Shares of Arista Networks (NYSE:ANET) gained 3.86% in after-hours trading after the company reported earnings for its third quarter quarter of Fiscal Year 2023. Earnings per share came in at $1.83, which beat analysts’ consensus estimate of $1.58 per share.
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Sales increased by 28% year-over-year, with revenue hitting $1.51 billion. This beat analysts’ expectations by $40 million.
Looking forward, management now expects revenue for Q4 2023 to be in the range of $1.50 billion to $1.55 billion, topping estimates of $1.47 billion.
For reference, analysts were expecting $1.48 billion in revenue along with an adjusted EPS of $1.58.
Is ANET a Good Stock to Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on ANET stock based on 10 Buys, three Holds, and zero Sells assigned in the past three months, as indicated by the graphic above. Furthermore, the average ANET price target of $206.46 per share implies a 17.31% upside potential.