Intrinsic value of Arista Networks - ANET

Previous Close

$244.20

  Intrinsic Value

$384.90

stock screener

  Rating & Target

str. buy

+58%

Previous close

$244.20

 
Intrinsic value

$384.90

 
Up/down potential

+58%

 
Rating

str. buy

We calculate the intrinsic value of ANET stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 18.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  28.30
  25.97
  23.87
  21.99
  20.29
  18.76
  17.38
  16.14
  15.03
  14.03
  13.12
  12.31
  11.58
  10.92
  10.33
  9.80
  9.32
  8.89
  8.50
  8.15
  7.83
  7.55
  7.29
  7.07
  6.86
  6.67
  6.51
  6.35
  6.22
  6.10
Revenue, $m
  2,112
  2,661
  3,296
  4,020
  4,836
  5,743
  6,741
  7,830
  9,006
  10,270
  11,618
  13,048
  14,559
  16,149
  17,817
  19,563
  21,386
  23,286
  25,265
  27,323
  29,463
  31,688
  33,999
  36,401
  38,898
  41,493
  44,193
  47,001
  49,924
  52,969
Variable operating expenses, $m
  1,185
  1,493
  1,849
  2,255
  2,713
  3,222
  3,782
  4,392
  5,053
  5,761
  6,517
  7,320
  8,168
  9,060
  9,996
  10,975
  11,997
  13,064
  14,174
  15,328
  16,529
  17,777
  19,074
  20,421
  21,822
  23,278
  24,792
  26,368
  28,008
  29,715
Fixed operating expenses, $m
  264
  269
  275
  281
  288
  294
  300
  307
  314
  321
  328
  335
  342
  350
  358
  365
  373
  382
  390
  399
  407
  416
  426
  435
  445
  454
  464
  475
  485
  496
Total operating expenses, $m
  1,449
  1,762
  2,124
  2,536
  3,001
  3,516
  4,082
  4,699
  5,367
  6,082
  6,845
  7,655
  8,510
  9,410
  10,354
  11,340
  12,370
  13,446
  14,564
  15,727
  16,936
  18,193
  19,500
  20,856
  22,267
  23,732
  25,256
  26,843
  28,493
  30,211
Operating income, $m
  664
  899
  1,171
  1,483
  1,835
  2,227
  2,659
  3,130
  3,640
  4,188
  4,772
  5,393
  6,049
  6,740
  7,464
  8,223
  9,015
  9,841
  10,701
  11,596
  12,527
  13,495
  14,500
  15,545
  16,632
  17,761
  18,936
  20,159
  21,432
  22,758
EBITDA, $m
  683
  923
  1,202
  1,520
  1,880
  2,280
  2,721
  3,202
  3,723
  4,282
  4,879
  5,513
  6,183
  6,888
  7,628
  8,403
  9,212
  10,055
  10,934
  11,848
  12,798
  13,786
  14,813
  15,880
  16,990
  18,143
  19,343
  20,591
  21,891
  23,245
Interest expense (income), $m
  3
  3
  19
  38
  60
  86
  114
  146
  181
  219
  260
  304
  351
  401
  454
  510
  568
  629
  693
  759
  828
  900
  975
  1,053
  1,133
  1,217
  1,305
  1,395
  1,490
  1,588
  1,690
Earnings before tax, $m
  661
  880
  1,133
  1,423
  1,750
  2,113
  2,513
  2,949
  3,421
  3,928
  4,468
  5,042
  5,648
  6,286
  6,955
  7,655
  8,386
  9,148
  9,942
  10,768
  11,627
  12,520
  13,447
  14,412
  15,414
  16,457
  17,541
  18,669
  19,844
  21,068
Tax expense, $m
  178
  237
  306
  384
  472
  571
  679
  796
  924
  1,060
  1,206
  1,361
  1,525
  1,697
  1,878
  2,067
  2,264
  2,470
  2,684
  2,907
  3,139
  3,380
  3,631
  3,891
  4,162
  4,443
  4,736
  5,041
  5,358
  5,688
Net income, $m
  482
  642
  827
  1,039
  1,277
  1,542
  1,835
  2,153
  2,497
  2,867
  3,262
  3,681
  4,123
  4,588
  5,077
  5,588
  6,122
  6,678
  7,258
  7,861
  8,488
  9,139
  9,817
  10,521
  11,252
  12,013
  12,805
  13,629
  14,486
  15,379

