Investment Management Corp of Ontario Boosts Stake in Arista Networks, Inc. $ANET

Investment Management Corp of Ontario raised its position in Arista Networks, Inc. (NYSE:ANET) by 163.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 222,219 shares of the technology company’s stock after purchasing an additional 137,794 shares during the quarter. Investment Management Corp of Ontario’s holdings in Arista Networks were worth $22,735,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of ANET. Bare Financial Services Inc raised its holdings in Arista Networks by 2,118.2% in the second quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock valued at $25,000 after buying an additional 233 shares during the period. Saudi Central Bank acquired a new stake in shares of Arista Networks in the first quarter worth $33,000. REAP Financial Group LLC raised its stake in shares of Arista Networks by 108.0% in the 2nd quarter. REAP Financial Group LLC now owns 337 shares of the technology company’s stock valued at $34,000 after acquiring an additional 175 shares during the period. eCIO Inc. acquired a new position in shares of Arista Networks during the 1st quarter valued at $36,000. Finally, Solstein Capital LLC boosted its position in Arista Networks by 493.8% during the 2nd quarter. Solstein Capital LLC now owns 380 shares of the technology company’s stock worth $39,000 after purchasing an additional 316 shares during the period. 82.47% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Arista Networks

In related news, insider Kenneth Duda sold 26,000 shares of the business’s stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $128.61, for a total value of $3,343,860.00. Following the completion of the sale, the insider directly owned 542,400 shares of the company’s stock, valued at $69,758,064. The trade was a 4.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Kelly Bodnar Battles sold 422 shares of the company’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $117.15, for a total value of $49,437.30. Following the sale, the director owned 8,980 shares in the company, valued at $1,052,007. The trade was a 4.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,522,152 shares of company stock worth $223,569,587 over the last quarter. Company insiders own 3.54% of the company’s stock.

Arista Networks Stock Up 0.3%

Shares of ANET opened at $129.00 on Tuesday. The business’s 50 day moving average is $140.23 and its two-hundred day moving average is $125.84. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $164.94. The firm has a market cap of $162.44 billion, a price-to-earnings ratio of 49.05, a PEG ratio of 2.47 and a beta of 1.41.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. The business had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.26 billion. Arista Networks had a net margin of 39.73% and a return on equity of 30.28%. The business’s quarterly revenue was up 27.5% compared to the same quarter last year. During the same quarter last year, the company earned $2.40 earnings per share. On average, equities analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have commented on the company. Evercore ISI raised their price objective on Arista Networks from $150.00 to $175.00 and gave the company an “outperform” rating in a research report on Friday, September 12th. William Blair reiterated an “outperform” rating on shares of Arista Networks in a research note on Friday, September 12th. Needham & Company LLC boosted their price target on Arista Networks from $155.00 to $160.00 and gave the stock a “buy” rating in a research report on Tuesday, September 16th. Melius Research increased their price objective on shares of Arista Networks from $160.00 to $185.00 and gave the company a “buy” rating in a research report on Friday, September 12th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Arista Networks from $150.00 to $175.00 and gave the company an “overweight” rating in a research note on Friday, September 12th. Eighteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $164.31.

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.