Choreo LLC Has $1.63 Million Position in Arista Networks, Inc. (NYSE:ANET)

Choreo LLC lessened its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 17.4% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 21,020 shares of the technology company's stock after selling 4,425 shares during the quarter. Choreo LLC's holdings in Arista Networks were worth $1,629,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Quarry LP grew its position in shares of Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after buying an additional 206 shares in the last quarter. Dunhill Financial LLC lifted its stake in Arista Networks by 415.7% during the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after purchasing an additional 212 shares during the last quarter. McIlrath & Eck LLC bought a new position in Arista Networks during the fourth quarter worth $35,000. Aster Capital Management DIFC Ltd bought a new position in Arista Networks during the fourth quarter worth $37,000. Finally, HighMark Wealth Management LLC lifted its stake in Arista Networks by 179.7% during the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock worth $28,000 after purchasing an additional 230 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.

Insider Activity

In other news, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $99.36, for a total transaction of $794,880.00. Following the sale, the director directly owned 65,784 shares in the company, valued at approximately $6,536,298.24. The trade was a 10.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Kenneth Duda sold 30,000 shares of the business's stock in a transaction that occurred on Thursday, July 17th. The shares were sold at an average price of $111.19, for a total value of $3,335,700.00. Following the sale, the senior vice president owned 12,976 shares in the company, valued at approximately $1,442,801.44. This represents a 69.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,177,878 shares of company stock worth $119,281,861. Company insiders own 3.39% of the company's stock.

Analyst Upgrades and Downgrades

ANET has been the topic of several research analyst reports. KGI Securities cut Arista Networks to a "neutral" rating in a research note on Wednesday, May 7th. JPMorgan Chase & Co. raised their price target on Arista Networks from $110.00 to $130.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. Piper Sandler reaffirmed a "neutral" rating and set a $89.00 target price (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. KeyCorp initiated coverage on Arista Networks in a report on Thursday, June 26th. They set an "overweight" rating and a $115.00 target price on the stock. Finally, BNP Paribas Exane cut Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price target on the stock. in a research note on Wednesday, June 11th. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $111.40.

Arista Networks Stock Up 0.9%

NYSE ANET traded up $1.03 during trading on Monday, hitting $115.31. The company's stock had a trading volume of 2,420,242 shares, compared to its average volume of 10,484,802. The firm has a market cap of $144.83 billion, a P/E ratio of 48.80, a price-to-earnings-growth ratio of 3.32 and a beta of 1.40. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.57. The firm has a 50 day moving average price of $98.86 and a 200 day moving average price of $94.65.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. The business had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. Arista Networks's quarterly revenue was up 27.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.50 earnings per share. On average, equities analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks announced that its Board of Directors has authorized a share repurchase plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

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.