Hudock Inc. Invests $230,000 in Arista Networks, Inc. (NYSE:ANET)

Hudock Inc. acquired a new stake in Arista Networks, Inc. (NYSE:ANET - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 2,965 shares of the technology company's stock, valued at approximately $230,000.

Other institutional investors have also modified their holdings of the company. Brighton Jones LLC grew its position in shares of Arista Networks by 321.7% during the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company's stock worth $863,000 after buying an additional 5,955 shares in the last quarter. Revolve Wealth Partners LLC purchased a new position in Arista Networks during the 4th quarter worth $202,000. Bank Pictet & Cie Europe AG grew its stake in Arista Networks by 433.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company's stock worth $1,200,000 after buying an additional 8,822 shares during the last quarter. Proficio Capital Partners LLC grew its stake in Arista Networks by 634.3% during the 4th quarter. Proficio Capital Partners LLC now owns 4,663 shares of the technology company's stock worth $515,000 after buying an additional 4,028 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its stake in Arista Networks by 247.1% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 84,285 shares of the technology company's stock worth $9,316,000 after buying an additional 60,004 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

Insider Activity

In other Arista Networks news, CEO Jayshree Ullal sold 748,444 shares of the stock in a transaction on Monday, June 30th. The stock was sold at an average price of $102.43, for a total transaction of $76,663,118.92. Following the sale, the chief executive officer owned 30,000 shares in the company, valued at approximately $3,072,900. This represents a 96.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the 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 sale, the director owned 65,784 shares in the company, valued at approximately $6,536,298.24. This trade represents a 10.84% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,123,370 shares of company stock valued at $113,157,408. Insiders own 3.39% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on ANET shares. JPMorgan Chase & Co. dropped their price target on Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. The Goldman Sachs Group dropped their price target on Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Citigroup boosted their price objective on Arista Networks from $112.00 to $123.00 and gave the company a "buy" rating in a report on Friday, July 11th. Barclays decreased their price objective on Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Finally, KGI Securities cut Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $110.07.

Arista Networks Trading Up 0.9%

ANET traded up $0.93 on Wednesday, hitting $108.30. The company had a trading volume of 6,381,267 shares, compared to its average volume of 9,185,902. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $133.58. The company's fifty day moving average price is $95.74 and its 200 day moving average price is $94.90. The firm has a market cap of $136.01 billion, a P/E ratio of 45.84, a PEG ratio of 3.13 and a beta of 1.40.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The company's revenue for the quarter was up 27.6% compared to the same quarter last year. During the same period last year, the firm earned $0.50 earnings per share. On average, 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 initiated a share buyback program on Tuesday, May 6th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the technology company to purchase up to 1.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board believes its shares are undervalued.

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.