Arista Networks jumps on upbeat Q3 forecast
ANET•Shares jump after upbeat forecast
Networking equipment maker Arista Networks' ANET.N shares surged 14.2% to $217.61 premarket.
The company forecast third-quarter revenue of $3.3 billion, above analysts' estimate of $2.94 billion, according to data compiled by LSEG.
It also expects third-quarter adjusted earnings per share between $1.06 and $1.08, above estimates of 91 cents.
Quarterly results and analyst reaction
Q2 results also beat expectations.
At least three brokerages raised their price targets on the stock following the results.
TD Cowen said the higher forecast likely eases investor concerns after supply constraints capped upside last quarter.
As of the last close, ANET stock was up about 45% year to date.
