Intrinsic value of Arista Networks - ANET

Previous Close

$269.04

  Intrinsic Value

$1,089

stock screener

  Rating & Target

str. buy

+305%

Previous close

$269.04

 
Intrinsic value

$1,089

 
Up/down potential

+305%

 
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 2017), $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 19.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  45.80
  41.72
  38.05
  34.74
  31.77
  29.09
  26.68
  24.51
  22.56
  20.81
  19.23
  17.80
  16.52
  15.37
  14.33
  13.40
  12.56
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.62
  8.25
  7.93
  7.64
  7.37
  7.14
  6.92
Revenue, $m
  2,400
  3,401
  4,695
  6,326
  8,336
  10,761
  13,633
  16,975
  20,805
  25,134
  29,966
  35,301
  41,134
  47,456
  54,259
  61,529
  69,258
  77,433
  86,047
  95,091
  104,563
  114,459
  124,781
  135,532
  146,719
  158,353
  170,445
  183,011
  196,069
  209,640
Variable operating expenses, $m
  1,346
  1,908
  2,634
  3,549
  4,677
  6,037
  7,648
  9,523
  11,672
  14,100
  16,811
  19,804
  23,076
  26,623
  30,439
  34,518
  38,854
  43,440
  48,272
  53,346
  58,660
  64,211
  70,002
  76,033
  82,309
  88,836
  95,619
  102,669
  109,995
  117,608
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
  1,610
  2,177
  2,909
  3,830
  4,965
  6,331
  7,948
  9,830
  11,986
  14,421
  17,139
  20,139
  23,418
  26,973
  30,797
  34,883
  39,227
  43,822
  48,662
  53,745
  59,067
  64,627
  70,428
  76,468
  82,754
  89,290
  96,083
  103,144
  110,480
  118,104
Operating income, $m
  790
  1,224
  1,786
  2,496
  3,372
  4,430
  5,684
  7,145
  8,820
  10,713
  12,827
  15,162
  17,715
  20,483
  23,462
  26,646
  30,031
  33,611
  37,384
  41,346
  45,496
  49,831
  54,353
  59,063
  63,965
  69,062
  74,361
  79,867
  85,589
  91,536
EBITDA, $m
  801
  1,239
  1,807
  2,525
  3,410
  4,480
  5,747
  7,223
  8,915
  10,829
  12,965
  15,324
  17,905
  20,702
  23,711
  26,929
  30,349
  33,968
  37,780
  41,784
  45,977
  50,358
  54,927
  59,687
  64,640
  69,791
  75,145
  80,709
  86,491
  92,501
Interest expense (income), $m
  3
  3
  29
  64
  109
  166
  237
  321
  422
  538
  672
  824
  992
  1,179
  1,383
  1,604
  1,842
  2,096
  2,366
  2,651
  2,952
  3,269
  3,600
  3,945
  4,306
  4,682
  5,073
  5,480
  5,902
  6,341
  6,798
Earnings before tax, $m
  787
  1,195
  1,722
  2,387
  3,206
  4,194
  5,363
  6,723
  8,281
  10,041
  12,004
  14,170
  16,536
  19,101
  21,858
  24,804
  27,935
  31,246
  34,733
  38,394
  42,227
  46,231
  50,408
  54,757
  59,283
  63,990
  68,881
  73,965
  79,248
  84,739
Tax expense, $m
  213
  323
  465
  644
  866
  1,132
  1,448
  1,815
  2,236
  2,711
  3,241
  3,826
  4,465
  5,157
  5,902
  6,697
  7,542
  8,436
  9,378
  10,366
  11,401
  12,482
  13,610
  14,784
  16,006
  17,277
  18,598
  19,971
  21,397
  22,879
Net income, $m
  575
  872
  1,257
  1,742
  2,340
  3,061
  3,915
  4,908
  6,045
  7,330
  8,763
  10,344
  12,072
  13,943
  15,956
  18,107
  20,393
  22,809
  25,355
  28,028
  30,826
  33,749
  36,798
  39,973
  43,277
  46,712
  50,283
  53,994
  57,851
  61,859

