Arista Networks (NYSE:ANET) reported better-than-expected third-quarter financial results and issued strong fourth-quarter revenue guidance.
Revenue grew 28.3% Y/Y to $1.509 billion, beating the consensus of $1.480 billion. Adjusted EPS of $1.83, surpassing the consensus of $1.58.
For the fourth quarter, Arista Networks said it expects revenues of $1.500 billion-$1.550 billion vs. consensus of $1.47 billion.
Arista Networks shares jumped 14.3% to trade at $200.83 on Tuesday.
These analysts made changes to their price targets on Arista Networks following earnings announcement.
- Morgan Stanley raised the price target on Arista Networks from $185 to $220. Morgan Stanley analyst Meta Marshall upgraded the stock from Equal-Weight to Overweight.
- Needham increased the price target on Arista Networks from $210 to $215. Needham analyst Alex Henderson maintained a Buy rating.
- Keybanc boosted the price target on Arista Networks from $217 to $232. Keybanc analyst Thomas Blakey maintained an Overweight rating.
- JMP Securities raised the price target on Arista Networks from $200 to $215. JMP Securities analyst Erik Suppiger maintained a Market Outperform rating.
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