Arista Networks Stock Looks Technically Strong as It Sets New All-Time Highs

Arista Networks (ANET) demonstrates strong technical momentum, recently setting an all-time high.

ANET maintains a 100% "Buy" technical opinion from Barchart.

Wall Street analysts overwhelmingly rate ANET a "Strong Buy," although some note its high valuation is a drawback.

Valued at $235 billion, Arista Networks (ANET) is engaged in providing cloud networking solutions for data centers and cloud computing environments.

I found today's Chart of the Day by using Barchart's powerful screening functions to sort for stocks with the highest technical buy signals; superior current momentum in both strength and direction, Weighted Alpha above 50+ and a 60-Month Beta over 1.5. I then used Barchart's Flipcharts feature to review the charts for consistent price appreciation. ANET checks those boxes. The Trend Seeker issued a new "Buy" signal on June 1. Since then, the stock has gained 10.38%.

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Editor's Note: The technical indicators below are updated live during the session every 20 minutes and can therefore change each day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com website when you read this report. These technical indicators form the Barchart Opinion on a particular stock.

Arista Networks scored an all-time high of $189.82 on July 9.

The stock recently traded at $187.59 with a 50-day moving average of $160.71.

ANET has made 8 new highs and gained 15.23% over the past month.

Revenue is projected to grow 28.74% this year and another 23.67% next year.

Earnings are estimated to increase 21.72% this year and an additional 22.80% next year.

The Wall Street analysts followed by Barchart give the stock 21 "Strong Buy," 3 "Moderate Buy," and 2 "Hold" opinions with price targets between $156 and $210.

Value Line rates the stock "Above Average" with price targets from $112 to $282.

83,290 investors are following the stock on Seeking Alpha, which rates it a "Hold." Its analysts note a high valuation as Arista's drawback.

Short interest is a reasonable 1.60% of the float with 2.60 days to cover the float.

Last year, revenue increased by 29.60%, net income increased by 23.12%, and cash flow from operations increased by 17.90%. Analysts predict increases in all three both this year and next year too. This stock has a large following and the low short interest implies the smart money isn't betting against it.