Why Shares of Arista Networks Are Soaring Today
Shares of networking hardware company Arista Networks (NYSE: ANET) surged on Friday following a strong second-quarter report. Arista beat analyst estimates for revenue and earnings by wide margins, sending the stock 21% higher by 11:30 a.m. EDT.
Arista reported second-quarter revenue of $405.2 million, up 50.8% year over year and about $45 million higher than the average analyst estimate. Product revenue rose 50.2% to $353.9 million, while service revenue jumped 55% to $51.3 million. Arista introduced its R2 Series platforms during the quarter, promising that the off-the-shelf silicon used provides twice the density and uses half the power of custom router silicon.
Arista introduced its R2 Series platforms during the quarter, which helped revenue rise. Image source: Arista Networks.
Source: Fool.com
Arista Networks Stock
Arista Networks is currently one of the favorites of our community with 6 Buy predictions and no Sell predictions.
At the moment Arista Networks has reached the predicted target price of 296 €, with a current price of 293.6 €.
