Bank of Nova Scotia Buys 356,211 Shares of Arista Networks, Inc. (NYSE:ANET)

Bank of Nova Scotia lifted its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 246.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 500,565 shares of the technology company's stock after purchasing an additional 356,211 shares during the quarter. Bank of Nova Scotia's holdings in Arista Networks were worth $55,383,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Caitlin John LLC grew its stake in shares of Arista Networks by 174.7% during the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company's stock valued at $26,000 after purchasing an additional 152 shares during the period. Capital Advisors Ltd. LLC boosted its holdings in shares of Arista Networks by 335.1% in 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 during the last quarter. Cranbrook Wealth Management LLC increased its holdings in Arista Networks by 300.0% during 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. Trust Co. of Vermont raised 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 worth $29,000 after acquiring an additional 198 shares during the period. Finally, New Millennium Group LLC boosted its stake in shares of Arista Networks by 300.0% during the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock worth $29,000 after acquiring an additional 195 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

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Insider Activity at Arista Networks

In related news, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $84.85, for a total value of $6,788,000.00. Following the sale, the senior vice president now directly owns 12,976 shares of the company's stock, valued at $1,101,013.60. This represents a 86.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $112.02, for a total value of $896,160.00. Following the transaction, the director now owns 155,784 shares of the company's stock, valued at $17,450,923.68. This trade represents a 4.88 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 411,031 shares of company stock valued at $39,364,943. Insiders own 3.54% of the company's stock.

Arista Networks Price Performance

Shares of ANET stock traded down $0.15 during trading hours on Friday, hitting $72.50. The stock had a trading volume of 11,224,936 shares, compared to its average volume of 9,149,886. The stock has a market capitalization of $91.43 billion, a price-to-earnings ratio of 32.66, a PEG ratio of 3.10 and a beta of 1.30. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The stock's 50-day moving average price is $88.74 and its two-hundred day moving average price is $100.14.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.57 by $0.02. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The company had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.90 billion. As a group, equities research analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ANET has been the subject of several analyst reports. Piper Sandler reduced their price objective on Arista Networks from $108.00 to $76.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. UBS Group raised Arista Networks from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $112.00 to $115.00 in a research note on Wednesday, March 5th. Citigroup boosted their price objective on Arista Networks from $115.00 to $121.00 and gave the company a "buy" rating in a research note on Wednesday, February 19th. Rosenblatt Securities restated a "sell" rating and set a $80.00 target price on shares of Arista Networks in a research note on Tuesday, February 18th. Finally, Barclays reiterated an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $108.50.

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.