Commonwealth of Pennsylvania Public School Empls Retrmt SYS Has $16.04 Million Position in Arista Networks, Inc. (NYSE:ANET)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Arista Networks, Inc. (NYSE:ANET) by 0.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 55,319 shares of the technology company’s stock after purchasing an additional 136 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Arista Networks were worth $16,041,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Central Pacific Bank Trust Division bought a new stake in shares of Arista Networks during the 1st quarter worth $1,405,000. PNC Financial Services Group Inc. raised its stake in shares of Arista Networks by 7.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 51,301 shares of the technology company’s stock worth $12,082,000 after purchasing an additional 3,763 shares during the period. Lebenthal Global Advisors LLC bought a new stake in shares of Arista Networks during the 4th quarter worth $662,000. Nordea Investment Management AB raised its stake in shares of Arista Networks by 32.5% during the 1st quarter. Nordea Investment Management AB now owns 26,799 shares of the technology company’s stock worth $7,810,000 after purchasing an additional 6,578 shares during the period. Finally, US Bancorp DE raised its stake in shares of Arista Networks by 6.3% during the 4th quarter. US Bancorp DE now owns 42,809 shares of the technology company’s stock worth $10,082,000 after purchasing an additional 2,535 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Trading Down 5.2 %

Shares of ANET traded down $18.48 during mid-day trading on Wednesday, reaching $339.75. The company’s stock had a trading volume of 1,999,937 shares, compared to its average volume of 2,445,694. The stock has a market cap of $106.46 billion, a PE ratio of 47.60, a P/E/G ratio of 3.18 and a beta of 1.11. Arista Networks, Inc. has a 52 week low of $149.10 and a 52 week high of $376.50. The company’s fifty day moving average price is $327.53 and its two-hundred day moving average price is $290.37.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, May 7th. The technology company reported $1.80 EPS for the quarter, topping the consensus estimate of $1.56 by $0.24. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. The company had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.55 billion. Research analysts anticipate that Arista Networks, Inc. will post 7.06 EPS for the current year.

Arista Networks declared that its Board of Directors has initiated a share buyback program on Tuesday, May 7th that permits the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization permits the technology company to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Bank of America lifted their target price on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. Rosenblatt Securities restated a “sell” rating and issued a $210.00 price objective on shares of Arista Networks in a research note on Friday, April 12th. UBS Group boosted their price objective on Arista Networks from $275.00 to $285.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. Wells Fargo & Company boosted their price objective on Arista Networks from $310.00 to $340.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. Finally, KeyCorp boosted their price objective on Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $321.83.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 1,500 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $258.77, for a total transaction of $388,155.00. Following the transaction, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at approximately $4,575,312.37. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $370.70, for a total value of $7,414,000.00. Following the transaction, the senior vice president now owns 3,244 shares in the company, valued at approximately $1,202,550.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Jayshree Ullal sold 1,500 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $258.77, for a total transaction of $388,155.00. Following the completion of the transaction, the chief executive officer now owns 17,681 shares in the company, valued at approximately $4,575,312.37. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 210,076 shares of company stock valued at $68,928,479. 3.54% of the stock is currently 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.