Piper Sandler Retains Overweight Rating on Arista Networks (ANET) Amid Revenue Beat

Arista Networks, Inc. (NYSE:ANET) ranks among the best stocks to buy now for long-term growth. On February 13, Piper Sandler boosted its price target for Arista Networks, Inc. (NYSE:ANET) to $175 from $159, retaining an Overweight rating on the company’s shares. The upward revision came after Arista Networks’ quarterly results, which surpassed projections. The company generated $0.82 per share, which was higher than the forecast of $0.76, while posting $2.49 billion in revenue, which exceeded projections of $2.38 billion.

Arista Networks, Inc. (NYSE:ANET) has increased its annual growth projection to 25%, up 5 percentage points from the prior forecast, driven mostly by momentum in its Cloud and AI client bases.

Additionally, the company raised its AI revenue forecast by $500 million to $3.25 billion, or about 30% of its total revenue. Sometime this year, it could possibly have four customers generating more than 10% of revenue.

Arista Networks, Inc. (NYSE:ANET) is an American computer networking company headquartered in Santa Clara, California. The company specializes in developing and providing multilayer network switches that enable software-defined networking in large-scale data centers, cloud computing, and high-performance computing.

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Disclosure: None. This article is originally published at Insider Monkey.