Arista Networks, Inc. (ANET)
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SANTA CLARA, Calif.--(BUSINESS WIRE)--Arista Expands 400G for Enterprise and Cloud Customers
Turns out, it was just a warmup to an even better November.
Jayshree Ullal, President And CEO at Arista Networks (NYSE:ANET), made a large insider sell on November 2, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Tuesday showed that Ullal sold 47,500 shares of Arista Networks at prices ranging from $408.58 to $495.00.
The cloud network specialist's stock reached new highs following a strong Q3 report and upbeat long-term guidance.
The company is experiencing booming demand as data center upgrades pick up steam.
Telecommunications sector-related exchange traded funds surged on Tuesday after Arista Networks (NYSE: ANET) revealed better-than-expected Q3 results, a stock split, and buyback plans. On Tuesday, the iShares North American Tech ETF (NYSEArca: IGN) advanced 5.3%, the iShares U.S. Telecommunications ETF (IYZ) increased 1.9%, and the SPDR S&P Telecom ETF (NYSEArca: XTL) gained 2.2%.
On Tuesday, Arista Networks Inc. (NYSE:ANET) shares spiked more than 26% after reporting its fiscal Q3 results. The company announced its most recent quarterly results Monday after markets closed, beating the consensus analyst estimates on revenue and earnings.
Analysts raised their price targets on Arista Networks Inc (NYSE: ANET), following Q3 beat and upbeat Q4 outlook. Barclays analyst Tim Long increased the PT to $451 from $378, implying an 8% downside, and reiterated an Equal Weight.
Arista Networks expects fiscal 2022 revenue growth to accelerate to 30%, from 25% in 2021—far better than the low-teens growth the Street had been projecting for the year
Arista Networks, Inc. (NYSE: ANET) shares are trading higher after the company reported better-than-expected third-quarter earnings per share and sales results and issued fourth-quarter sales guidance above analyst estimates. The company expects fourth-quarter sales in the range of $775 million and $795 million which is above analyst estimates of $754.06 million.