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Arista Networks (ANET) Rises As Market Takes a Dip: Key Facts
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In the latest trading session, Arista Networks (ANET - Free Report) closed at $346.65, marking a +1.29% move from the previous day. The stock outpaced the S&P 500's daily loss of 0.16%. Elsewhere, the Dow saw a downswing of 0.14%, while the tech-heavy Nasdaq depreciated by 0.06%.
Coming into today, shares of the cloud networking company had gained 3.96% in the past month. In that same time, the Computer and Technology sector gained 0.47%, while the S&P 500 gained 1.96%.
The upcoming earnings release of Arista Networks will be of great interest to investors. The company's earnings report is expected on July 30, 2024. The company is predicted to post an EPS of $1.94, indicating a 22.78% growth compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $1.64 billion, up 12.42% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $7.93 per share and a revenue of $6.7 billion, signifying shifts of +14.27% and +14.3%, respectively, from the last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Arista Networks. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.18% higher. Arista Networks is currently a Zacks Rank #1 (Strong Buy).
Looking at valuation, Arista Networks is presently trading at a Forward P/E ratio of 43.16. This valuation marks a premium compared to its industry's average Forward P/E of 20.09.
One should further note that ANET currently holds a PEG ratio of 2.69. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As of the close of trade yesterday, the Communication - Components industry held an average PEG ratio of 1.64.
The Communication - Components industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 19, finds itself in the top 8% echelons of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Arista Networks (ANET) Rises As Market Takes a Dip: Key Facts
In the latest trading session, Arista Networks (ANET - Free Report) closed at $346.65, marking a +1.29% move from the previous day. The stock outpaced the S&P 500's daily loss of 0.16%. Elsewhere, the Dow saw a downswing of 0.14%, while the tech-heavy Nasdaq depreciated by 0.06%.
Coming into today, shares of the cloud networking company had gained 3.96% in the past month. In that same time, the Computer and Technology sector gained 0.47%, while the S&P 500 gained 1.96%.
The upcoming earnings release of Arista Networks will be of great interest to investors. The company's earnings report is expected on July 30, 2024. The company is predicted to post an EPS of $1.94, indicating a 22.78% growth compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $1.64 billion, up 12.42% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $7.93 per share and a revenue of $6.7 billion, signifying shifts of +14.27% and +14.3%, respectively, from the last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Arista Networks. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.18% higher. Arista Networks is currently a Zacks Rank #1 (Strong Buy).
Looking at valuation, Arista Networks is presently trading at a Forward P/E ratio of 43.16. This valuation marks a premium compared to its industry's average Forward P/E of 20.09.
One should further note that ANET currently holds a PEG ratio of 2.69. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As of the close of trade yesterday, the Communication - Components industry held an average PEG ratio of 1.64.
The Communication - Components industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 19, finds itself in the top 8% echelons of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.