New York State Teachers Retirement System Sells 5,157 Shares of Arista Networks, Inc. $ANET

New York State Teachers Retirement System lowered its position in Arista Networks, Inc. (NYSE:ANET) by 0.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 835,613 shares of the technology company’s stock after selling 5,157 shares during the period. New York State Teachers Retirement System’s holdings in Arista Networks were worth $121,757,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Arista Networks by 1.2% during the second quarter. Vanguard Group Inc. now owns 98,993,100 shares of the technology company’s stock worth $10,127,984,000 after purchasing an additional 1,136,167 shares during the period. Cresset Asset Management LLC grew its position in shares of Arista Networks by 1.0% in the 2nd quarter. Cresset Asset Management LLC now owns 26,374,373 shares of the technology company’s stock valued at $2,698,362,000 after purchasing an additional 263,272 shares during the period. Geode Capital Management LLC increased its stake in Arista Networks by 0.5% during the 2nd quarter. Geode Capital Management LLC now owns 25,576,483 shares of the technology company’s stock worth $2,606,694,000 after purchasing an additional 128,977 shares in the last quarter. Norges Bank acquired a new stake in Arista Networks during the 2nd quarter worth approximately $1,228,177,000. Finally, Schroder Investment Management Group lifted its stake in Arista Networks by 14.8% in the second quarter. Schroder Investment Management Group now owns 10,494,124 shares of the technology company’s stock valued at $1,073,654,000 after buying an additional 1,350,593 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Stock Performance

Shares of NYSE:ANET opened at $123.05 on Friday. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $164.94. The company has a market capitalization of $154.95 billion, a P/E ratio of 46.79, a price-to-earnings-growth ratio of 2.07 and a beta of 1.41. The company has a 50-day simple moving average of $130.43 and a 200 day simple moving average of $131.91.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.03. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The business had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.26 billion. During the same quarter in the prior year, the business earned $2.40 EPS. The firm’s revenue for the quarter was up 27.5% on a year-over-year basis. As a group, equities analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Activity

In other news, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $133.79, for a total transaction of $1,070,320.00. Following the completion of the sale, the director owned 17,784 shares in the company, valued at approximately $2,379,321.36. This trade represents a 31.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Kenneth Duda sold 30,000 shares of Arista Networks stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $123.16, for a total transaction of $3,694,800.00. Following the sale, the insider directly owned 12,976 shares of the company’s stock, valued at $1,598,124.16. The trade was a 69.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 216,464 shares of company stock valued at $28,488,988 over the last ninety days. 3.39% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. BNP Paribas Exane raised shares of Arista Networks from a “neutral” rating to an “outperform” rating and set a $172.00 price objective for the company in a research report on Thursday, September 25th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $140.00 price objective on shares of Arista Networks in a research report on Monday, November 24th. Zacks Research cut Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Erste Group Bank downgraded Arista Networks from a “buy” rating to a “hold” rating in a research note on Monday, November 10th. Finally, UBS Group reaffirmed a “buy” rating and set a $155.00 price objective on shares of Arista Networks in a research report on Wednesday, December 3rd. Eighteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Arista Networks presently has an average rating of “Moderate Buy” and an average price target of $164.44.

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.