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Arista Networks (ANET) Stock Price Attracting Active Bears

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.

Arista Networks (ANET) Stock Price Attracting Active Bears
Source: TradingView

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.

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Arista Networks (ANET) Stock Price Attracting Active Bears
Source: ANET/USD by TradingView

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.

Arista Networks (ANET) Stock Price Attracting Active Bears
Source: Price Target of ANET Stock by TradingView

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 contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Andrew Smith
Andrew Smith
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing