World News – CA – Arista grows 11% as third quarter sales overtake the streets

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Shares of Arista Networks climbed 11% in Monday’s extended trading session after the computer networking solutions provider reported better-than-expected Q3 results despite challenges from the supply chain linked to COVID-19

Arista Networks (ANET) third-quarter sales fell 75% year-on-year to $ 605 million, but exceeded analysts’ expectations of $ 581 million and significantly exceeded management’s forecast range $ 570 million to $ 590 million Adjusted EPS fell 10% to $ 2 42 but topped the street consensus of $ 2 21

Jayshree Ullal, CEO of Arista, said: “Our customers validate our traction as we migrate from a legacy client to a cognitive client to cloud deployments with a total of 40 million cloud network ports shipped from here the third quarter of 2020 Despite some COVID-19 turbulence, we believe that Arista will only emerge stronger « (See ANET stock market analysis on TipRanks)

Company Provided Strong Fourth Quarter Sales Forecast That Beats Wall Street Forecast Arista predicts fourth quarter revenue to generate between $ 615 million and $ 635 million, which is higher than Street’s estimate from 609 $ 3 million

Ahead of his results, Ryan Koontz, analyst at Rosenblatt Securities, raised the stock price target to $ 250 (157% upside potential) from $ 240, while reiterating a Hold In note. an October 19 earnings preview note, Koontz wrote: “We expect strong Q3 from the hyperscale and, despite a flattened trend in Q4, to return to y / y growth in 4Q20 compared to a comparison easy Our checks indicate continued progress in the business, including a number of wins with the F1000 logo The recent surge in ANET stock (7% versus S&P in the past month) leaves a bit to the increase in our opinion « 

Currently the street has a cautiously bullish outlook on the stock Analyst consensus for moderate buy is based on 6 buy and 10 take The average price target of $ 240.75 implies upside potential of around 114% at current levels Shares are up 63% year-to-date

Related News: Magellan Boosts Q3 Profit As Refined Product Demand Boosts Twitter Ad Revenue Boosts Q3 Sales BeatClorox Boosts 2021 Forecast Due to Bonanza Cleanup; Shares increase by 4%

Arista Networks, NYSE: ANET, Stock

World News – CA – Arista Grows 11% as Third Quarter Sales Pass the Street



SOURCE: https://www.w24news.com/news/world-news-ca-arista-grows-11-as-third-quarter-sales-overtake-the-streets/?remotepost=515876

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