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

Toronto Dominion Bank raised its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 303.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. 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 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the company. Caitlin John LLC boosted its stake in shares of Arista Networks by 174.7% during the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company's stock valued at $26,000 after purchasing an additional 152 shares during the period. Capital Advisors Ltd. LLC lifted its holdings in Arista Networks by 335.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock valued at $27,000 after buying an additional 191 shares in the last quarter. Cranbrook Wealth Management LLC boosted its position in Arista Networks by 300.0% in the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company's stock valued at $29,000 after buying an additional 198 shares during the period. Trust Co. of Vermont grew its stake in Arista Networks by 300.0% in the 4th quarter. Trust Co. of Vermont now owns 264 shares of the technology company's stock worth $29,000 after acquiring an additional 198 shares in the last quarter. Finally, New Millennium Group LLC increased its position in shares of Arista Networks by 300.0% during the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock worth $29,000 after acquiring an additional 195 shares during the period. Institutional investors own 82.47% of the company's stock.

Analyst Ratings Changes

ANET has been the subject of a number of research reports. Citigroup boosted their price target on Arista Networks from $97.00 to $112.00 and gave the company a "buy" rating in a report on Tuesday, May 13th. 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 report on Thursday, April 17th. Morgan Stanley lifted their price objective on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. Evercore ISI dropped their target price on shares of Arista Networks from $130.00 to $100.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Finally, Erste Group Bank lowered shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat, Arista Networks has an average rating of "Moderate Buy" and a consensus target price of $107.14.

Arista Networks Trading Down 3.3%

Shares of ANET stock traded down $3.15 during trading hours on Wednesday, reaching $92.52. 8,333,537 shares of the company's stock were exchanged, compared to its average volume of 9,065,725. The company has a market cap of $116.20 billion, a price-to-earnings ratio of 41.68, a P/E/G ratio of 3.10 and a beta of 1.38. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58. The stock's 50 day moving average is $80.93 and its 200-day moving average is $97.18.

Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share 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%. The company's quarterly revenue was up 27.6% on a year-over-year basis. During the same quarter last year, the company earned $0.50 earnings per share. Equities analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks announced that its board has approved a stock repurchase plan on Tuesday, May 6th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the technology company to purchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at Arista Networks

In related news, SVP Kenneth Duda sold 80,000 shares of the company'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 sale, the senior vice president now owns 12,976 shares in the company, valued at $1,168,748.32. This represents a 86.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John F. Mccool sold 17,433 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $93.14, for a total transaction of $1,623,709.62. Following the completion of the transaction, the insider now owns 17,433 shares in the company, valued at approximately $1,623,709.62. This trade represents a 50.00% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 410,755 shares of company stock worth $37,045,233. 3.39% of the stock is owned by corporate 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.