Arista Networks, Inc. (NYSE:ANET) Shares Acquired by State of Tennessee Department of Treasury

State of Tennessee Department of Treasury boosted its stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 309.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 392,960 shares of the technology company's stock after buying an additional 296,901 shares during the period. State of Tennessee Department of Treasury's holdings in Arista Networks were worth $43,434,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in ANET. Vanguard Group Inc. raised its stake in Arista Networks by 304.2% during the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock worth $10,620,270,000 after acquiring an additional 72,311,318 shares during the period. FMR LLC lifted its holdings in Arista Networks by 330.9% in the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock worth $6,371,848,000 after purchasing an additional 44,269,572 shares in the last quarter. Geode Capital Management LLC grew its holdings in Arista Networks by 311.6% during the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock valued at $2,665,829,000 after buying an additional 18,293,874 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Arista Networks by 218.5% in the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock worth $2,328,869,000 after buying an additional 14,454,822 shares in the last quarter. Finally, Norges Bank bought a new stake in Arista Networks in the 4th quarter valued at $1,397,833,000. 82.47% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ANET has been the subject of several research reports. Erste Group Bank lowered shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 17th. Wells Fargo & Company restated an "overweight" rating on shares of Arista Networks in a report on Monday, March 3rd. Needham & Company LLC reissued a "buy" rating and issued a $145.00 target price on shares of Arista Networks in a research note on Wednesday, February 19th. Citigroup decreased their price objective on shares of Arista Networks from $121.00 to $92.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, Piper Sandler dropped their price objective on Arista Networks from $108.00 to $76.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks has an average rating of "Moderate Buy" and a consensus target price of $104.29.

Arista Networks Stock Up 3.5 %

Arista Networks stock traded up $2.67 during mid-day trading on Friday, reaching $77.96. 12,456,039 shares of the company's stock were exchanged, compared to its average volume of 9,102,145. The company has a fifty day moving average of $80.57 and a 200-day moving average of $98.37. The company has a market cap of $97.89 billion, a P/E ratio of 35.12, a P/E/G ratio of 3.10 and a beta of 1.30. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last posted its earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.57 by $0.02. The firm had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. Equities research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $112.02, for a total transaction of $896,160.00. Following the completion of the sale, the director now owns 155,784 shares in the company, valued at approximately $17,450,923.68. This trade represents a 4.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $115.61, for a total value of $9,248,800.00. Following the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,500,155.36. This represents a 86.04 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 412,355 shares of company stock worth $39,446,799. 3.54% of the stock is owned by company insiders.

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.