Clare Market Investments LLC Trims Stake in Arista Networks, Inc. (NYSE:ANET)

Clare Market Investments LLC lowered its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 14.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,780 shares of the technology company's stock after selling 3,580 shares during the period. Clare Market Investments LLC's holdings in Arista Networks were worth $1,688,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Arista Networks by 304.2% during the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock worth $10,620,270,000 after buying an additional 72,311,318 shares during the last quarter. FMR LLC lifted its position in Arista Networks by 330.9% in the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock valued at $6,371,848,000 after acquiring an additional 44,269,572 shares during the last quarter. Cresset Asset Management LLC boosted its stake in Arista Networks by 277.5% in the fourth quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock valued at $3,016,207,000 after acquiring an additional 20,059,303 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Arista Networks by 311.6% during the fourth quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock worth $2,665,829,000 after purchasing an additional 18,293,874 shares during the last quarter. Finally, Alliancebernstein L.P. increased its position in shares of Arista Networks by 218.5% during the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock worth $2,328,869,000 after purchasing an additional 14,454,822 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

Arista Networks Stock Up 0.2%

NYSE ANET traded up $0.17 during trading hours on Thursday, hitting $95.11. 7,929,264 shares of the stock were exchanged, compared to its average volume of 9,058,943. The company has a market cap of $119.45 billion, a price-to-earnings ratio of 42.84, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58. The stock has a 50-day moving average of $82.70 and a 200 day moving average of $96.54.

Arista Networks (NYSE:ANET - Get Free Report) last issued its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the prior year, the business posted $0.50 EPS. The company's revenue for the quarter was up 27.6% on a year-over-year basis. On average, equities research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its board has authorized a stock buyback plan on Tuesday, May 6th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts recently issued reports on ANET shares. Piper Sandler reissued a "neutral" rating and issued a $89.00 target price (up from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Evercore ISI decreased their price objective on Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Citigroup raised their target price on shares of Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Redburn Atlantic initiated coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They issued a "buy" rating and a $112.00 price target for the company. Finally, Wedbush initiated coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They set an "outperform" rating for the company. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $107.47.

Insiders Place Their Bets

In related news, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total value of $620,400.00. Following the sale, the director now owns 139,784 shares in the company, valued at $10,840,249.20. This represents a 5.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Kelly Bodnar Battles sold 1,492 shares of the business's stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total value of $102,187.08. Following the sale, the director now owns 7,480 shares in the company, valued at approximately $512,305.20. The trade was a 16.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 105,690 shares of company stock worth $9,360,205. Corporate insiders own 3.39% of the company's stock.

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.