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
  2,122
  3,007
  4,151
  5,594
  7,371
  9,515
  12,054
  15,009
  18,395
  22,223
  26,495
  31,212
  36,369
  41,960
  47,974
  54,403
  61,236
  68,464
  76,080
  84,077
  92,452
  101,201
  110,328
  119,834
  129,725
  140,011
  150,703
  161,813
  173,359
  185,358
Adjusted assets (=assets-cash), $m
  2,122
  3,007
  4,151
  5,594
  7,371
  9,515
  12,054
  15,009
  18,395
  22,223
  26,495
  31,212
  36,369
  41,960
  47,974
  54,403
  61,236
  68,464
  76,080
  84,077
  92,452
  101,201
  110,328
  119,834
  129,725
  140,011
  150,703
  161,813
  173,359
  185,358
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
  110
  156
  216
  291
  383
  495
  627
  781
  957
  1,156
  1,378
  1,624
  1,892
  2,183
  2,496
  2,830
  3,186
  3,562
  3,958
  4,374
  4,810
  5,265
  5,740
  6,234
  6,749
  7,284
  7,840
  8,418
  9,019
  9,643
Working capital, $m
  370
  524
  723
  974
  1,284
  1,657
  2,099
  2,614
  3,204
  3,871
  4,615
  5,436
  6,335
  7,308
  8,356
  9,476
  10,666
  11,925
  13,251
  14,644
  16,103
  17,627
  19,216
  20,872
  22,595
  24,386
  26,248
  28,184
  30,195
  32,285
Total debt, $m
  404
  890
  1,518
  2,310
  3,285
  4,463
  5,856
  7,479
  9,338
  11,439
  13,785
  16,374
  19,206
  22,275
  25,576
  29,106
  32,857
  36,826
  41,007
  45,397
  49,995
  54,798
  59,809
  65,027
  70,458
  76,105
  81,975
  88,074
  94,413
  101,001
Total liabilities, $m
  1,165
  1,651
  2,279
  3,071
  4,046
  5,224
  6,618
  8,240
  10,099
  12,200
  14,546
  17,135
  19,967
  23,036
  26,338
  29,867
  33,618
  37,587
  41,768
  46,158
  50,756
  55,560
  60,570
  65,789
  71,219
  76,866
  82,736
  88,835
  95,174
  101,762
Total equity, $m
  957
  1,356
  1,872
  2,523
  3,324
  4,291
  5,436
  6,769
  8,296
  10,022
  11,949
  14,077
  16,403
  18,924
  21,636
  24,536
  27,617
  30,877
  34,312
  37,919
  41,696
  45,642
  49,758
  54,045
  58,506
  63,145
  67,967
  72,978
  78,185
  83,597
Total liabilities and equity, $m
  2,122
  3,007
  4,151
  5,594
  7,370
  9,515
  12,054
  15,009
  18,395
  22,222
  26,495
  31,212
  36,370
  41,960
  47,974
  54,403
  61,235
  68,464
  76,080
  84,077
  92,452
  101,202
  110,328
  119,834
  129,725
  140,011
  150,703
  161,813
  173,359
  185,359
Debt-to-equity ratio
  0.420
  0.660
  0.810
  0.920
  0.990
  1.040
  1.080
  1.100
  1.130
  1.140
  1.150
  1.160
  1.170
  1.180
  1.180
  1.190
  1.190
  1.190
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.200
  1.210
  1.210
  1.210
  1.210
  1.210
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
  575
  872
  1,257
  1,742
  2,340
  3,061
  3,915
  4,908
  6,045
  7,330
  8,763
  10,344
  12,072
  13,943
  15,956
  18,107
  20,393
  22,809
  25,355
  28,028
  30,826
  33,749
  36,798
  39,973
  43,277
  46,712
  50,283
  53,994
  57,851
  61,859
Depreciation, amort., depletion, $m
  11
  16
  22
  29
  38
  50
  63
  78
  96
  116
  138
  162
  189
  218
  250
  283
  319
  356
  396
  437
  481
  527
  574
  623
  675
  728
  784
  842
  902
  964
Funds from operations, $m
  586
  888
  1,278
  1,771
  2,378
  3,111
  3,978
  4,986
  6,141
  7,445
  8,901
  10,506
  12,261
  14,162
  16,206
  18,390
  20,711
  23,166
  25,751
  28,465
  31,307
  34,275
  37,372
  40,596
  43,952
  47,441
  51,067
  54,836
  58,753
  62,824
Change in working capital, $m
  116
  154
  199
  251
  310
  373
  442
  515
  590
  667
  744
  822
  898
  974
  1,048
  1,120
  1,190
  1,259
  1,326
  1,393
  1,459
  1,524
  1,590
  1,656
  1,723
  1,792
  1,862
  1,935
  2,011
  2,090
Cash from operations, $m
  470
  733
  1,079
