Treasurer of the State of North Carolina Acquires 387,871 Shares of Arista Networks, Inc. (NYSE:ANET)

Treasurer of the State of North Carolina grew its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 307.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 514,072 shares of the technology company's stock after buying an additional 387,871 shares during the quarter. Treasurer of the State of North Carolina's holdings in Arista Networks were worth $56,820,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Legacy Financial Advisors Inc. increased its holdings in shares of Arista Networks by 360.8% in the 4th quarter. Legacy Financial Advisors Inc. now owns 3,318 shares of the technology company's stock valued at $367,000 after purchasing an additional 2,598 shares during the period. Bank of Hawaii increased its stake in Arista Networks by 300.0% in the 4th quarter. Bank of Hawaii now owns 8,800 shares of the technology company's stock valued at $973,000 after buying an additional 6,600 shares during the period. Scotia Capital Inc. lifted its position in Arista Networks by 396.5% in the 4th quarter. Scotia Capital Inc. now owns 98,718 shares of the technology company's stock worth $10,913,000 after buying an additional 78,836 shares in the last quarter. Phoenix Financial Ltd. boosted its stake in shares of Arista Networks by 275.2% during the 4th quarter. Phoenix Financial Ltd. now owns 36,845 shares of the technology company's stock valued at $4,073,000 after buying an additional 27,026 shares during the period. Finally, Bessemer Group Inc. boosted its stake in shares of Arista Networks by 316.4% during the 4th quarter. Bessemer Group Inc. now owns 70,309 shares of the technology company's stock valued at $7,771,000 after buying an additional 53,426 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

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Insiders Place Their Bets

In related news, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $112.02, for a total value of $896,160.00. Following the sale, the director now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $115.61, for a total value of $9,248,800.00. Following the transaction, the senior vice president now owns 12,976 shares of the company's stock, valued at $1,500,155.36. This represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 411,031 shares of company stock worth $39,364,943 over the last quarter. Company insiders own 3.54% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Piper Sandler cut their price objective on Arista Networks from $108.00 to $76.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. Rosenblatt Securities reaffirmed a "sell" rating and set a $80.00 price target on shares of Arista Networks in a research note on Tuesday, February 18th. Evercore ISI increased their price objective on Arista Networks from $110.00 to $130.00 and gave the stock an "outperform" rating in a report on Friday, January 17th. Needham & Company LLC restated a "buy" rating and set a $145.00 target price on shares of Arista Networks in a report on Wednesday, February 19th. Finally, Citigroup upped their price target on Arista Networks from $115.00 to $121.00 and gave the stock a "buy" rating in a research note on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Arista Networks has a consensus rating of "Moderate Buy" and a consensus target price of $108.50.

Arista Networks Trading Up 1.5 %

ANET traded up $1.09 on Monday, hitting $73.76. 4,460,298 shares of the stock traded hands, compared to its average volume of 9,132,271. The business has a fifty day moving average price of $88.74 and a two-hundred day moving average price of $100.14. The firm has a market capitalization of $93.02 billion, a PE ratio of 33.23, a P/E/G ratio of 3.10 and a beta of 1.30. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58.

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