Arista Networks, Inc. (NYSE:ANET) Shares Acquired by Utah Retirement Systems

Utah Retirement Systems lifted its position in shares of Arista Networks, Inc. (NYSE:ANET) by 301.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 170,948 shares of the technology company’s stock after buying an additional 128,336 shares during the period. Utah Retirement Systems’ holdings in Arista Networks were worth $18,895,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Stock Yards Bank & Trust Co. acquired a new stake in Arista Networks in the 4th quarter valued at $242,000. GHE LLC increased its holdings in Arista Networks by 319.0% in the 4th quarter. GHE LLC now owns 28,368 shares of the technology company’s stock valued at $3,136,000 after purchasing an additional 21,597 shares in the last quarter. Colonial River Investments LLC grew its stake in shares of Arista Networks by 327.6% during the fourth quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company’s stock valued at $1,077,000 after acquiring an additional 7,466 shares in the last quarter. Unified Investment Management purchased a new stake in shares of Arista Networks during the fourth quarter worth about $630,000. Finally, Berkshire Capital Holdings Inc. lifted its stake in shares of Arista Networks by 257.6% in the fourth quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company’s stock worth $8,505,000 after acquiring an additional 55,430 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Price Performance

Shares of ANET opened at $80.74 on Wednesday. The company has a market cap of $101.38 billion, a P/E ratio of 36.37, a PEG ratio of 3.10 and a beta of 1.30. The stock has a fifty day moving average price of $79.60 and a 200 day moving average price of $98.01. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.58.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The company had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.90 billion. As a group, research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on ANET shares. JPMorgan Chase & Co. dropped their price objective on Arista Networks from $140.00 to $110.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Piper Sandler cut their target price on Arista Networks from $108.00 to $76.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Citigroup cut their target price on Arista Networks from $121.00 to $92.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Rosenblatt Securities raised Arista Networks from a “sell” rating to a “neutral” rating and upped their target price for the company from $55.00 to $85.00 in a research report on Tuesday. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of Arista Networks in a research report on Monday, March 3rd. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $106.43.

Insider Transactions at Arista Networks

In other news, Director Kelly Bodnar Battles sold 1,492 shares of the company’s stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total value of $102,187.08. Following the completion of the sale, the director now owns 7,480 shares in the company, valued at $512,305.20. This represents a 16.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $112.02, for a total value of $896,160.00. Following the completion of the sale, the director now owns 155,784 shares of the company’s stock, valued at approximately $17,450,923.68. This trade represents a 4.88 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 412,355 shares of company stock valued at $39,446,799. 3.54% of the stock is currently owned by corporate insiders.

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.