Arista Networks, Inc. (NYSE:ANET) Shares Sold by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund decreased its position in Arista Networks, Inc. (NYSE:ANET) by 17.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 47,158 shares of the technology company’s stock after selling 10,208 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Arista Networks were worth $16,528,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. FCG Investment Co raised its holdings in Arista Networks by 2.3% in the second quarter. FCG Investment Co now owns 1,271 shares of the technology company’s stock valued at $445,000 after acquiring an additional 29 shares in the last quarter. Old Port Advisors lifted its position in shares of Arista Networks by 3.5% during the 1st quarter. Old Port Advisors now owns 955 shares of the technology company’s stock worth $277,000 after buying an additional 32 shares during the last quarter. Fortitude Family Office LLC lifted its position in shares of Arista Networks by 33.3% during the 2nd quarter. Fortitude Family Office LLC now owns 132 shares of the technology company’s stock worth $46,000 after buying an additional 33 shares during the last quarter. Resonant Capital Advisors LLC lifted its position in shares of Arista Networks by 4.1% during the 2nd quarter. Resonant Capital Advisors LLC now owns 870 shares of the technology company’s stock worth $305,000 after buying an additional 34 shares during the last quarter. Finally, Modera Wealth Management LLC lifted its position in shares of Arista Networks by 2.1% during the 2nd quarter. Modera Wealth Management LLC now owns 1,782 shares of the technology company’s stock worth $625,000 after buying an additional 37 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on ANET. JPMorgan Chase & Co. boosted their price objective on shares of Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Erste Group Bank restated a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. Piper Sandler lifted their target price on shares of Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a report on Monday, July 15th. Evercore ISI lifted their target price on shares of Arista Networks from $340.00 to $400.00 and gave the company an “outperform” rating in a report on Tuesday, July 16th. Finally, Rosenblatt Securities lifted their target price on shares of Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $358.63.

Insider Buying and Selling

In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $347.00, for a total value of $8,675,000.00. Following the transaction, the chief executive officer now directly owns 1,600,800 shares in the company, valued at approximately $555,477,600. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $325.88, for a total transaction of $6,517,600.00. Following the transaction, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $1,057,154.72. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Jayshree Ullal sold 25,000 shares of the stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $347.00, for a total transaction of $8,675,000.00. Following the transaction, the chief executive officer now owns 1,600,800 shares in the company, valued at $555,477,600. The disclosure for this sale can be found here. Insiders have sold 126,300 shares of company stock worth $44,194,544 in the last three months. Corporate insiders own 3.54% of the company’s stock.

Arista Networks Trading Down 4.3 %

Shares of NYSE:ANET traded down $14.13 on Friday, reaching $314.31. 2,188,318 shares of the company were exchanged, compared to its average volume of 2,361,568. Arista Networks, Inc. has a 1-year low of $168.25 and a 1-year high of $376.50. The firm has a market cap of $98.49 billion, a price-to-earnings ratio of 43.78, a price-to-earnings-growth ratio of 2.78 and a beta of 1.11. The company has a 50-day moving average of $343.09 and a 200-day moving average of $310.67.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, topping the consensus estimate of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The business had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same period in the previous year, the firm earned $1.41 EPS. The business’s revenue for the quarter was up 15.9% compared to the same quarter last year. As a group, analysts forecast that Arista Networks, Inc. will post 7.38 earnings per share for the current year.

Arista Networks Company 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.