It’s set to be another busy week of US earnings with The Coca-Cola Company, Shopify Inc., Airbnb Inc., Deere & Company and more expected to announce the latest earnings results.

First up, US computer networking company Arista Networks Inc. (NYSE: ANET) released the latest results after the closing bell on Monday.

The company achieved revenue of $1.54 billion for Q4 2023, narrowly beating Wall Street estimate of $1.534 billion. Revenue was up by 20.8% year-over-year.

Earnings per share (EPS) was reported at $2.08, which was above analyst estimate of $1.704 per share. EPS was up by 47.51% from Q4 2022.

Full year revenue was up by 33.8% from 2022 at $5.860 billion. EPS reached $6.94 per share.

Company overview

• Founded: 2004
• Headquarters: Santa Clara, California, United States
• Number of employees: 3,612 (2022)
• Industry: Networking hardware
• Key people: Jayshree Ullal (CEO and Chairperson), Andy Bechtolsheim (Founder and Chief Architect), Chantelle Breithaupt (CFO)

CFO commentary

“I am truly honoured to be a part of the leadership team that will drive Arista 2.0 products and technology for enterprise, cloud and AI customers. As we enter 2024, we remain focused on satisfying their most demanding requirements with our compelling, innovative networking solutions,” CFO of Arista Networks, Chantelle Breithaupt said in a press release.

Stock reaction

There was no major movement in share price on Monday before the latest results were announced. The stock was trading at $280.88 a share, down by 0.56%.

Shares fell by around 6% in the after-hours trading.

Stock performance

• 5 day: +2.90%
• 1 month: +11.45%
• 3 months: +33.57%
• Year-to-date: +19.26%
• 1 year: +106.53%

Arista Networks stock price targets

• Wells Fargo & Company: $310
• JMP Securities: $325
• KeyCorp: $287
• Melius Research: $300
• Morgan Stanley: $272
• Citigroup: $300
• The Goldman Sachs Group: $248
• Needham & Company LLC: $235
• Piper Sandler: $209
• Rosenblatt Securities: $230
• Bank of America: $225
• Argus: $225
• Barclays: $200
• BNP Paribas: $210
• Credit Suisse Group: $151

Arista Networks Inc. is the 178th largest company in the world with a market cap of $87.38 billion, according to CompaniesMarketCap.

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• Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours
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Sources: Arista Networks Inc., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap

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