  1,520
  2,069
  2,737
  3,536
  4,471
  5,551
  6,779
  8,156
  9,685
  11,363
  13,188
  15,158
  17,271
  19,521
  21,907
  24,424
  27,072
  29,848
  32,751
  35,782
  38,941
  42,229
  45,649
  49,205
  52,901
  56,742
  60,734
Maintenance CAPEX, $m
  -8
  -11
  -16
  -22
  -29
  -38
  -50
  -63
  -78
  -96
  -116
  -138
  -162
  -189
  -218
  -250
  -283
  -319
  -356
  -396
  -437
  -481
  -527
  -574
  -623
  -675
  -728
  -784
  -842
  -902
New CAPEX, $m
  -35
  -46
  -60
  -75
  -92
  -112
  -132
  -154
  -176
  -199
  -222
  -245
  -268
  -291
  -313
  -334
  -356
  -376
  -396
  -416
  -436
  -455
  -475
  -495
  -515
  -535
  -556
  -578
  -601
  -624
Cash from investing activities, $m
  -43
  -57
  -76
  -97
  -121
  -150
  -182
  -217
  -254
  -295
  -338
  -383
  -430
  -480
  -531
  -584
  -639
  -695
  -752
  -812
  -873
  -936
  -1,002
  -1,069
  -1,138
  -1,210
  -1,284
  -1,362
  -1,443
  -1,526
Free cash flow, $m
  427
  676
  1,004
  1,423
  1,947
  2,588
  3,354
  4,255
  5,297
  6,484
  7,818
  9,301
  10,932
  12,708
  14,627
  16,687
  18,882
  21,212
  23,672
  26,260
  28,975
  31,815
  34,781
  37,872
  41,091
  44,439
  47,921
  51,539
  55,299
  59,207
Issuance/(repayment) of debt, $m
  366
  486
  628
  792
  976
  1,177
  1,394
  1,622
  1,859
  2,101
  2,346
  2,590
  2,831
  3,069
  3,302
  3,529
  3,751
  3,968
  4,181
  4,390
  4,598
  4,804
  5,010
  5,219
  5,431
  5,647
  5,870
  6,100
  6,339
  6,588
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  
  366
  486
  628
  792
  976
  1,177
  1,394
  1,622
  1,859
  2,101
  2,346
  2,590
  2,831
  3,069
  3,302
  3,529
  3,751
  3,968
  4,181
  4,390
  4,598
  4,804
  5,010
  5,219
  5,431
  5,647
  5,870
  6,100
  6,339
  6,588
Total cash flow (excl. dividends), $m
  793
  1,162
  1,632
  2,215
  2,923
  3,765
  4,748
  5,877
  7,156
  8,585
  10,164
  11,891
  13,763
  15,777
  17,929
  20,216
  22,634
  25,180
  27,853
  30,651
  33,572
  36,619
  39,791
  43,091
  46,521
  50,086
  53,790
  57,639
  61,638
  65,795
Retained Cash Flow (-), $m
  -301
  -399
  -516
  -650
  -801
  -967
  -1,145
  -1,333
  -1,527
  -1,726
  -1,927
  -2,127
  -2,326
  -2,521
  -2,712
  -2,899
  -3,082
  -3,260
  -3,435
  -3,607
  -3,777
  -3,946
  -4,116
  -4,287
  -4,461
  -4,639
  -4,822
  -5,011
  -5,207
  -5,412
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
  76
  110
  156
  216
  291
  383
  495
  627
  781
  957
  1,156
  1,378
  1,624
  1,892
  2,183
  2,496
  2,830
  3,186
  3,562
  3,958
  4,374
  4,810
  5,265
  5,740
  6,234
  6,749
  7,284
  7,840
  8,418
  9,019
Cash available for distribution, $m
  1,498
  763
  1,116
  1,565
  2,122
  2,798
  3,603
  4,545
  5,629
  6,859
  8,237
  9,764
  11,437
  13,256
  15,217
  17,317
  19,552
  21,920
  24,418
  27,044
  29,796
  32,673
  35,675
  38,804
  42,060
  45,447
  48,968
  52,628
  56,431
  60,383
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
  1,437
  699
  971
  1,288
  1,644
  2,030
  2,434
  2,840
  3,233
  3,596
  3,912
  4,166
  4,349
  4,450
  4,467
  4,400
  4,254
  4,037
  3,760
  3,436
  3,082
  2,711
  2,338
  1,976
  1,636
  1,326
  1,051
  814
  616
  455
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 103.5
Price to Sales 16.9
Price to Book 17.2
Price to Tangible Book
Price to Cash Flow 145.4
Price to Free Cash Flow 173.2
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 million for the last fiscal year's total revenue generated by Arista Networks. The default revenue input number comes from 2017 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 45.8% 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 4.6%.

