Toronto Dominion Bank Raises Position in Arista Networks, Inc. (NYSE:ANET)

Toronto Dominion Bank boosted its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 303.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 564,027 shares of the technology company's stock after acquiring an additional 424,315 shares during the period. Toronto Dominion Bank's holdings in Arista Networks were worth $62,342,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. DigitalBridge Group Inc. boosted its position in Arista Networks by 314.1% during the fourth quarter. DigitalBridge Group Inc. now owns 296,410 shares of the technology company's stock valued at $32,762,000 after acquiring an additional 224,834 shares during the last quarter. Cache Advisors LLC bought a new stake in shares of Arista Networks during the 4th quarter valued at about $7,464,000. University of Texas Texas AM Investment Management Co. grew its stake in Arista Networks by 300.0% during the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 544 shares of the technology company's stock worth $60,000 after purchasing an additional 408 shares during the period. Public Employees Retirement System of Ohio bought a new stake in Arista Networks in the fourth quarter worth approximately $50,080,000. Finally, Neo Ivy Capital Management lifted its stake in Arista Networks by 900.4% in the fourth quarter. Neo Ivy Capital Management now owns 44,016 shares of the technology company's stock valued at $4,865,000 after buying an additional 39,616 shares during the period. Institutional investors and hedge funds own 82.47% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Wedbush started coverage on Arista Networks in a report on Wednesday. They set an "outperform" rating on the stock. JPMorgan Chase & Co. cut their target price on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Barclays decreased their price target on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. Rosenblatt Securities lifted their price target on shares of Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. Finally, Morgan Stanley increased their price objective on shares of Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $107.47.

Arista Networks Stock Performance

ANET traded down $1.79 during midday trading on Friday, reaching $84.58. 5,068,958 shares of the company were exchanged, compared to its average volume of 8,994,822. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The company's fifty day moving average price is $81.90 and its 200 day moving average price is $96.69. The company has a market cap of $106.22 billion, a price-to-earnings ratio of 38.00, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly 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 business had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. Arista Networks's revenue was up 27.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.50 earnings per share. As a group, sell-side analysts anticipate 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 authorized a share buyback program on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.

Insiders Place Their Bets

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction 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 now owns 12,976 shares of the company's stock, valued at approximately $1,168,748.32. The trade was a 86.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Marc Taxay sold 51,848 shares of the company's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $88.59, for a total value of $4,593,214.32. The disclosure for this sale can be found here. Insiders have sold 237,538 shares of company stock valued at $20,748,219 in the last three months. 3.54% of the stock is currently owned by 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.