Teachers Retirement System of The State of Kentucky Grows Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Teachers Retirement System of The State of Kentucky lifted its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 3.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 173,574 shares of the technology company's stock after buying an additional 5,395 shares during the quarter. Teachers Retirement System of The State of Kentucky's holdings in Arista Networks were worth $13,449,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of ANET. Brighton Jones LLC raised its stake in shares of Arista Networks by 321.7% in the fourth quarter. Brighton Jones LLC now owns 7,806 shares of the technology company's stock valued at $863,000 after acquiring an additional 5,955 shares in the last quarter. Revolve Wealth Partners LLC purchased a new stake in Arista Networks during the 4th quarter worth about $202,000. Bank Pictet & Cie Europe AG raised its position in Arista Networks by 433.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company's stock valued at $1,200,000 after purchasing an additional 8,822 shares in the last quarter. Proficio Capital Partners LLC boosted its stake in shares of Arista Networks by 634.3% in the 4th quarter. Proficio Capital Partners LLC now owns 4,663 shares of the technology company's stock valued at $515,000 after buying an additional 4,028 shares during the period. Finally, Harbour Investments Inc. grew its position in shares of Arista Networks by 432.3% during the fourth quarter. Harbour Investments Inc. now owns 1,485 shares of the technology company's stock worth $164,000 after buying an additional 1,206 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.

Arista Networks Stock Performance

Shares of NYSE:ANET opened at $112.01 on Monday. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The company has a 50-day simple moving average of $97.19 and a 200-day simple moving average of $94.78. The stock has a market capitalization of $140.68 billion, a price-to-earnings ratio of 47.41, a PEG ratio of 3.26 and a beta of 1.40.

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, topping the consensus estimate of $0.59 by $0.06. The business had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The company's quarterly revenue was up 27.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.50 earnings per share. As a group, research analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Redburn Atlantic started coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They issued a "buy" rating and a $112.00 price target for the company. Barclays decreased their price objective on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Piper Sandler reissued a "neutral" rating and issued a $89.00 target price (up previously from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. JPMorgan Chase & Co. raised their price target on Arista Networks from $110.00 to $130.00 and gave the company an "overweight" rating in a research note on Thursday. Finally, Morgan Stanley upped their price objective on Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, Arista Networks presently has an average rating of "Moderate Buy" and an average target price of $111.40.

Insider Transactions at Arista Networks

In related news, CEO Jayshree Ullal sold 748,444 shares of the business's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $102.43, for a total transaction of $76,663,118.92. Following the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $88.18, for a total transaction of $705,440.00. Following the completion of the transaction, the director directly owned 123,784 shares of the company's stock, valued at approximately $10,915,273.12. This trade represents a 6.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,123,370 shares of company stock valued at $113,157,408. Corporate insiders own 3.54% of the company's stock.

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.

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