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Arista Networks Inc ANET

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Morningstar’s Analysis

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'Greek for Great' Arista Serves up a Solid Quarter; Maintain $300 FVE; Shares Overvalued

Mark Cash Senior Equity Analyst

Analyst Note

| Mark Cash |

Narrow-moat Arista Networks posted a solid quarter with both the top and bottom lines exceeding our expectations and the high end of management’s prior guidance. The firm saw continued strength in the enterprise vertical, a trend we view favorably as increased revenue from this segment should make Arista less susceptible to any cloud titan spending lulls, in our view. We maintain our $300 fair value estimate for the company and view the shares for this narrow-moat name as overvalued at current valuations.

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Company Profile

Business Description

Arista Networks is a software and hardware provider for the networking solutions sector. Operating as one business unit, software, switching, and router products are targeted for high-performance networking applications, while service revenue comes from technical support. Customer markets include data centers, enterprises, service providers, and campuses. The company is headquartered in Santa Clara, California, and generates most of its revenue in the Americas. It also sells into Europe, the Middle East, Africa, and Asia-Pacific.

5453 Great America Parkway
Santa Clara, CA, 95054
T +1 408 547-5500
Sector Technology
Industry Computer Hardware
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2019
Stock Type Cyclical
Employees 2,613