Bank of Nova Scotia Raises Holdings in Arista Networks, Inc. $ANET

Bank of Nova Scotia increased its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 1.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,534,352 shares of the technology company’s stock after acquiring an additional 21,004 shares during the period. Bank of Nova Scotia owned about 0.12% of Arista Networks worth $156,978,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of ANET. Bare Financial Services Inc grew its stake in shares of Arista Networks by 2,118.2% during the 2nd quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock worth $25,000 after purchasing an additional 233 shares during the period. REAP Financial Group LLC grew its position in Arista Networks by 108.0% during the second quarter. REAP Financial Group LLC now owns 337 shares of the technology company’s stock valued at $34,000 after buying an additional 175 shares during the period. Solstein Capital LLC grew its position in Arista Networks by 493.8% during the second quarter. Solstein Capital LLC now owns 380 shares of the technology company’s stock valued at $39,000 after buying an additional 316 shares during the period. Saudi Central Bank purchased a new position in Arista Networks in the first quarter valued at $33,000. Finally, Hemington Wealth Management raised its position in shares of Arista Networks by 28.2% in the second quarter. Hemington Wealth Management now owns 459 shares of the technology company’s stock worth $46,000 after acquiring an additional 101 shares during the period. 82.47% of the stock is owned by institutional investors and hedge funds.

Arista Networks Stock Down 0.0%

Shares of NYSE ANET opened at $128.54 on Monday. The firm has a 50-day simple moving average of $140.51 and a 200-day simple moving average of $125.58. The stock has a market capitalization of $161.87 billion, a price-to-earnings ratio of 48.87, a price-to-earnings-growth ratio of 2.47 and a beta of 1.41. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $164.94.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. The firm had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.26 billion. Arista Networks had a net margin of 39.73% and a return on equity of 30.28%. Arista Networks’s quarterly revenue was up 27.5% on a year-over-year basis. During the same period in the previous year, the business posted $2.40 earnings per share. As a group, equities research analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Insider Buying and Selling

In other Arista Networks news, Director Kelly Bodnar Battles sold 422 shares of the business’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $117.15, for a total transaction of $49,437.30. Following the transaction, the director owned 8,980 shares of the company’s stock, valued at approximately $1,052,007. The trade was a 4.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Jayshree Ullal sold 24,042 shares of the firm’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $124.55, for a total value of $2,994,431.10. Following the completion of the sale, the chief executive officer directly owned 9,917 shares of the company’s stock, valued at $1,235,162.35. This trade represents a 70.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,522,152 shares of company stock valued at $223,569,587 over the last ninety days. 3.54% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ANET. The Goldman Sachs Group raised their target price on Arista Networks from $155.00 to $175.00 and gave the company a “buy” rating in a research report on Friday, September 12th. BNP Paribas Exane upgraded Arista Networks from a “neutral” rating to an “outperform” rating and set a $172.00 price target on the stock in a research report on Thursday, September 25th. Needham & Company LLC boosted their price objective on Arista Networks from $155.00 to $160.00 and gave the company a “buy” rating in a research report on Tuesday, September 16th. Weiss Ratings upgraded Arista Networks from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, December 1st. Finally, UBS Group reissued a “buy” rating and issued a $155.00 price target on shares of Arista Networks in a research note on Wednesday. Eighteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $164.31.

Arista Networks Company 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.