OMERS ADMINISTRATION Corp Increases Stock Position in Arista Networks, Inc. (NYSE:ANET)

OMERS ADMINISTRATION Corp raised its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 240.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 62,960 shares of the technology company's stock after buying an additional 44,469 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in Arista Networks were worth $6,959,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Caitlin John LLC lifted its position in 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 during the last quarter. Capital Advisors Ltd. LLC lifted its position in Arista Networks by 335.1% in the fourth 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 during the last quarter. New Millennium Group LLC lifted its position in 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 buying an additional 195 shares during the last quarter. Cranbrook Wealth Management LLC lifted its position in Arista Networks by 300.0% in the fourth 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 last quarter. Finally, Trust Co. of Vermont lifted its position in 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 buying an additional 198 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.

Arista Networks Stock Up 0.2%

Arista Networks stock traded up $0.24 during mid-day trading on Friday, hitting $96.31. The company had a trading volume of 5,866,947 shares, compared to its average volume of 9,063,159. The stock has a market cap of $120.95 billion, a price-to-earnings ratio of 43.38, a PEG ratio of 3.10 and a beta of 1.38. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $133.58. The business has a fifty day moving average of $80.29 and a 200 day moving average of $97.21.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.59 by $0.06. The company had revenue of $2 billion for 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 29.91%. The firm's revenue was up 27.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.50 earnings per share. Equities analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its Board of Directors has initiated a share repurchase 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 stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. JPMorgan Chase & Co. reduced their price target on shares of 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 increased their price target 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. Piper Sandler reissued a "neutral" rating and set a $89.00 price target (up previously from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Erste Group Bank cut shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 17th. Finally, KGI Securities cut shares of Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $107.14.

Insider Buying and Selling at Arista Networks

In other news, Director Kelly Bodnar Battles sold 1,492 shares of the firm's stock in a transaction that occurred on Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total transaction of $102,187.08. Following the transaction, the director now directly owns 7,480 shares in the company, valued at approximately $512,305.20. This trade represents a 16.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider John F. Mccool sold 17,433 shares of the firm's 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 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 410,867 shares of company stock worth $37,056,669 over the last three months. Insiders own 3.39% of the company's stock.

About Arista Networks

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.