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- 1 The year-to-date return of Arista Networks, Inc. is 60.57% while the three-month return is 18.00%
- 2 Arista Networks stock price trades above the 20, and 50-day daily moving averages, buyers are dominating over sellers, and the price is near key resistance.
- 3 Arista Networks, Inc. ( NYSE: ANET) stock’s 52-week price range is around $89 – $198.
Arista Networks, Inc. markets, develops, and sells CNS (cloud networking solutions) in Africa, the Middle East, the Americas, Europe, and the Asia-Pacific.
The chairman of the board and the co-founder of Arista Networks (ANET stock), Andreas Bechtolsheim is the top shareholder of ANET stock and owns 14.83% of the company, with a current value of $9.1 Billion and a total ANET share count of 45,910,474. The second top holder is the Vanguard Group, Inc. which owns 8.98% of the company, with a current value of $5.5 Billion and a total ANET share count of 27,814,624. Moreover, no ANET shareholding has been sold in the communications company in the last three to twelve months. As per, Simply Wall St.
According to the price action, it seems that the ANET stock is ready for a significant increase, with potential growth in price for the upcoming sessions. Buyers are actively trying to keep these levels, showing their dedication to the ANET stock’s upward direction.
ANET stock has been rising since June 2022, even before the beginning of 2023, and has shown buyer accumulation. Moreover, it is noticed that the buyers have bought the stock on every quarter report in the previous sessions, and the price kept on surging.
ANET stock price was at $197.36 with an intraday surge of 1.09%. Moreover, the intraday trading volume of ANET is 2.056 Million less than the 10-day aggregate volume of 2.256 Million. The stock has bounced back after every reversal and has a market cap of $61.099 Billion. Analysts gave a buy rating with a yearly target price of $225, suggesting a growth outlook for future sessions.
The ANET stock (Arista Networks Stock) continues to show bullish momentum in the uptrend above the key moving averages. On the daily charts, ANET stock is in the bullish zone and has maintained the uptrend above the 20 and 50-day EMAs.
Based on recent data, the revenue of Q2, 2023 was $1.459 Billion with a net income of 491.88 Million. Moreover, the ANET stock estimated EPS for Q2’ 23 was 1.44, and the reported EPS was 1.58 which gave a positive surprise of 9.90%. Moreover, the forecasted EPS for the next quarter is positive at 1.58.
Technical Analysis of ANET Stock Price in 1-D Timeframe
As per price action, ANET was in a bullish trend from June last year even before 2023 started. The ANET price found support around $90 and was strongly bought as it was available at a discount. From the low of $90 to the high of $198, the journey was inconsistent but upwards, the high was reached by September 1st, 2023. Moreover, the price spent a fair amount of time on Fibonacci levels of 78.60%, 61.80%, 38.20%, and 23.60% and stepped up smoothly from these Fibo levels.
The CMP is $197.36 (at press time), it is observed that on every quarter report, the ANET stock is bought in previous sessions.
The current stock price of ANET stock might achieve more, there is a possibility for the price to move toward the next resistance level of $202 and an annual high of $213.
On the other hand, if the price breaks below the $180 significant support level, it might fall toward $174 and beyond.
At the time of publishing, Arista Networks, Inc.(NYSE: ANET) is trading above the 20, and 50 EMA. RSI is around 67, turned bullish as it took 14 SMA support and MACD crossed each other and a bullish cross is noticed.
Summary
The ANET stock price has risen above $180 to regain bullish momentum and if it holds then it might potentially break the annual high of $198. Technical parameters for ANET also support the increase in bullish momentum. Arista Networks, Inc. (NYSE: ANET) stock prices are bullish on the 1-D time frame as indicators turned bullish. The traders and investors for ANET also highlight bullish views.
Technical Levels
Support levels: The nearest support levels for ANET price are $180 and $174.
Resistance levels: The nearest resistance levels for the ANET stock price are $202 and $213.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
