Hohimer Wealth Management LLC Acquires Shares of 54,180 Arista Networks, Inc. (NYSE:ANET)

Hohimer Wealth Management LLC purchased a new position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 54,180 shares of the technology company's stock, valued at approximately $4,198,000.

Other large investors have also bought and sold shares of the company. Brighton Jones LLC increased its stake in shares of Arista Networks by 321.7% in the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company's stock valued at $863,000 after acquiring an additional 5,955 shares during the last quarter. Revolve Wealth Partners LLC bought a new stake in Arista Networks in the fourth quarter valued at approximately $202,000. Bank Pictet & Cie Europe AG increased its stake in Arista Networks by 433.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company's stock valued at $1,200,000 after purchasing an additional 8,822 shares in the last quarter. Proficio Capital Partners LLC raised its holdings in Arista Networks by 634.3% in the fourth quarter. Proficio Capital Partners LLC now owns 4,663 shares of the technology company's stock worth $515,000 after purchasing an additional 4,028 shares during the period. Finally, Great Lakes Advisors LLC boosted its position in shares of Arista Networks by 1,698.9% during the fourth quarter. Great Lakes Advisors LLC now owns 12,610 shares of the technology company's stock worth $1,394,000 after purchasing an additional 11,909 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Jayshree Ullal sold 748,444 shares of the firm's stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $102.43, for a total value of $76,663,118.92. Following the completion of the sale, the chief executive officer directly owned 30,000 shares of the company's stock, valued at $3,072,900. This trade represents a 96.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total value of $7,205,600.00. Following the transaction, the senior vice president directly owned 12,976 shares in the company, valued at $1,168,748.32. The trade was a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,123,370 shares of company stock worth $113,157,408. Company insiders own 3.54% of the company's stock.

Wall Street Analysts Forecast Growth

ANET has been the topic of several research analyst reports. BNP Paribas Exane downgraded Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price objective on the stock. in a research note on Wednesday, June 11th. Citigroup raised their price target on Arista Networks from $112.00 to $123.00 and gave the stock a "buy" rating in a research report on Friday. KGI Securities lowered Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. Erste Group Bank cut Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 17th. Finally, Wolfe Research started coverage on shares of Arista Networks in a research note on Tuesday, July 8th. They issued an "outperform" rating on the stock. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, Arista Networks has a consensus rating of "Moderate Buy" and a consensus target price of $110.07.

Arista Networks Stock Down 0.1%

Shares of NYSE ANET traded down $0.08 during trading hours on Monday, hitting $108.49. The company had a trading volume of 8,859,444 shares, compared to its average volume of 10,809,786. The stock has a market capitalization of $136.25 billion, a P/E ratio of 45.92, a price-to-earnings-growth ratio of 3.16 and a beta of 1.40. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.57. The firm's 50 day moving average is $95.05 and its 200-day moving average is $94.84.

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

Arista Networks announced that its Board of Directors has approved a stock repurchase program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board believes its stock is 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.