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 10 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 15.4%. 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 - $1662 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 72 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 $19.4 billion.

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COMPANY NEWS

▶ Should You Buy Cisco After Its Post-Earnings Rally?   [Aug-18-18 08:01AM  Motley Fool]
▶ [$$] Arista to Pay Cisco $400 Million as Companies Settle IP Disputes   [Aug-06-18 08:41PM  The Wall Street Journal]
▶ Arista to pay Cisco $400 million to settle protracted IP battle   [03:17PM  American City Business Journals]
▶ Arista Networks Literally Gets Its Mojo Back   [Aug-02-18 09:00PM  Motley Fool]
▶ Arista Networks: 2Q Earnings Snapshot   [06:38PM  Associated Press]
▶ Nasdaq Composite Leads Market As These Stocks Hit Buy Points   [02:52PM  Investor's Business Daily]
▶ Preview: Arista Networks Q2 Earnings   [08:28AM  Benzinga]
▶ Arista Any Cloud Extends to Google Cloud Platform   [Jul-23-18 06:00AM  Business Wire]
▶ Cisco Breathes a Sigh of Relief For Now   [Jul-19-18 01:37PM  InvestorPlace]
▶ How Amazon Could Crush These 4 Tech Stocks   [01:45PM  Investopedia]
▶ Cisco Systems Inc. Shows Boring Can Be Beautiful   [Jul-13-18 11:23PM  InvestorPlace]
▶ Q2 wages fell across the U.S., but not in the land where tech is king   [Jul-12-18 04:26PM  American City Business Journals]
▶ My Top 8 Growth Stocks for the Next Decade   [Jun-29-18 02:32PM  InvestorPlace]
▶ Arista Networks Has a Shiny New Toy   [Jun-20-18 08:48AM  Motley Fool]
▶ Smart Plays in 2 Large-Cap Tech Stocks   [Jun-19-18 11:15AM  InvestorPlace]
▶ Tech Today: Twitter Hums, Apple Stabilizes, Tesla Rolls   [Jun-12-18 10:02AM  Barrons.com]
▶ What's working: Three tech stocks to watch   [May-29-18 06:52AM  CNBC Videos]
▶ Ciscos Slump Good for Arista, Other Rivals   [May-18-18 12:09PM  Investopedia]
▶ Cisco Sags, but Its Results Bode Well for Arista, Others   [May-17-18 03:26PM  Barrons.com]
▶ Cisco Earnings on Tap: Good Vibes for the 'Catalyst'   [May-16-18 03:23PM  Barrons.com]
▶ [$$] Arista Takes Aim at Cisco   [May-12-18 12:01AM  Barrons.com]
▶ Arista Introduces Cognitive Cloud Networking for the Campus   [May-07-18 07:00PM  Business Wire]
▶ Why Fluor, Arista Networks, and Appian Slumped Today   [May-04-18 05:01PM  Motley Fool]
▶ Stocks Rally As Nasdaq Closes Back Above The Key 50-Day Line   [04:10PM  Investor's Business Daily]
▶ What Are Arista Investors Really Scared Of?   [May-03-18 07:43PM  Motley Fool]
▶ Arista Networks: 1Q Earnings Snapshot   [04:43PM  Associated Press]
▶ Arista Networks runs fast but keeps its employees lives balanced   [Apr-20-18 08:00AM  American City Business Journals]
▶ Why Twitter, Shopify, and Arista Networks Jumped Today   [Apr-17-18 04:30PM  Motley Fool]
▶ Why Arista Networks, Dropbox, and MBIA Slumped Today   [Apr-13-18 04:44PM  Motley Fool]
▶ Arista Networks Downgraded, Stock Falls Near Key Support Level   [12:38PM  Investor's Business Daily]
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