Convergence Investment Partners LLC Reduces Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Convergence Investment Partners LLC lowered its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 36.8% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 35,695 shares of the technology company's stock after selling 20,828 shares during the quarter. Convergence Investment Partners LLC's holdings in Arista Networks were worth $2,766,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. HighMark Wealth Management LLC boosted its holdings in Arista Networks by 179.7% in the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock valued at $28,000 after acquiring an additional 230 shares during the last quarter. Quarry LP boosted its holdings in Arista Networks by 381.5% in the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after acquiring an additional 206 shares during the last quarter. Dunhill Financial LLC boosted its holdings in Arista Networks by 415.7% in 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 during the last quarter. Cloud Capital Management LLC bought a new stake in Arista Networks in the first quarter valued at approximately $30,000. Finally, McIlrath & Eck LLC bought a new stake in Arista Networks in the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds own 82.47% of the company's stock.

Insider Buying and Selling at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $99.36, for a total value of $794,880.00. Following the completion of the transaction, the director directly owned 65,784 shares in the company, valued at $6,536,298.24. The trade was a 10.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Kenneth Duda sold 30,000 shares of the business's stock in a transaction on Thursday, July 17th. The shares were sold at an average price of $111.19, for a total transaction of $3,335,700.00. Following the completion of the transaction, the senior vice president owned 12,976 shares of the company's stock, 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. In the last ninety days, insiders sold 1,177,878 shares of company stock worth $119,281,861. Company insiders own 3.39% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on ANET shares. BNP Paribas cut Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 11th. JPMorgan Chase & Co. raised their price objective on Arista Networks from $110.00 to $130.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. KeyCorp started coverage on Arista Networks in a research note on Thursday, June 26th. They set an "overweight" rating and a $115.00 price objective on the stock. Barclays dropped their price objective on Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Finally, The Goldman Sachs Group decreased their target price on Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Six research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $111.40.

Arista Networks Stock Up 0.3%

Shares of ANET stock traded up $0.33 on Friday, hitting $114.37. The stock had a trading volume of 4,866,258 shares, compared to its average volume of 8,009,131. The business has a 50 day moving average price of $98.86 and a 200 day moving average price of $94.94. The company has a market cap of $143.64 billion, a PE ratio of 48.41, a P/E/G ratio of 3.31 and a beta of 1.40. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.57.

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

Arista Networks announced that its board has initiated a share buyback program on Tuesday, May 6th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its shares are 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.