Strs Ohio Reduces Stock Position in Arista Networks, Inc. $ANET

Strs Ohio trimmed its holdings in Arista Networks, Inc. (NYSE:ANET) by 7.5% during the 3rd quarter, Holdings Channel.com reports. The fund owned 659,888 shares of the technology company’s stock after selling 53,459 shares during the period. Strs Ohio’s holdings in Arista Networks were worth $96,152,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in ANET. Walkner Condon Financial Advisors LLC raised its position in Arista Networks by 0.4% during the third quarter. Walkner Condon Financial Advisors LLC now owns 18,509 shares of the technology company’s stock valued at $2,697,000 after purchasing an additional 70 shares during the period. AdvisorNet Financial Inc raised its position in Arista Networks by 56.7% during the 3rd quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock valued at $29,000 after purchasing an additional 72 shares in the last quarter. Crown Wealth Group LLC raised its stake in Arista Networks by 2.4% in the third quarter. Crown Wealth Group LLC now owns 3,175 shares of the technology company’s stock worth $463,000 after buying an additional 75 shares in the last quarter. Fragasso Financial Advisors Inc raised its position in shares of Arista Networks by 1.8% in the 3rd quarter. Fragasso Financial Advisors Inc now owns 4,237 shares of the technology company’s stock worth $616,000 after acquiring an additional 76 shares in the last quarter. Finally, Stablepoint Partners LLC grew its position in shares of Arista Networks by 0.8% in the 2nd quarter. Stablepoint Partners LLC now owns 9,406 shares of the technology company’s stock worth $962,000 after buying an additional 77 shares during the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Weiss Ratings reissued a “hold (c+)” rating on shares of Arista Networks in a report on Monday, December 29th. Rosenblatt Securities reissued a “neutral” rating and issued a $140.00 price objective on shares of Arista Networks in a report on Monday, November 24th. Zacks Research cut shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Erste Group Bank downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Monday, November 10th. Finally, Morgan Stanley lowered their price objective on Arista Networks from $171.00 to $159.00 and set an “overweight” rating for the company in a research report on Wednesday, December 17th. Seventeen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Arista Networks presently has a consensus rating of “Moderate Buy” and a consensus price target of $164.44.

Arista Networks Price Performance

Shares of ANET stock opened at $138.41 on Friday. The firm’s 50-day simple moving average is $128.52 and its 200-day simple moving average is $133.47. The firm has a market cap of $174.30 billion, a P/E ratio of 52.63, a PEG ratio of 2.14 and a beta of 1.41. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $164.94.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.03. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The firm had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.26 billion. During the same period in the prior year, the firm earned $2.40 EPS. The firm’s quarterly revenue was up 27.5% compared to the same quarter last year. 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 other news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $133.79, for a total value of $1,070,320.00. Following the transaction, the director owned 17,784 shares of the company’s stock, valued at $2,379,321.36. The trade was a 31.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Kenneth Duda sold 26,000 shares of the company’s stock in a transaction on Tuesday, January 20th. The shares were sold at an average price of $128.43, for a total value of $3,339,180.00. Following the sale, the insider directly owned 522,400 shares of the company’s stock, valued at approximately $67,091,832. This represents a 4.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 216,464 shares of company stock worth $27,687,068 in the last ninety days. 3.39% of the stock is currently owned by company insiders.

Arista Networks Profile

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.