VIRGINIA RETIREMENT SYSTEMS ET Al Reduces Stock Position in Arista Networks, Inc. $ANET

VIRGINIA RETIREMENT SYSTEMS ET Al decreased its position in Arista Networks, Inc. (NYSE:ANET) by 15.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 497,980 shares of the technology company’s stock after selling 93,192 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Arista Networks were worth $72,561,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Brighton Jones LLC boosted its position in Arista Networks by 321.7% during the fourth quarter. Brighton Jones LLC now owns 7,806 shares of the technology company’s stock worth $863,000 after acquiring an additional 5,955 shares during the last quarter. Revolve Wealth Partners LLC purchased a new position in shares of Arista Networks during the 4th quarter worth $202,000. Bison Wealth LLC purchased a new position in shares of Arista Networks during the 4th quarter worth $251,000. Quarry LP boosted its holdings in shares of Arista Networks by 503.5% during the first quarter. Quarry LP now owns 1,569 shares of the technology company’s stock worth $122,000 after purchasing an additional 1,309 shares during the last quarter. Finally, Graham Capital Management L.P. grew its position in shares of Arista Networks by 14.8% in the first quarter. Graham Capital Management L.P. now owns 28,610 shares of the technology company’s stock valued at $2,217,000 after purchasing an additional 3,679 shares during the period. 82.47% of the stock is owned by institutional investors and hedge funds.

Arista Networks Price Performance

Shares of ANET opened at $132.42 on Wednesday. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $164.94. The stock’s 50-day moving average is $134.49 and its two-hundred day moving average is $129.99. The stock has a market cap of $166.75 billion, a PE ratio of 50.35, a P/E/G ratio of 2.57 and a beta of 1.41.

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

Insider Activity

In other Arista Networks news, insider Kenneth Duda sold 30,000 shares of the business’s stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $123.16, for a total value of $3,694,800.00. Following the transaction, the insider owned 12,976 shares in the company, valued at $1,598,124.16. The trade was a 69.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $157.12, for a total transaction of $1,256,960.00. Following the completion of the transaction, the director directly owned 33,784 shares of the company’s stock, valued at approximately $5,308,142.08. The trade was a 19.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 208,464 shares of company stock valued at $27,418,668. 3.54% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ANET. Weiss Ratings reiterated a “hold (c+)” rating on shares of Arista Networks in a research report on Monday. Wolfe Research increased their price objective on shares of Arista Networks from $160.00 to $185.00 and gave the stock an “outperform” rating in a report on Friday, September 12th. The Goldman Sachs Group boosted their target price on shares of Arista Networks from $155.00 to $175.00 and gave the company a “buy” rating in a report on Friday, September 12th. Erste Group Bank lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Monday, November 10th. Finally, Barclays reiterated an “overweight” rating and issued a $183.00 price target (up previously from $179.00) on shares of Arista Networks in a report on Wednesday, November 5th. Seventeen investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $163.56.

About Arista Networks

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.