Nvidia's AI Network Partner Flashes Two Signs Of Strength, Breaks Out

Blockhead09-21

Though there are countless other companies on the IBD 50 with better Relative Strength Ratings from Investor's Business Daily, Arista Networks (ANET) is the only stock on the list to show a blue dot ...

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Arista stock cleared a buy point of 376.50 Thursday and now sits in a buying range that goes up to 395.32. Further, shares touched an all-time high on Friday with a slight gain.\nArista formed a second-stage consolidation pattern amid second-quarter results before breaking out during Thursday's broader market rally in volume that was slightly higher than average. Early-stage bases can net higher gains after a proper breakout in higher volume.\nArista Networks provides networking products used in data centers. Its switches support artificial intelligence workloads for accelerating training and inferencing and reducing job completion times.\nThe company partners with Nvidia (NVDA), Broadcom (AVGO), Intel (INTC) and other companies for its AI Center. Together they work to connect processing units, storage systems and other information technology to provide a network for training AI models and for allowing end users to access them.\nArista Stock Up After Second-Quarter Results\nArista's sales growth has ranged from 16% to 57% over the past eight quarters. Earnings growth has run from 33% to 72%. Second-quarter sales grew 16% to $1.7 billion while earnings of $2.10 per share rose 33%.\nArista stock gapped up to its 50-day moving average on July 31 after it reported second-quarter results. But shares fell amid larger market weakness in early August. Shares were quick to recover and cleared all their moving averages while building out the stock's current base.\nThe company gave a sales outlook of $1.74 billion at the midpoint for the current quarter. Analysts polled by FactSet expect sales of $1.75 billion with earnings of $2.08 per share.\nAnalysts also see full-year profits rising 19% in 2024 to $8.27 per share, and jumping 14% to $9.39 a share in 2025.\nArista stock holds high ratings. Its Composite Rating is 97 while the EPS Rating of 98 shows the stock's fundamental performance ranks highly. Its RS Rating of 94 indicates market leadership. Arista also ranks first in the computer networking group.\nFund Ownership On The Rise\nMutual funds own 40% of outstanding shares of Arista. Further, more funds have been net buyers in recent weeks, giving the stock an Accumulation/Distribution Rating of B-. The Artisan Mid Cap Fund (ARTMX) and the Allspring Growth Fund (SGRAX) hold shares of Arista.\nAmong exchange traded funds, the First Trust Cloud Computing ETF (SKYY) and State Street's Technology Select Sector SPDR Fund (XLK) hold Arista stock.\nArista Networks was listed on the New York Stock Exchange on June 6, 2014, at an initial offering of $43 per share. As of Thursday's close at 379.32, Arista had gained 782% in its 10 years as a publicly traded stock.\nArista stock is also a holding on IBD's Tech Leaders list.\nPlease follow VRamakrishnan on X/Twitter for more news on the stock market today.\nYOU MAY ALSO LIKE:\nIs Nvidia A Buy?\nIBD Live: Learn And Analyze Growth Stocks With The Pros\nLearn How To Time The Market With IBD's ETF Market Strategy\nFind The Best Long-Term Investments With IBD Long-Term Leaders\nMarketSurge: Research, Charts, Data And Coaching All In One Place","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.28.3","shortVersion":"4.28.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2469597674"}