Bank of Nova Scotia Sells 11,368 Shares of Arista Networks, Inc. (NYSE:ANET)

Bank of Nova Scotia trimmed its position in Arista Networks, Inc. (NYSE:ANETGet Rating) by 53.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,932 shares of the technology company’s stock after selling 11,368 shares during the period. Bank of Nova Scotia’s holdings in Arista Networks were worth $931,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. J.W. Cole Advisors Inc. bought a new position in Arista Networks in the 1st quarter valued at $32,000. JFS Wealth Advisors LLC boosted its holdings in Arista Networks by 926.9% in the 1st quarter. JFS Wealth Advisors LLC now owns 267 shares of the technology company’s stock valued at $37,000 after purchasing an additional 241 shares during the period. San Luis Wealth Advisors LLC bought a new position in Arista Networks in the 1st quarter valued at $39,000. Clear Street Markets LLC boosted its holdings in Arista Networks by 415.2% in the 2nd quarter. Clear Street Markets LLC now owns 474 shares of the technology company’s stock valued at $44,000 after purchasing an additional 382 shares during the period. Finally, Nvwm LLC purchased a new stake in shares of Arista Networks during the 1st quarter valued at $53,000. 63.82% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on ANET. KeyCorp lowered their price objective on shares of Arista Networks from $170.00 to $161.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 1st. JPMorgan Chase & Co. raised their price objective on shares of Arista Networks from $150.00 to $160.00 and gave the company an “overweight” rating in a research report on Tuesday, August 2nd. Barclays raised their price objective on shares of Arista Networks from $131.00 to $143.00 and gave the company an “overweight” rating in a research report on Tuesday, November 1st. Cowen raised their price objective on shares of Arista Networks from $163.00 to $203.00 and gave the company an “outperform” rating in a research report on Tuesday, November 1st. Finally, Needham & Company LLC lifted their target price on shares of Arista Networks from $140.00 to $155.00 and gave the stock a “buy” rating in a research report on Friday, November 4th. Five analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $166.53.

Insider Buying and Selling

In related news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $125.03, for a total transaction of $2,500,600.00. Following the sale, the senior vice president now owns 3,244 shares of the company’s stock, valued at $405,597.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, SVP Marc Taxay sold 1,040 shares of the business’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $114.87, for a total transaction of $119,464.80. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $125.03, for a total transaction of $2,500,600.00. Following the completion of the transaction, the senior vice president now owns 3,244 shares in the company, valued at approximately $405,597.32. The disclosure for this sale can be found here. Insiders have sold 73,561 shares of company stock valued at $8,904,336 over the last quarter. Corporate insiders own 19.59% of the company’s stock.

Arista Networks Trading Up 2.6 %

Shares of ANET opened at $135.48 on Friday. The firm’s 50-day moving average price is $117.65 and its 200-day moving average price is $111.73. The firm has a market capitalization of $41.40 billion, a price-to-earnings ratio of 36.92, a PEG ratio of 1.98 and a beta of 1.27. Arista Networks, Inc. has a 1-year low of $89.11 and a 1-year high of $148.57.

Arista Networks (NYSE:ANETGet Rating) last announced its earnings results on Monday, October 31st. The technology company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.21. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.06 billion. Arista Networks had a net margin of 29.63% and a return on equity of 27.23%. The company’s revenue for the quarter was up 57.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.60 EPS. On average, research analysts forecast that Arista Networks, Inc. will post 3.78 EPS for the current fiscal year.

About Arista Networks

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Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms.

Further Reading

Institutional Ownership by Quarter for Arista Networks (NYSE:ANET)

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