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,867
  2,352
  2,914
  3,555
  4,276
  5,078
  5,961
  6,923
  7,963
  9,080
  10,272
  11,537
  12,873
  14,279
  15,754
  17,297
  18,909
  20,589
  22,339
  24,159
  26,051
  28,018
  30,061
  32,185
  34,393
  36,687
  39,074
  41,557
  44,142
  46,833
Adjusted assets (=assets-cash), $m
  1,867
  2,352
  2,914
  3,555
  4,276
  5,078
  5,961
  6,923
  7,963
  9,080
  10,272
  11,537
  12,873
  14,279
  15,754
  17,297
  18,909
  20,589
  22,339
  24,159
  26,051
  28,018
  30,061
  32,185
  34,393
  36,687
  39,074
  41,557
  44,142
  46,833
Revenue / Adjusted assets
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
Average production assets, $m
  97
  122
  152
  185
  222
  264
  310
  360
  414
  472
  534
  600
  670
  743
  820
  900
  984
  1,071
  1,162
  1,257
  1,355
  1,458
  1,564
  1,674
  1,789
  1,909
  2,033
  2,162
  2,297
  2,437
Working capital, $m
  258
  325
  402
  490
  590
  701
  822
  955
  1,099
  1,253
  1,417
  1,592
  1,776
  1,970
  2,174
  2,387
  2,609
  2,841
  3,082
  3,333
  3,595
  3,866
  4,148
  4,441
  4,746
  5,062
  5,392
  5,734
  6,091
  6,462
Total debt, $m
  264
  530
  839
  1,190
  1,586
  2,026
  2,511
  3,039
  3,611
  4,224
  4,878
  5,572
  6,306
  7,078
  7,888
  8,735
  9,620
  10,542
  11,503
  12,502
  13,541
  14,620
  15,742
  16,908
  18,120
  19,380
  20,690
  22,054
  23,473
  24,950
Total liabilities, $m
  1,025
  1,291
  1,600
  1,951
  2,347
  2,788
  3,272
  3,801
  4,372
  4,985
  5,639
  6,334
  7,067
  7,839
  8,649
  9,496
  10,381
  11,303
  12,264
  13,263
  14,302
  15,382
  16,504
  17,670
  18,881
  20,141
  21,452
  22,815
  24,234
  25,712
Total equity, $m
  842
  1,061
  1,314
  1,603
  1,928
  2,290
  2,688
  3,122
  3,591
  4,095
  4,633
  5,203
  5,806
  6,440
  7,105
  7,801
  8,528
  9,286
  10,075
  10,895
  11,749
  12,636
  13,558
  14,515
  15,511
  16,546
  17,622
  18,742
  19,908
  21,122
Total liabilities and equity, $m
  1,867
  2,352
  2,914
  3,554
  4,275
  5,078
  5,960
  6,923
  7,963
  9,080
  10,272
  11,537
  12,873
  14,279
  15,754
  17,297
  18,909
  20,589
  22,339
  24,158
  26,051
  28,018
  30,062
  32,185
  34,392
  36,687
  39,074
  41,557
  44,142
  46,834
Debt-to-equity ratio
  0.310
  0.500
  0.640
  0.740
  0.820
  0.880
  0.930
  0.970
  1.010
  1.030
  1.050
  1.070
  1.090
  1.100
  1.110
  1.120
  1.130
  1.140
  1.140
  1.150
  1.150
  1.160
  1.160
  1.160
  1.170
  1.170
  1.170
  1.180
  1.180
  1.180
Adjusted equity ratio
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  482
  642
  827
  1,039
  1,277
  1,542
  1,835
  2,153
  2,497
  2,867
  3,262
  3,681
  4,123
  4,588
  5,077
  5,588
  6,122
  6,678
  7,258
  7,861
  8,488
  9,139
  9,817
  10,521
  11,252
  12,013
  12,805
  13,629
  14,486
  15,379
Depreciation, amort., depletion, $m
  19
  24
  30
  37
  44
  53
  62
  72
  83
  94
  107
  120
  134
  149
  164
  180
  197
  214
  232
  251
  271
  292
  313
  335
  358
  382
  407
  432
  459
  487
Funds from operations, $m
  502
  667
  858
  1,076
  1,322
  1,595
  1,897
  2,225
  2,580
  2,962
  3,369
  3,801
  4,257
  4,737
  5,241
  5,768
  6,319
  6,892
  7,490
  8,112
  8,759
  9,431
  10,129
  10,855
  11,610
  12,395
  13,211
  14,061
  14,945
  15,867
Change in working capital, $m
  57
  67
  77
  88
  100
  111
  122
  133
  144
  154
  164
  175
  184
  194
  204
  213
  222
  232
  241
  251
  261
  271
  282
  293
  305
  317
  329
  343
  357
  371
Cash from operations, $m
  445
  600
  780
  987
  1,222
  1,485
  1,775
  2,092
  2,437
  2,808
  3,204
  3,626
  4,073
  4,543
  5,037
  5,555
  6,096
  6,661
  7,249
