Home
News
- 1 Arista Networks (ANET) last week reported its Q2 2023 earnings and revenue results.
- 2 After recent quarter results, the volume of ANET stock dropped from 16 Million to 2 Million in a week.
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”.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
