TD Asset Management Inc. Buys 2,236,263 Shares of Arista Networks, Inc. (NYSE:ANET)

TD Asset Management Inc. lifted its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 271.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,058,689 shares of the technology company's stock after acquiring an additional 2,236,263 shares during the period. TD Asset Management Inc. owned approximately 0.24% of Arista Networks worth $338,077,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Arista Networks by 304.2% in the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock valued at $10,620,270,000 after buying an additional 72,311,318 shares during the period. Swedbank AB increased its stake in Arista Networks by 293.2% in the fourth quarter. Swedbank AB now owns 6,750,793 shares of the technology company's stock valued at $746,165,000 after acquiring an additional 5,034,022 shares during the period. Charles Schwab Investment Management Inc. raised its position in Arista Networks by 320.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,457,263 shares of the technology company's stock worth $713,721,000 after purchasing an additional 4,919,882 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Arista Networks by 294.1% during the fourth quarter. Bank of New York Mellon Corp now owns 6,136,864 shares of the technology company's stock worth $678,308,000 after purchasing an additional 4,579,622 shares during the period. Finally, WCM Investment Management LLC boosted its holdings in Arista Networks by 292.8% during the fourth quarter. WCM Investment Management LLC now owns 6,053,181 shares of the technology company's stock valued at $674,627,000 after purchasing an additional 4,512,166 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ANET. Needham & Company LLC reissued a "buy" rating and issued a $145.00 target price on shares of Arista Networks in a report on Wednesday, February 19th. Rosenblatt Securities restated a "sell" rating and issued a $80.00 target price on shares of Arista Networks in a research note on Tuesday, February 18th. UBS Group upgraded Arista Networks from a "neutral" rating to a "buy" rating and raised their target price for the company from $112.00 to $115.00 in a research note on Wednesday, March 5th. Piper Sandler reissued a "neutral" rating and set a $108.00 price objective (up previously from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. Finally, Evercore ISI boosted their target price on shares of Arista Networks from $110.00 to $130.00 and gave the stock an "outperform" rating in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $114.00.

Arista Networks Trading Down 0.7 %

Shares of NYSE:ANET traded down $0.64 on Tuesday, hitting $86.87. The company had a trading volume of 7,776,843 shares, compared to its average volume of 8,572,881. The stock has a market cap of $109.55 billion, a price-to-earnings ratio of 39.13, a P/E/G ratio of 3.10 and a beta of 1.08. The stock has a 50 day moving average price of $101.47 and a 200 day moving average price of $101.98. Arista Networks, Inc. has a 1-year low of $60.08 and a 1-year high of $133.58.

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

Insider Transactions at Arista Networks

In related news, CEO Jayshree Ullal sold 138,351 shares of Arista Networks stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $93.88, for a total value of $12,988,391.88. Following the transaction, the chief executive officer now directly owns 92,641 shares of the company's stock, valued at $8,697,137.08. This trade represents a 59.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction on 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 completion of the transaction, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,101,013.60. The trade was a 86.04 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 491,001 shares of company stock worth $49,112,111. Company insiders own 3.54% 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.