University of Texas Texas AM Investment Management Co. Sells 182 Shares of Arista Networks, Inc. (NYSE:ANET)

University of Texas Texas AM Investment Management Co. decreased its stake in Arista Networks, Inc. (NYSE:ANET) by 57.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 136 shares of the technology company’s stock after selling 182 shares during the period. University of Texas Texas AM Investment Management Co.’s holdings in Arista Networks were worth $48,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Arista Networks by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after acquiring an additional 1,596,040 shares during the last quarter. Capital World Investors raised its holdings in shares of Arista Networks by 0.5% during the 4th quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock valued at $2,387,211,000 after buying an additional 55,312 shares in the last quarter. GQG Partners LLC purchased a new position in shares of Arista Networks during the 1st quarter valued at about $881,848,000. Legal & General Group Plc lifted its position in Arista Networks by 0.9% in the 2nd quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock worth $769,560,000 after buying an additional 20,278 shares during the last quarter. Finally, Swedbank AB purchased a new stake in Arista Networks in the first quarter worth approximately $521,767,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ANET. Jefferies Financial Group boosted their price objective on shares of Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Evercore ISI lifted their price objective on Arista Networks from $400.00 to $425.00 and gave the stock an “outperform” rating in a report on Tuesday. KeyCorp increased their target price on Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Erste Group Bank restated a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. Finally, Piper Sandler boosted their price objective on Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research report on Monday, July 15th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and an average price target of $364.81.

Arista Networks Price Performance

Shares of NYSE ANET opened at $381.72 on Wednesday. Arista Networks, Inc. has a 1 year low of $168.25 and a 1 year high of $395.82. The stock has a market capitalization of $119.62 billion, a P/E ratio of 53.16, a P/E/G ratio of 3.04 and a beta of 1.07. The company’s 50-day moving average is $347.22 and its 200 day moving average is $322.12.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The firm had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the prior year, the company earned $1.41 EPS. The business’s revenue was up 15.9% compared to the same quarter last year. Research analysts anticipate that Arista Networks, Inc. will post 7.38 earnings per share for the current year.

Insider Activity

In related news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the completion of the transaction, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at approximately $1,202,550.80. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Kelly Bodnar Battles sold 372 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $356.74, for a total value of $132,707.28. Following the sale, the director now directly owns 2,565 shares of the company’s stock, valued at $915,038.10. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $370.70, for a total value of $7,414,000.00. Following the completion of the transaction, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at approximately $1,202,550.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,157 shares of company stock worth $19,291,193. Corporate insiders own 3.54% of the company’s stock.

Arista Networks 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.