Ghe LLC Has $2.32 Million Position in Arista Networks, Inc. (NYSE:ANET)

Ghe LLC increased its position in shares of Arista Networks, Inc. (NYSE:ANET) by 5.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,939 shares of the technology company’s stock after buying an additional 1,571 shares during the quarter. Arista Networks accounts for 1.0% of Ghe LLC’s portfolio, making the stock its 21st biggest holding. Ghe LLC’s holdings in Arista Networks were worth $2,320,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Quarry LP lifted its stake 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 purchasing an additional 206 shares during the period. Dunhill Financial LLC raised its stake in shares of 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. McIlrath & Eck LLC bought a new position in Arista Networks in the 4th quarter worth approximately $35,000. Aster Capital Management DIFC Ltd bought a new position in Arista Networks in the 4th quarter worth approximately $37,000. Finally, HighMark Wealth Management LLC raised its position in Arista Networks by 179.7% in the 1st 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. 82.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. BNP Paribas lowered shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 11th. Wedbush assumed coverage on shares of Arista Networks in a report on Wednesday, May 28th. They set an “outperform” rating for the company. Needham & Company LLC began coverage on shares of Arista Networks in a report on Wednesday, May 28th. They set a “buy” rating for the company. Evercore ISI boosted their price target on shares of Arista Networks from $105.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, June 23rd. Finally, Piper Sandler reissued a “neutral” rating and issued a $89.00 price target (up previously from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Six equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $111.40.

Arista Networks Trading Up 0.4%

Shares of Arista Networks stock traded up $0.43 during trading hours on Thursday, reaching $113.47. 1,495,072 shares of the company’s stock were exchanged, compared to its average volume of 10,557,979. The company has a 50 day moving average of $98.14 and a two-hundred day moving average of $94.98. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.57. The stock has a market cap of $142.51 billion, a P/E ratio of 48.08, a P/E/G ratio of 3.19 and a beta of 1.40.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.06. The business had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. Arista Networks’s revenue was up 27.6% on a year-over-year basis. During the same period last year, the business posted $0.50 EPS. As a group, analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

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

Insider Transactions at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred 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 transaction, the director directly owned 65,784 shares of the company’s stock, valued at $6,536,298.24. This trade represents a 10.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jayshree Ullal sold 748,444 shares of Arista Networks stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $102.43, for a total transaction of $76,663,118.92. Following the completion of the transaction, the chief executive officer directly owned 30,000 shares in the company, valued at $3,072,900. This trade represents a 96.15% 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 valued at $119,281,861. 3.39% of the stock is currently owned by company insiders.

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.