Hohimer Wealth Management LLC Acquires New Stake in Arista Networks, Inc. (NYSE:ANET)

Hohimer Wealth Management LLC bought a new stake in shares of Arista Networks, Inc. (NYSE:ANET) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 54,180 shares of the technology company’s stock, valued at approximately $4,198,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Signaturefd LLC grew its holdings in Arista Networks by 6.9% in the first quarter. Signaturefd LLC now owns 24,095 shares of the technology company’s stock valued at $1,867,000 after purchasing an additional 1,546 shares during the period. Edgestream Partners L.P. acquired a new stake in Arista Networks during the first quarter worth $6,372,000. Leelyn Smith LLC acquired a new stake in shares of Arista Networks in the first quarter valued at $1,961,000. Cutter & CO Brokerage Inc. grew its stake in Arista Networks by 6.1% during the 1st quarter. Cutter & CO Brokerage Inc. now owns 4,579 shares of the technology company’s stock worth $355,000 after purchasing an additional 263 shares in the last quarter. Finally, Florida Financial Advisors LLC lifted its holdings in Arista Networks by 181.0% during the 1st quarter. Florida Financial Advisors LLC now owns 9,234 shares of the technology company’s stock worth $714,000 after buying an additional 5,948 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ANET has been the subject of several analyst reports. Needham & Company LLC began coverage on Arista Networks in a research note on Wednesday, May 28th. They set a “buy” rating for the company. Citigroup increased their price target on Arista Networks from $112.00 to $123.00 and gave the stock a “buy” rating in a research note on Friday. Rosenblatt Securities increased their target price on Arista Networks from $85.00 to $87.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 7th. BNP Paribas downgraded Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 11th. Finally, Wolfe Research started coverage on Arista Networks in a research note on Tuesday, July 8th. They set an “outperform” rating for the company. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $110.07.

Insider Transactions at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 748,444 shares of the 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $99.36, for a total transaction of $794,880.00. Following the transaction, the director owned 65,784 shares in the company, valued at $6,536,298.24. The trade was a 10.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,123,370 shares of company stock valued at $113,157,408. 3.54% of the stock is currently owned by corporate insiders.

Arista Networks Stock Up 2.3%

Arista Networks stock opened at $108.71 on Monday. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58. The firm’s fifty day moving average is $95.05 and its 200 day moving average is $94.84. The company has a market capitalization of $136.53 billion, a PE ratio of 46.02, a PEG ratio of 3.16 and a beta of 1.40.

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

Arista Networks announced that its board has authorized a stock repurchase plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is 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.