Shares of Arista (NYSE:ANET) soared in after-hours trading after the company reported earnings for its second quarter of Fiscal Year 2023. Earnings per share came in at $1.58, which beat analysts’ consensus estimate of $1.44 per share.
Sales increased by 39% year-over-year, with revenue hitting $1.46 billion. This beat analysts’ expectations by $80 million. Looking forward, management now expects revenue and its non-GAAP operating margin for Q3 2023 to be $1.45 billion to $1.5 billion and 41%, respectively.
Turning to Wall Street, analysts have a Moderate Buy consensus rating on ANET stock based on 10 Buys, five Holds, and zero Sells assigned in the past three months, as indicated by the graphic above. Nevertheless, the average price target of $180.57 per share implies 16.43% upside potential.