Arista Networks, Inc. (NYSE:ANET) Holdings Raised by Investment Management Corp of Ontario

Investment Management Corp of Ontario raised its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 155.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 52,087 shares of the technology company's stock after purchasing an additional 31,721 shares during the quarter. Investment Management Corp of Ontario's holdings in Arista Networks were worth $5,757,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Caitlin John LLC increased its position in shares of Arista Networks by 174.7% in the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company's stock valued at $26,000 after buying an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC increased 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 acquiring an additional 191 shares in the last quarter. Cranbrook Wealth Management LLC raised its position in Arista Networks by 300.0% during the fourth quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company's stock worth $29,000 after acquiring an additional 198 shares during the last quarter. Trust Co. of Vermont lifted its holdings in shares of Arista Networks by 300.0% in the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company's stock valued at $29,000 after purchasing an additional 198 shares in the last quarter. Finally, New Millennium Group LLC grew its position in shares of Arista Networks by 300.0% in the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock valued at $29,000 after purchasing an additional 195 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.

Arista Networks Stock Up 0.6%

Shares of NYSE ANET traded up $0.61 during trading on Wednesday, reaching $97.86. 11,716,798 shares of the stock were exchanged, compared to its average volume of 9,079,362. The business's 50-day moving average price is $79.58 and its 200 day moving average price is $97.25. The company has a market capitalization of $122.90 billion, a price-to-earnings ratio of 44.08, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last announced its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.06. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The company had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same period last year, the firm earned $0.50 earnings per share. The company's revenue was up 27.6% on a year-over-year basis. As a group, sell-side analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its board has authorized a share buyback plan on Tuesday, May 6th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ANET. KGI Securities downgraded Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. Citigroup boosted their price target on Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a report on Tuesday. Barclays decreased their price objective on Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Wells Fargo & Company restated an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. Finally, JPMorgan Chase & Co. decreased 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. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $107.14.

Insider Buying and Selling at Arista Networks

In related news, SVP Marc Taxay sold 51,848 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $88.59, for a total value of $4,593,214.32. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total transaction of $102,187.08. Following the completion of the sale, the director now owns 7,480 shares in the company, valued at approximately $512,305.20. This represents a 16.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 412,355 shares of company stock valued at $37,216,079 in the last three months. Corporate insiders own 3.39% of the company's stock.

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.