  7,861
  8,498
  9,159
  9,847
  10,562
  11,306
  12,078
  12,882
  13,718
  14,589
  15,495
Maintenance CAPEX, $m
  -15
  -19
  -24
  -30
  -37
  -44
  -53
  -62
  -72
  -83
  -94
  -107
  -120
  -134
  -149
  -164
  -180
  -197
  -214
  -232
  -251
  -271
  -292
  -313
  -335
  -358
  -382
  -407
  -432
  -459
New CAPEX, $m
  -22
  -25
  -29
  -33
  -38
  -42
  -46
  -50
  -54
  -58
  -62
  -66
  -70
  -73
  -77
  -80
  -84
  -87
  -91
  -95
  -98
  -102
  -106
  -110
  -115
  -119
  -124
  -129
  -134
  -140
Cash from investing activities, $m
  -37
  -44
  -53
  -63
  -75
  -86
  -99
  -112
  -126
  -141
  -156
  -173
  -190
  -207
  -226
  -244
  -264
  -284
  -305
  -327
  -349
  -373
  -398
  -423
  -450
  -477
  -506
  -536
  -566
  -599
Free cash flow, $m
  408
  555
  726
  924
  1,148
  1,398
  1,676
  1,980
  2,311
  2,667
  3,048
  3,453
  3,883
  4,336
  4,812
  5,311
  5,832
  6,376
  6,944
  7,534
  8,148
  8,786
  9,450
  10,139
  10,856
  11,601
  12,376
  13,183
  14,022
  14,896
Issuance/(repayment) of debt, $m
  226
  266
  308
  352
  396
  440
  485
  528
  571
  613
  654
  694
  733
  772
  810
  847
  885
  922
  960
  999
  1,039
  1,080
  1,122
  1,166
  1,212
  1,260
  1,310
  1,363
  1,419
  1,478
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  226
  266
  308
  352
  396
  440
  485
  528
  571
  613
  654
  694
  733
  772
  810
  847
  885
  922
  960
  999
  1,039
  1,080
  1,122
  1,166
  1,212
  1,260
  1,310
  1,363
  1,419
  1,478
Total cash flow (excl. dividends), $m
  634
  821
  1,035
  1,276
  1,544
  1,839
  2,161
  2,509
  2,882
  3,280
  3,702
  4,148
  4,616
  5,108
  5,622
  6,158
  6,717
  7,299
  7,904
  8,533
  9,187
  9,866
  10,572
  11,305
  12,068
  12,861
  13,687
  14,546
  15,441
  16,374
Retained Cash Flow (-), $m
  -186
  -219
  -253
  -289
  -325
  -362
  -398
  -434
  -469
  -504
  -537
  -570
  -603
  -634
  -665
  -696
  -727
  -758
  -789
  -821
  -853
  -887
  -922
  -958
  -996
  -1,035
  -1,076
  -1,120
  -1,166
  -1,214
Prev. year cash balance distribution, $m
  1,006
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  1,454
  602
  781
  987
  1,218
  1,477
  1,763
  2,075
  2,413
  2,776
  3,165
  3,577
  4,014
  4,474
  4,957
  5,462
  5,990
  6,541
  7,115
  7,712
  8,333
  8,979
  9,650
  10,347
  11,072
  11,826
  12,610
  13,426
  14,275
  15,160
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  1,394
  552
  680
  812
  944
  1,072
  1,191
  1,297
  1,386
  1,455
  1,503
  1,527
  1,526
  1,502
  1,455
  1,388
  1,303
  1,205
  1,096
  980
  862
  745
  632
  527
  431
  345
  271
  208
  156
  114
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Arista Networks, Inc. is a supplier of cloud networking solutions that use software innovations to address the needs of Internet companies, cloud service providers and data centers for enterprise support. It develops, markets and sells cloud networking solutions, which consist of its Gigabit Ethernet switches and related software. The Company's cloud networking solutions consist of its Extensible Operating System (EOS), a set of network applications and its Ethernet switching and routing platforms. The programmability of EOS has allowed it to create a set of software applications that address the requirements of cloud networking, including workflow automation, network visibility and analytics, and has also allowed it to integrate with a range of third-party applications for virtualization, management, automation, orchestration and network services. EOS supports cloud and virtualization solutions, including VMware NSX, Microsoft System Center and other cloud management frameworks.

