by 7.8% in the fourth quarter. HB Wealth Management LLC now owns 34,951 shares of the technology company's stock valued at $4,580,000 after purchasing an additional 2,541 shares during the last quarter. Finally, Davidson Capital Management Inc. bought a new stake in Arista Networks in the fourth quarter valued at about $1,597,000. Institutional investors and hedge funds own 82.47% of the company's stock.
Wall Street Analyst Weigh In
A number of equities research analysts recently commented on the company. KeyCorp reiterated an "overweight" rating and issued a $178.00 price objective (up from $170.00) on shares of Arista Networks in a report on Friday, February 13th. Morgan Stanley reiterated an "overweight" rating and set a $165.00 price objective on shares of Arista Networks in a report on Friday, February 13th. Truist Financial initiated coverage on Arista Networks in a report on Tuesday, March 31st. They set a "buy" rating and a $161.00 price objective for the company. Needham & Company LLC increased their price target on Arista Networks from $165.00 to $185.00 and gave the company a "buy" rating in a research report on Friday, February 13th. Finally, Weiss Ratings raised Arista Networks from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, April 14th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Arista Networks presently has a consensus rating of "Buy" and a consensus target price of $177.83.
Read Our Latest Stock Analysis on Arista Networks
Arista Networks Trading Up 2.9%
NYSE:ANET opened at $177.89 on Thursday. The stock has a 50 day simple moving average of $138.03 and a 200 day simple moving average of $136.88. Arista Networks, Inc. has a 1-year low of $70.36 and a 1-year high of $178.48. The stock has a market cap of $223.99 billion, a P/E ratio of 64.45, a PEG ratio of 3.04 and a beta of 1.48.
Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings data on Thursday, February 12th. The technology company reported $0.82 EPS for the quarter, topping analysts' consensus estimates of $0.75 by $0.07. Arista Networks had a return on equity of 30.37% and a net margin of 38.99%.The firm had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter last year, the company earned $0.66 EPS. The company's revenue was up 28.9% on a year-over-year basis. As a group, sell-side analysts forecast that Arista Networks, Inc. will post 3.17 EPS for the current year.
Insider Activity
In related news, CFO Chantelle Yvette Breithaupt sold 8,890 shares of the business's stock in a transaction on Tuesday, April 14th. The stock was sold at an average price of $155.02, for a total transaction of $1,378,127.80. Following the sale, the chief financial officer owned 60,734 shares in the company, valued at $9,414,984.68. The trade was a 12.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jayshree Ullal sold 350,000 shares of Arista Networks stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $159.32, for a total value of $55,762,000.00. Following the transaction, the chief executive officer directly owned 5,333,207 shares in the company, valued at $849,686,539.24. The trade was a 6.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 980,868 shares of company stock worth $154,661,490. Insiders own 3.39% of the company's stock.
Arista Networks Profile
(
Free Report)
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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