Callan Family Office LLC Trims Holdings in Arista Networks, Inc. (NYSE:ANET)

Key Points

• Callan Family Office LLC reduced its stake in Arista Networks by 20.1%, owning 7,290 shares valued at approximately $565,000 after selling 1,836 shares in the first quarter.
• Arista Networks recently reported earnings of $0.73 per share for the quarter, exceeding expectations, with revenue of $2.20 billion, reflecting a 30.4% increase year-over-year.
• The company's Board of Directors authorized a $1.50 billion share repurchase program, indicating belief in the stock's undervaluation, while institutional investors now own 82.47% of Arista Networks' shares.

Callan Family Office LLC decreased its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 20.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,290 shares of the technology company's stock after selling 1,836 shares during the quarter. Callan Family Office LLC's holdings in Arista Networks were worth $565,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of ANET. HighMark Wealth Management LLC lifted its holdings in shares of Arista Networks by 179.7% in the 1st quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock valued at $28,000 after buying an additional 230 shares during the period. Quarry LP grew its holdings in 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 acquiring an additional 206 shares during the period. Dunhill Financial LLC raised its position in Arista Networks by 415.7% during the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock valued at $29,000 after acquiring an additional 212 shares in the last quarter. Cloud Capital Management LLC acquired a new position in Arista Networks in the first quarter valued at approximately $30,000. Finally, McIlrath & Eck LLC acquired a new position in Arista Networks in the fourth quarter valued at approximately $35,000. Hedge funds and other institutional investors own 82.47% of the company's stock.

Arista Networks Stock Down 2.4%

Arista Networks stock opened at $137.87 on Thursday. The company has a fifty day simple moving average of $108.36 and a 200-day simple moving average of $95.73. The firm has a market capitalization of $173.28 billion, a price-to-earnings ratio of 54.23, a PEG ratio of 3.32 and a beta of 1.37. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $141.99.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The technology company reported $0.73 earnings per share for the quarter, topping analysts' consensus estimates of $0.65 by $0.08. The firm had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.11 billion. Arista Networks had a net margin of 40.90% and a return on equity of 31.05%. During the same period in the previous year, the business posted $0.53 earnings per share. Arista Networks's quarterly revenue was up 30.4% on a year-over-year basis. On average, research analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its Board of Directors has approved a share repurchase program on Tuesday, May 6th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the technology company to purchase up to 1.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Insider Activity

In other Arista Networks news, Director Kelly Bodnar Battles sold 864 shares of the firm's stock in a transaction on Friday, July 25th. The stock was sold at an average price of $114.68, for a total value of $99,083.52. Following the completion of the sale, the director directly owned 7,460 shares of the company's stock, valued at $855,512.80. This trade represents a 10.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Friday, August 1st. The stock was sold at an average price of $117.01, for a total value of $936,080.00. Following the transaction, the director owned 57,784 shares in the company, valued at approximately $6,761,305.84. This represents a 12.16% decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,767,742 shares of company stock worth $714,048,068 over the last ninety days. Corporate insiders own 3.39% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on ANET shares. Citigroup raised their price objective on shares of Arista Networks from $123.00 to $136.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Barclays restated an "overweight" rating and set a $151.00 price target (up previously from $119.00) on shares of Arista Networks in a research report on Thursday, August 7th. Needham & Company LLC lifted their price objective on shares of Arista Networks from $130.00 to $155.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Rosenblatt Securities increased their target price on shares of Arista Networks from $106.00 to $125.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 6th. Finally, The Goldman Sachs Group raised their price objective on Arista Networks from $115.00 to $155.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Arista Networks currently has a consensus rating of "Moderate Buy" and a consensus target price of $138.07.

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.

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