FINANCIAL RATIOS  of  Arista Networks (ANET)

Valuation Ratios
P/E Ratio 94
Price to Sales 15.3
Price to Book 15.6
Price to Tangible Book
Price to Cash Flow 132
Price to Free Cash Flow 157.2
Growth Rates
Sales Growth Rate 34.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 5%
Cap. Spend. - 3 Yr. Gr. Rate 1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 3.6%
Total Debt to Equity 3.6%
Interest Coverage 82
Management Effectiveness
Return On Assets 12.9%
Ret/ On Assets - 3 Yr. Avg. 13.6%
Return On Total Capital 18.6%
Ret/ On T. Cap. - 3 Yr. Avg. 18.9%
Return On Equity 19.4%
Return On Equity - 3 Yr. Avg. 21.6%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 64%
Gross Margin - 3 Yr. Avg. 65.4%
EBITDA Margin 23.5%
EBITDA Margin - 3 Yr. Avg. 22.2%
Operating Margin 21.5%
Oper. Margin - 3 Yr. Avg. 20.3%
Pre-Tax Margin 21.4%
Pre-Tax Margin - 3 Yr. Avg. 19.9%
Net Profit Margin 16.3%
Net Profit Margin - 3 Yr. Avg. 15.2%
Effective Tax Rate 24%
Eff/ Tax Rate - 3 Yr. Avg. 23.3%
Payout Ratio 0%

ANET stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ANET stock intrinsic value calculation we used $1646.186 million for the last fiscal year's total revenue generated by Arista Networks. The default revenue input number comes from 0001 income statement of Arista Networks. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ANET stock valuation model: a) initial revenue growth rate of 28.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ANET is calculated based on our internal credit rating of Arista Networks, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Arista Networks.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ANET stock the variable cost ratio is equal to 56.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $258 million in the base year in the intrinsic value calculation for ANET stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 7.2% for Arista Networks.

