Arista Networks (ANET) stock price tumbled at the beginning of this week and still made a bullish trend. The all-time price performance of ANET stock showed an impressive price gain of over 1100% while in recent months the stock rose 13%. Earlier last week, ANET Networks released its Q2 2023 report, after which its price showed over 17% price gain.
In similar computer peripherals industry stocks, Adtran Holdings Inc. (NASDAQ: ADTN) and Seagate Technology Holdings PLC (NASDAQ: STX) experienced over 3 Million and 2 Million volumes in one day. ANET stock price followed these two stocks while showing 2.269 Million in volume in the same day.
ANET Stock Price Analysis
On August 7, 2023, Monday, ANET stock price opened at $180.13, with bears dominance losing $0.33 and closing at $179.27 by showing 0.18% of price drop. The stock price traded between $181.10 to $174.39 in Monday’s trading session. After the recent quarterly report, ANET stock price showed a bullish market trend which now shows increased bear activity.
With the recent bear dominance, ANET stock prices started following bearish market trends. The bears’ increased activity also drove its RSI downside while at press time, the pre-market price also showed a slight price decline.
The one-year price target set by analysts is showing at $195.20, up over 8% from the recent closing price of ANET stock. Their maximum price estimate is showing at $225.00 whereas the minimum estimate is $154.00. In the past three months, analysts gave a “buy” rating to Arista Networks Inc.
Q2 2023 Result of Arista Networks
Arista Networks Inc. (NYSE: ANET), a network equipment company, has a market cap of nearly $55.49 Billion. As per its recent Q2 2023 report, its net income is $491.88 Million. ANET’s price-to-sales ratio is 10.80 while the company has an Enterprise Value to EBITDA ratio of 26.04.
For Q2 2023, ANET earnings per share (EPS) is $1.58 whereas the estimation was $1.44 which accounts for a 9.90% surprise. The revenue for the same period amounts to $1.46 Billion despite the estimated figure of $1.38 Billion. The estimated EPS for the next quarter is $1.58 and the revenue is expected to reach $1.48 Billion.
In 2022, the revenue of Arista Networks Inc. reached $4.38 Billion. Out of which, $3.72 Billion came from its highest performing source at the moment, “cloud networking products”.