Why Shares of Arista Networks Are Surging Today
Shares of Arista Networks (NYSE: ANET) jumped on Friday following a strong third-quarter report. The networking hardware company beat analysts' estimates for both revenue and earnings by wide margins, with revenue growing by more than 50% year over year. This followed an even larger jump that came after the company's second-quarter report in August. The stock was up almost 10% at 1 p.m.
Arista reported Q3 revenue of $437.6 million, up 50.8% year over year and about $19 million higher than the average analyst estimate. Product revenue rose 49.6% to $380.3 million, while service revenue jumped 59.2% to $57.3 million. "Our performance validates our meaningful traction with customers as they evolve from legacy to universal cloud networking designs," said President and CEO Jayshree Ullal.
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 294.0 €.
