State of Michigan Retirement System 13F: Adds $9.3M to ANET Stake
Key Points
- The State of Michigan Retirement System increased its holdings in Arista Networks by 45,700 shares, raising its total to 612,392 shares valued at about $124.7 million.
- The stock closed at $186.85 on October 27, 2026, while recently trading around $187.05, which is about equal to its closing price.
- Arista Networks has shown strong performance with a revenue growth of 37.7% year-over-year and a net margin of 38.4%.
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On October 27, 2026, the State of Michigan Retirement System boosted its stake in Arista Networks, Inc. (NYSE: ANET) by 45,700 shares, bringing its total to 612,392 shares. This increase is valued at approximately $124.7 million, according to the fund's latest Form 13F filing with the SEC.
The fund's reported value for its holdings in Arista Networks is about $11.02 billion. The State of Michigan Retirement System now holds 1.13% of its portfolio in Arista, ranking it 22nd among its 966 total positions. This change reflects an 8.06% increase in its stake.
ANET
Arista Networks, Inc.
Other Institutional Activity in Arista Networks
Several other institutional investors have also adjusted their positions in Arista Networks recently. Gw Henssler & Associates reduced its holdings by 6,819 shares, now holding 256,184 shares valued at about $52.2 million. True North Advisors cut back by 6,627 shares, bringing its total to 4,858 shares worth approximately $989,040. On the other hand, Highland Capital Management increased its stake by 15,461 shares, now owning 15,461 shares valued at around $3.1 million.
Arista Networks, Inc. Stock Up 8.5%
As of October 27, 2026, Arista Networks shares closed at $186.85. The stock has recently traded around $187.05, which is about equal to its closing price. Currently, it is below its 50-day moving average of $195.99 but above its 200-day average of $164.04. The shares are approximately 14% below their 52-week high of $217.41 but 63.3% above the 52-week low of $114.52.
Recent Earnings
Arista Networks reported trailing twelve-month revenue of about $10.54 billion, with an earnings per share (EPS) of $3.17. The next earnings report is scheduled for November 3, 2026. The company has experienced impressive revenue growth of 37.7% year-over-year and maintains a net margin of 38.4%.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
5 target raises vs 1 cuts.
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EPS & revenue
EPS beat estimates by 5.8%. Revenue beat estimates by 1.7%.
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Profit surprise
EBITDA missed by 8 percent. Operating income missed by 6 percent.
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Pre-earnings setup
Bar was high, analysts already very bullish.
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Analyst signal
5 target raises, 1 target cut.
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Earnings quality
Gross margin down 1.8 points. Positive free cash flow.
Earnings Call Summary
The company reported strong momentum across all business segments in the first quarter, with revenue of 2.71 billion dollars, up 35 percent year over year and beating expectations of 2.67 billion dollars. Management highlighted three major AI fabric use cases: scale out with 100 plus customers at 800 gigabit Ethernet, scale up coming in 2027 at 1.6 terabit speeds, and scale across with customers like hyperscaler cloud titans. However, supply chain constraints are severe and expected to persist into next year, forcing the company to accept margin pressure to secure chips and memory for customers.
Guidance Arista raised full year revenue guidance to 11.5 billion dollars, up 27.7 percent from last year. They expect about 2.8 billion in sales for next quarter. AI fabrics revenue target was increased from 3.25 billion to 3.5 billion, and campus revenue is expected to reach 1.25 billion.
Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.
Insider Buying and Selling at Arista Networks, Inc.
In recent insider transactions, several executives sold shares of Arista Networks. On October 6, 2026, CEO Jayshree Ullal sold 460,374 shares valued at approximately $97.6 million. CFO Chantelle Yvette Breithaupt sold 1,224 shares at an average price of $215, totaling around $263,160. On October 9, Ullal sold an additional 158,543 shares worth about $34.4 million, and on October 20, President Kenneth Duda sold 43,333 shares valued at approximately $7.8 million.
Analysts Set New Price Targets
Analysts have maintained a positive outlook on Arista Networks. On August 6, 2026, Barclays maintained an "Overweight" rating with a price target of $289. Deutsche Bank initiated coverage with a "Buy" rating and a target of $220 on September 1, 2026. The consensus recommendation is a "Strong Buy" with a mean price target of approximately $243.59 based on 29 analyst opinions.
About Arista Networks
Arista Networks, Inc. develops and sells networking solutions for data-driven environments, including data centers and cloud networking. Its products are designed to enhance performance and efficiency in various networking applications, making it a key player in the technology sector.
Bottom Line
Investors will be watching closely for Arista Networks' next earnings report on November 3, 2026, to gauge its ongoing performance. The recent position changes and positive analyst ratings suggest a strong interest in the company's future growth potential.
Related Filing Alerts
Source: State of Michigan Retirement System's 13F filing on $ANET (Oct 27, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts