Chevy Chase Trust Holdings LLC Sells 9,469 Shares of Arista Networks, Inc. (NYSE:ANET)

Chevy Chase Trust Holdings LLC lessened its position in Arista Networks, Inc. (NYSE:ANET) by 5.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 150,539 shares of the technology company’s stock after selling 9,469 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Arista Networks were worth $43,653,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Benjamin Edwards Inc. bought a new position in shares of Arista Networks in the first quarter valued at about $26,000. Financial Synergies Wealth Advisors Inc. raised its holdings in Arista Networks by 872.7% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after acquiring an additional 96 shares during the period. Alaska Permanent Fund Corp acquired a new stake in Arista Networks during the first quarter worth approximately $37,000. Riverview Trust Co acquired a new position in shares of Arista Networks in the first quarter valued at approximately $40,000. Finally, Redmont Wealth Advisors LLC acquired a new position in Arista Networks in the 1st quarter valued at $42,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Stock Down 0.7 %

Shares of ANET stock traded down $2.45 on Wednesday, reaching $363.30. The company had a trading volume of 1,295,914 shares, compared to its average volume of 2,470,090. The business’s 50-day moving average is $318.34 and its 200 day moving average is $286.02. Arista Networks, Inc. has a one year low of $149.10 and a one year high of $376.50. The stock has a market capitalization of $113.84 billion, a PE ratio of 50.94, a price-to-earnings-growth ratio of 3.28 and a beta of 1.11.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, May 7th. The technology company reported $1.80 EPS for the quarter, beating the consensus estimate of $1.56 by $0.24. The business had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.55 billion. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. On average, sell-side analysts forecast that Arista Networks, Inc. will post 7.05 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 7th that allows the company to buyback $1.20 billion in shares. This buyback authorization allows the technology company to repurchase up to 1.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, Director Charles H. Giancarlo sold 2,000 shares of Arista Networks stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $255.83, for a total transaction of $511,660.00. Following the transaction, the director now owns 56,946 shares in the company, valued at $14,568,495.18. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Arista Networks news, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $255.83, for a total value of $511,660.00. Following the completion of the sale, the director now directly owns 56,946 shares in the company, valued at $14,568,495.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John F. Mccool sold 580 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $354.71, for a total transaction of $205,731.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 190,076 shares of company stock valued at $61,514,479. 3.54% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

ANET has been the topic of several recent research reports. JPMorgan Chase & Co. increased their price objective on Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Citigroup lifted their price objective on shares of Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. KeyCorp boosted their price objective on shares of Arista Networks from $306.00 to $349.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. Wells Fargo & Company raised their target price on shares of Arista Networks from $310.00 to $340.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. Finally, Needham & Company LLC reissued a “buy” rating and set a $320.00 price target on shares of Arista Networks in a research report on Wednesday, May 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, Arista Networks presently has a consensus rating of “Moderate Buy” and an average price target of $311.50.

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.