Toronto Dominion Bank Purchases 424,315 Shares of Arista Networks, Inc. (NYSE:ANET)

Toronto Dominion Bank increased its position in Arista Networks, Inc. (NYSE:ANET) by 303.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 564,027 shares of the technology company’s stock after purchasing an additional 424,315 shares during the quarter. Toronto Dominion Bank’s holdings in Arista Networks were worth $62,342,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Stock Yards Bank & Trust Co. acquired a new stake in Arista Networks during the 4th quarter worth approximately $242,000. GHE LLC lifted its holdings in shares of Arista Networks by 319.0% during the fourth quarter. GHE LLC now owns 28,368 shares of the technology company’s stock worth $3,136,000 after buying an additional 21,597 shares in the last quarter. Colonial River Investments LLC grew its stake in shares of Arista Networks by 327.6% in the fourth quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company’s stock valued at $1,077,000 after acquiring an additional 7,466 shares in the last quarter. Unified Investment Management bought a new position in Arista Networks during the fourth quarter worth about $630,000. Finally, Berkshire Capital Holdings Inc. raised its stake in Arista Networks by 257.6% in the 4th quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company’s stock worth $8,505,000 after purchasing an additional 55,430 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $89.03, for a total transaction of $712,240.00. Following the transaction, the director now owns 147,784 shares in the company, valued at approximately $13,157,209.52. The trade was a 5.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $7,205,600.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,168,748.32. This represents a 86.04% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 410,867 shares of company stock valued at $37,056,669. 3.39% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

ANET has been the topic of several recent research reports. Piper Sandler reaffirmed a “neutral” rating and set a $89.00 target price (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. JPMorgan Chase & Co. dropped their price objective on Arista Networks from $140.00 to $110.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. The Goldman Sachs Group cut their target price on Arista Networks from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday, May 7th. Barclays decreased their price target on Arista Networks from $126.00 to $119.00 and set an “overweight” rating on the stock in a research report on Thursday, May 8th. Finally, Evercore ISI cut their price objective on shares of Arista Networks from $130.00 to $100.00 and set an “outperform” rating for the company in a research report on Tuesday, April 15th. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $107.14.

Arista Networks Price Performance

Shares of NYSE:ANET opened at $96.31 on Friday. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The company 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. The firm has a 50 day simple moving average of $80.29 and a 200 day simple moving average of $97.20.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.06. The company had revenue of $2 billion during the quarter, compared to analysts’ expectations 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 period in the prior year, the company earned $0.50 EPS. As a group, analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its board has approved 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 typically an indication that the company’s board of directors believes its shares are undervalued.

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.