State of Tennessee Department of Treasury Buys 296,901 Shares of Arista Networks, Inc. (NYSE:ANET)

State of Tennessee Department of Treasury grew its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 309.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 392,960 shares of the technology company's stock after purchasing an additional 296,901 shares during the quarter. State of Tennessee Department of Treasury's holdings in Arista Networks were worth $43,434,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in ANET. Caitlin John LLC boosted its stake in Arista Networks by 174.7% in the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company's stock worth $26,000 after purchasing an additional 152 shares during the period. Capital Advisors Ltd. LLC increased its position in shares of Arista Networks by 335.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after purchasing an additional 191 shares during the last quarter. Cranbrook Wealth Management LLC grew its stake in shares of Arista Networks by 300.0% in the fourth quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company's stock valued at $29,000 after buying an additional 198 shares in the last quarter. Trust Co. of Vermont grew its position in shares of Arista Networks by 300.0% in the 4th quarter. Trust Co. of Vermont now owns 264 shares of the technology company's stock valued at $29,000 after acquiring an additional 198 shares during the period. Finally, New Millennium Group LLC increased its position in Arista Networks by 300.0% during the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock worth $29,000 after buying an additional 195 shares during the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $112.02, for a total transaction of $896,160.00. Following the transaction, the director now directly owns 155,784 shares of the company's stock, valued at $17,450,923.68. The trade was a 4.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Marc Taxay sold 51,848 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $88.59, for a total transaction of $4,593,214.32. The disclosure for this sale can be found here. In the last 90 days, insiders sold 412,355 shares of company stock valued at $39,446,799. 3.54% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on ANET shares. Erste Group Bank downgraded shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. Citigroup reduced their price target on Arista Networks from $121.00 to $92.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Needham & Company LLC restated a "buy" rating and issued a $145.00 target price on shares of Arista Networks in a research report on Wednesday, February 19th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Arista Networks in a research note on Monday, March 3rd. Finally, Morgan Stanley lowered their price target on shares of Arista Networks from $118.00 to $73.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. One equities 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 stock. According to data from MarketBeat.com, Arista Networks presently has a consensus rating of "Moderate Buy" and a consensus price target of $104.29.

Arista Networks Price Performance

Shares of Arista Networks stock traded up $2.67 during trading on Friday, reaching $77.96. 12,455,138 shares of the company traded hands, compared to its average volume of 9,122,437. The firm has a market capitalization of $97.89 billion, a PE ratio of 35.12, a P/E/G ratio of 3.10 and a beta of 1.30. The company has a 50 day moving average price of $81.23 and a 200-day moving average price of $98.52. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58.

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

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.