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Arista Networks Inc ANET

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Morningstar’s Analysis

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Broad-Based Demand Fuels Arista’s Strong Q1 Amid Supply Chain Challenges; Raising FVE to $300

Mark Cash Senior Equity Analyst

Analyst Note

| Mark Cash |

We are raising our fair value estimate of narrow-moat Arista Networks to $300 per share from $290 based on stronger revenue growth expected for a longer period and from a more diverse customer base. While we expect Arista to benefit from Microsoft’s aggressive data center expansion plans in an outsize manner, broad-based strength in areas like the enterprise market should make Arista less susceptible to any cloud titan spending lulls, in our view. Arista shares popped 4% on the overwhelming positive quarter and strong outlook, however the stock is still within our 3-star territory, leaving it fairly valued.

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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 Mar 31, 2021
Fiscal Year End Dec 31, 2019
Stock Type Cyclical
Employees 2,613