Corporate tax rate of 27% is the nominal tax rate for Arista Networks. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ANET stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ANET are equal to 4.6%.

Life of production assets of 3.7 years is the average useful life of capital assets used in Arista Networks operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ANET is equal to 12.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1661.914 million for Arista Networks - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 74.824 million for Arista Networks is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Arista Networks at the current share price and the inputted number of shares is $18.3 billion.

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COMPANY NEWS

▶ Is Arista Networks a Buy?   [Nov-15-18 07:36PM  Motley Fool]
▶ Why Cisco Systems Is Up More than 20% in 2018   [Nov-09-18 08:20PM  Motley Fool]
▶ Arista (ANET) Catches Eye: Stock Jumps 7%   [Nov-05-18 08:35AM  Zacks]
▶ Arista Soars on Cloud Success   [06:43PM  Motley Fool]
▶ Arista Networks: 3Q Earnings Snapshot   [04:14PM  Associated Press]
▶ What to Watch When Arista Networks Reports Earnings   [Oct-29-18 08:00AM  Motley Fool]
▶ 3 High-Growth Stocks That Could Soar   [Oct-23-18 11:27AM  Motley Fool]
▶ Arista Introduces 400 Gigabit Platforms   [06:00AM  Business Wire]
▶ MarketPulse: Tech Stocks on a Tear   [Oct-16-18 05:30PM  Investing.com]
▶ Arista Expands CloudVision to the Campus   [06:00AM  Business Wire]
▶ Better Buy: Arista Networks, Inc. vs. Juniper Networks   [Oct-07-18 02:13PM  Motley Fool]
▶ Thank Wall Street Later, Buy Arista Stock Today   [Sep-27-18 01:06PM  InvestorPlace]
▶ 7 Tech Stocks Sporting Amazon-Like Growth   [Sep-13-18 01:35PM  InvestorPlace]
▶ Why Arista Networks Stock Jumped Nearly 17% in August   [Sep-09-18 02:24PM  Motley Fool]
▶ Arista Downgraded; Cisco May Gain In Next-Generation Cloud Networking   [Sep-04-18 04:06PM  Investor's Business Daily]
▶ 3 Stocks That Could Put Netflix's Returns to Shame   [Sep-01-18 12:00PM  Motley Fool]
▶ Why Shares of Arista Networks Are Surging Today   [Aug-24-18 12:14PM  Motley Fool]
▶ Arista Introduces Secure Cloud Networking   [Aug-21-18 06:00AM  Business Wire]
▶ Should You Buy Cisco After Its Post-Earnings Rally?   [Aug-18-18 08:01AM  Motley Fool]
▶ [$$] Arista to Pay Cisco $400 Million as Companies Settle IP Disputes   [Aug-06-18 08:41PM  The Wall Street Journal]
▶ Arista to pay Cisco $400 million to settle protracted IP battle   [03:17PM  American City Business Journals]
▶ Arista Networks Literally Gets Its Mojo Back   [Aug-02-18 09:00PM  Motley Fool]
▶ Arista Networks: 2Q Earnings Snapshot   [06:38PM  Associated Press]
▶ Nasdaq Composite Leads Market As These Stocks Hit Buy Points   [02:52PM  Investor's Business Daily]
▶ Preview: Arista Networks Q2 Earnings   [08:28AM  Benzinga]
▶ Arista Any Cloud Extends to Google Cloud Platform   [Jul-23-18 06:00AM  Business Wire]
▶ Cisco Breathes a Sigh of Relief For Now   [Jul-19-18 01:37PM  InvestorPlace]
▶ How Amazon Could Crush These 4 Tech Stocks   [01:45PM  Investopedia]
▶ Cisco Systems Inc. Shows Boring Can Be Beautiful   [Jul-13-18 11:23PM  InvestorPlace]

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