Texas Permanent School Fund Corp Sells 37,248 Shares of Arista Networks, Inc. $ANET

by · The Markets Daily

Texas Permanent School Fund Corp reduced its stake in shares of Arista Networks, Inc. (NYSE:ANET – Free Report) by 21.1% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 139,128 shares of the technology company’s stock after selling 37,248 shares during the period. Texas Permanent School Fund Corp’s holdings in Arista Networks were worth $14,234,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in ANET. Bare Financial Services Inc raised its holdings in shares of Arista Networks by 2,118.2% during the second quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock worth $25,000 after acquiring an additional 233 shares during the period. REAP Financial Group LLC boosted its stake in Arista Networks by 108.0% in the 2nd quarter. REAP Financial Group LLC now owns 337 shares of the technology company’s stock worth $34,000 after purchasing an additional 175 shares during the period. Solstein Capital LLC increased its holdings in Arista Networks by 493.8% during the 2nd quarter. Solstein Capital LLC now owns 380 shares of the technology company’s stock worth $39,000 after purchasing an additional 316 shares in the last quarter. Saudi Central Bank acquired a new stake in shares of Arista Networks in the 1st quarter valued at about $33,000. Finally, Hemington Wealth Management lifted its holdings in shares of Arista Networks by 28.2% in the second quarter. Hemington Wealth Management now owns 459 shares of the technology company’s stock valued at $46,000 after purchasing an additional 101 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Insider Transactions at Arista Networks

In related news, insider Kenneth Duda sold 26,000 shares of the business’s stock in a transaction on Monday, November 17th. The stock was sold at an average price of $128.61, for a total value of $3,343,860.00. Following the completion of the sale, the insider directly owned 542,400 shares in the company, valued at $69,758,064. The trade was a 4.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kelly Bodnar Battles sold 422 shares of the company’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $117.15, for a total value of $49,437.30. Following the completion of the transaction, the director directly owned 8,980 shares in the company, valued at approximately $1,052,007. This represents a 4.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 274,464 shares of company stock valued at $38,250,488. 3.54% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ANET shares. Wolfe Research upped their price objective on Arista Networks from $160.00 to $185.00 and gave the stock an “outperform” rating in a research report on Friday, September 12th. Citigroup upped their price target on Arista Networks from $136.00 to $176.00 and gave the stock a “buy” rating in a research report on Friday, September 12th. Zacks Research downgraded shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. BNP Paribas Exane raised shares of Arista Networks from a “neutral” rating to an “outperform” rating and set a $172.00 price objective on the stock in a research report on Thursday, September 25th. Finally, Erste Group Bank downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Monday, November 10th. Eighteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $164.31.

Read Our Latest Research Report on ANET

Arista Networks Stock Performance

Shares of ANET stock opened at $124.83 on Monday. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $164.94. The company has a market capitalization of $157.20 billion, a price-to-earnings ratio of 47.46, a PEG ratio of 2.39 and a beta of 1.41. The company has a 50-day simple moving average of $138.96 and a 200 day simple moving average of $126.92.

Arista Networks (NYSE:ANET – Get Free Report) last released its quarterly earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.03. Arista Networks had a net margin of 39.73% and a return on equity of 30.28%. The firm had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.26 billion. During the same period in the prior year, the firm earned $2.40 EPS. The business’s revenue was up 27.5% on a year-over-year basis. Sell-side analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks Company Profile

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding ANET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arista Networks, Inc. (NYSE:ANET – Free Report).