Arista Networks soars to all-time high on earnings beat

Investing.com – Arista Networks (NYSE:ANET)s shares were surging on Friday after the company released its expectation topping second quarter results which attracted a slew of analyst upgrades.

Afterhours Thursday, Arista reported second-quarter net income of $102.7 million, or $1.30 a share, compared with $38.9 million, or 53 cents a share, in the year-ago period. Adjusted earnings were $1.34 a share, handily beating the analyst target for 95 cents a share. Revenue rose to $405.2 million from $268.7 million in the year-ago period and topped estimates for $360.9 million.

For the third quarter, Arista estimates revenue of $405 million to $420 million. Even the bottom range of the forecast is above the analyst estimate for $377.7 million.

Shares soared to $175.95 on Friday, an all time high. But, even more upside could be in store. Barclays put a $200 price target on the company. Many other analysts sang the company’s praises following the earnings beat. William Blair upgraded the stock to Outperform and JPMorgan raised the price target to $186.