LRI Investments LLC Trims Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

LRI Investments LLC lowered its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 49.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,724 shares of the technology company's stock after selling 2,651 shares during the quarter. LRI Investments LLC's holdings in Arista Networks were worth $211,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Quarry LP raised its holdings in shares of Arista Networks by 381.5% in the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after buying an additional 206 shares during the period. Dunhill Financial LLC increased 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 period. McIlrath & Eck LLC acquired a new stake in shares of Arista Networks during the fourth quarter worth about $35,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Arista Networks in the fourth quarter valued at approximately $37,000. Finally, HighMark Wealth Management LLC boosted its stake in shares of 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 purchasing an additional 230 shares during the period. Hedge funds and other institutional investors own 82.47% of the company's stock.

Arista Networks Stock Up 2.3%

ANET stock opened at $108.71 on Monday. The business has a 50 day moving average price of $95.05 and a 200 day moving average price of $94.84. The stock has a market cap of $136.53 billion, a price-to-earnings ratio of 46.02, a PEG ratio of 3.16 and a beta of 1.40. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58.

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 for the quarter, topping 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 company had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.97 billion. During the same quarter last year, the company earned $0.50 earnings per share. The firm's revenue for the quarter was up 27.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks announced that its Board of Directors has authorized a share buyback plan on Tuesday, May 6th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other Arista Networks news, SVP Kenneth Duda sold 26,000 shares of the company's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $92.23, for a total value of $2,397,980.00. Following the completion of the transaction, the senior vice president owned 592,400 shares in the company, valued at $54,637,052. This represents a 4.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $99.36, for a total value of $794,880.00. Following the transaction, 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 position. The disclosure for this sale can be found here. Insiders have sold 1,123,370 shares of company stock worth $113,157,408 in the last ninety days. 3.54% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ANET. BNP Paribas lowered shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 11th. The Goldman Sachs Group cut their price objective on Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Erste Group Bank lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. Evercore ISI boosted their target price on Arista Networks from $105.00 to $110.00 and gave the stock an "outperform" rating in a research note on Monday, June 23rd. Finally, Piper Sandler reaffirmed a "neutral" rating and issued a $89.00 price target (up previously from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Seven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $110.07.

Arista Networks Profile

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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