Benzinga | Nov 2, 2021 11:37AM EDT

Why Arista Networks Shares Are Rising

Arista Networks, Inc. (NYSE:ANET) shares are trading higher after the company reported better-than-expected third-quarter earnings per share and sales results and issued fourth-quarter sales guidance above analyst estimates.

The company expects fourth-quarter sales in the range of $775 million and $795 million which is above analyst estimates of $754.06 million.

Arista Networks reported quarterly earnings of $2.96 per share which beat the analyst consensus estimate of $2.73 and sales of $748.70 million which beat the analyst consensus estimate of $737.94 million.

The company also announced a four-for-one stock split, effective on or about November 18, 2021.

Arista Networks, Inc. develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific.

Arista Networks shares were trading about 21% higher at $494.81 per share on Tuesday at the time of publication. The stock set a new 52-week high of $525 and has a 52-week low of $239.24.