Investment Management Corp of Ontario Increases Stake in Arista Networks, Inc. (NYSE:ANET)

Investment Management Corp of Ontario raised its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 155.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 52,087 shares of the technology company’s stock after buying 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 SEC filing.

Other hedge funds have also modified their holdings of the company. Caitlin John LLC lifted its stake in Arista Networks by 174.7% in the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock worth $26,000 after purchasing an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC lifted its position in Arista Networks by 335.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock worth $27,000 after buying an additional 191 shares in the last quarter. New Millennium Group LLC boosted its stake in 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 buying an additional 195 shares during the last quarter. Quarry LP grew its holdings in Arista Networks by 381.5% in the 4th quarter. Quarry LP now owns 260 shares of the technology company’s stock valued at $29,000 after buying an additional 206 shares in the last quarter. Finally, Dunhill Financial LLC increased its stake in shares of Arista Networks by 415.7% in the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company’s stock worth $29,000 after acquiring an additional 212 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Arista Networks

In other news, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total value of $7,205,600.00. Following the transaction, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at $1,168,748.32. The trade was a 86.04 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $88.58, for a total transaction of $708,640.00. Following the sale, the director now owns 131,784 shares of the company’s stock, valued at approximately $11,673,426.72. This represents a 5.72 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 412,355 shares of company stock worth $37,216,079. Corporate insiders own 3.39% of the company’s stock.

Arista Networks Stock Down 1.3 %

Shares of ANET opened at $86.15 on Friday. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.58. The stock has a 50 day moving average price of $78.94 and a 200 day moving average price of $97.31. The company has a market capitalization of $108.17 billion, a price-to-earnings ratio of 38.81, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET) last posted its 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. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The firm had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same period last year, the firm posted $0.50 EPS. The company’s revenue was up 27.6% on a year-over-year basis. On average, equities analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its board has approved a stock buyback plan on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ANET. Erste Group Bank lowered shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, March 17th. Piper Sandler reiterated a “neutral” rating and issued a $89.00 price objective (up from $76.00) on shares of Arista Networks in a research report on Wednesday. Wells Fargo & Company restated an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Rosenblatt Securities increased their price target on Arista Networks from $85.00 to $87.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, UBS Group raised shares of Arista Networks from a “neutral” rating to a “buy” rating and increased their target price for the stock from $112.00 to $115.00 in a research note on Wednesday, March 5th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $106.07.

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.