Arista Networks, Inc. (NYSE:ANET) Shares Acquired by State Farm Mutual Automobile Insurance Co.

State Farm Mutual Automobile Insurance Co. boosted its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 300.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,619,228 shares of the technology company's stock after purchasing an additional 4,214,421 shares during the quarter. State Farm Mutual Automobile Insurance Co. owned about 0.45% of Arista Networks worth $621,093,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in ANET. Fisher Asset Management LLC boosted its position in shares of Arista Networks by 32.1% during the 3rd quarter. Fisher Asset Management LLC now owns 6,717 shares of the technology company's stock valued at $2,578,000 after acquiring an additional 1,633 shares during the last quarter. Loomis Sayles & Co. L P grew its stake in shares of Arista Networks by 5.9% in the 3rd quarter. Loomis Sayles & Co. L P now owns 1,388 shares of the technology company's stock worth $533,000 after buying an additional 77 shares in the last quarter. D.A. Davidson & CO. grew its position in Arista Networks by 1.3% in the third quarter. D.A. Davidson & CO. now owns 5,158 shares of the technology company's stock worth $1,980,000 after acquiring an additional 64 shares in the last quarter. Townsquare Capital LLC lifted its position in Arista Networks by 3.8% in the third quarter. Townsquare Capital LLC now owns 7,769 shares of the technology company's stock worth $2,982,000 after buying an additional 288 shares during the last quarter. Finally, Freedom Investment Management Inc. increased its position in shares of Arista Networks by 2.3% during the third quarter. Freedom Investment Management Inc. now owns 1,621 shares of the technology company's stock worth $622,000 after acquiring an additional 36 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the firm's stock in a transaction on Monday, January 6th. The stock was sold at an average price of $118.47, for a total value of $9,477,600.00. Following the transaction, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,537,266.72. This trade represents a 86.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $111.51, for a total transaction of $892,080.00. Following the completion of the sale, the director now owns 163,784 shares of the company's stock, valued at approximately $18,263,553.84. The trade was a 4.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 491,001 shares of company stock valued at $49,112,111 over the last ninety days. Corporate insiders own 3.54% of the company's stock.

Arista Networks Stock Performance

Shares of Arista Networks stock traded up $0.37 on Tuesday, hitting $77.85. The company's stock had a trading volume of 2,955,512 shares, compared to its average volume of 8,853,555. The company has a market capitalization of $98.17 billion, a price-to-earnings ratio of 35.04, a price-to-earnings-growth ratio of 3.10 and a beta of 1.08. The firm has a fifty day moving average price of $98.31 and a 200-day moving average price of $101.83. Arista Networks, Inc. has a 1 year low of $60.08 and a 1 year high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last announced its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.02. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.90 billion. As a group, analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on ANET shares. Citigroup lifted their target price on Arista Networks from $115.00 to $121.00 and gave the company a "buy" rating in a research report on Wednesday, February 19th. Piper Sandler reissued a "neutral" rating and set a $108.00 price objective (up from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. Evercore ISI upped their target price on Arista Networks from $110.00 to $130.00 and gave the stock an "outperform" rating in a report on Friday, January 17th. Barclays reissued an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. Finally, The Goldman Sachs Group restated a "buy" rating on shares of Arista Networks in a report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $114.00.

About Arista Networks

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.