Toronto Dominion Bank Reduces Holdings in Arista Networks, Inc. (NYSE:ANET)

Toronto Dominion Bank trimmed its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 0.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 157,175 shares of the technology company’s stock after selling 490 shares during the period. Toronto Dominion Bank owned about 0.05% of Arista Networks worth $45,578,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ANET. Benjamin Edwards Inc. purchased a new stake in Arista Networks in the 1st quarter worth approximately $26,000. Financial Synergies Wealth Advisors Inc. grew its stake in Arista Networks by 872.7% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after acquiring an additional 96 shares during the period. Atticus Wealth Management LLC grew its stake in Arista Networks by 3,625.0% in the 4th quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company’s stock worth $35,000 after acquiring an additional 145 shares during the period. Rakuten Securities Inc. purchased a new stake in Arista Networks in the 4th quarter worth approximately $35,000. Finally, Sandy Spring Bank grew its stake in Arista Networks by 33.6% in the 4th quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock worth $37,000 after acquiring an additional 39 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Trading Up 1.6 %

ANET stock traded up $5.02 during trading on Friday, reaching $319.14. The stock had a trading volume of 2,351,041 shares, compared to its average volume of 2,449,643. Arista Networks, Inc. has a 1-year low of $149.10 and a 1-year high of $376.50. The company has a market capitalization of $100.01 billion, a P/E ratio of 44.45, a PEG ratio of 2.87 and a beta of 1.11. The firm has a fifty day moving average price of $330.65 and a 200 day moving average price of $294.98.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, May 7th. The technology company reported $1.80 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.24. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. The firm had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.55 billion. Sell-side analysts predict that Arista Networks, Inc. will post 7.06 EPS for the current year.

Arista Networks announced that its Board of Directors has authorized a share repurchase plan on Tuesday, May 7th that allows the company to buyback $1.20 billion in shares. This buyback authorization allows the technology company to buy up to 1.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

ANET has been the subject of several recent analyst reports. Bank of America lifted their target price on shares of Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price target on shares of Arista Networks in a report on Wednesday, May 8th. UBS Group lifted their price target on shares of Arista Networks from $275.00 to $285.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. Rosenblatt Securities reiterated a “sell” rating and issued a $210.00 price target on shares of Arista Networks in a report on Friday, April 12th. Finally, Piper Sandler lifted their price target on shares of Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a report on Monday, July 15th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $333.12.

Insiders Place Their Bets

In other Arista Networks news, CEO Jayshree Ullal sold 1,500 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $258.77, for a total value of $388,155.00. Following the transaction, the chief executive officer now owns 17,681 shares in the company, valued at approximately $4,575,312.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the completion of the sale, the senior vice president now owns 3,244 shares of the company’s stock, valued at approximately $1,202,550.80. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jayshree Ullal sold 1,500 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $258.77, for a total transaction of $388,155.00. Following the sale, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at approximately $4,575,312.37. The disclosure for this sale can be found here. Insiders have sold 210,076 shares of company stock worth $68,928,479 in the last quarter. 3.54% of the stock is owned by corporate insiders.

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.