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Arista Networks
Type
Public
Traded as NYSE: ANET
Industry Networking hardware, Cloud Networking
Founded October 2004
Headquarters Santa Clara, California, USA
Key people
Jayshree Ullal, CEO,
Andy Bechtolsheim, CDO & Chairman,
Kenneth Duda, CTO,
Ita Brennan, CFO
Products Network switches, software
Revenue Increase US$ 1.129 billion (2016)
Operating income
Increase US$ 243 million (2016)
Net income
Increase US$ 184 million (2016)
Total assets Increase US$ 1.7 billion (2016)
Total equity Increase US$ 1.1 billion (2016)
Website www.arista.com

Arista Networks (previously Arastra) is a computer networking company headquartered in Santa Clara, California, USA. The company designs and sells multilayer network switches to deliver software-defined networking (SDN) solutions for large datacenter, cloud computing, high-performance computing and high-frequency trading environments. Arista's products include an array of 10/40/100 Gigabit Ethernet low-latency cut-through switches, including the 7124SX, which remained the fastest switch using SFP+ optics through September 2012, with its sub-500ns latency, as well as the 7500 series, Arista’s award-winning modular 10G/40G/100Gbit/s switch. Arista's own Linux-based network operating system, EOS (Extensible Operating System), runs on all Arista products.

Andy Bechtolsheim co-founded Sun Microsystems in 1982 and was its chief hardware designer. In 1995, David Cheriton co-founded Granite Systems with Bechtolsheim, a company that developed Gigabit Ethernet products, which was acquired by Cisco Systems in 1996. In 2001, Cheriton and Bechtolsheim founded another start up, Kealia, which was acquired by Sun in 2004. From 1996 to 2003, Bechtolsheim and Cheriton occupied executive positions at Cisco, leading the development of the Catalyst product line, along with Kenneth Duda who had been Granite Systems' first employee.

In 2004, the three then went on to found Arastra (later renamed Arista). Bechtolsheim and Cheriton were able to fund the company themselves. In May 2008, Jayshree Ullal left Cisco after 15 years at the company, and was appointed CEO of Arista in October 2008.

In June 2014, Arista Networks had its initial public offering on the New York Stock Exchange under the symbol ANET.

In December 2014, Cisco filed two lawsuits against Arista alleging extensive intellectual property infringement. As a result of the first lawsuit, the United States International Trade Commission issued limited exclusion and cease-and-desist orders concerning two of the features patented by Cisco and upheld an import ban on infringing products. The decision is being appealed to the United States Court of Appeals for the Federal Circuit. In 2016 the ban was reversed following product changes, two Cisco patents were overturned, and Cisco's claim of damages was ruled against.

EOS is Arista's network operating system, and comes as a single image that runs across all Arista devices or in a virtual machine. EOS runs on an unmodified Linux kernel under a Fedora-based userland. There are more than 100 independent regular processes, called agents, responsible for different aspects and features of the switch, including drivers that manage the switching ASICs, the CLI, SNMP, Spanning Tree Protocol, and various routing protocols. All the state of the switch and its various protocols is centralized in another process, called Sysdb. Separating processing (carried by the agents) from the state (in Sysdb) gives EOS two important properties. The first is software fault containment, which means that if a software fault occurs, the damage is limited to a single agent. The second is stateful restarts, since the state is stored in Sysdb, when an agent restarts it picks up where it left off. Since agents are independent processes, they can also be upgraded while the switch is running (a feature called ISSU – In-Service Software Upgrade).

The fact that EOS runs on Linux allows the usage of common Linux tools on the switch itself, such as tcpdump or usual configuration management systems. EOS provides extensive APIs to communicate with and control all aspects of the switch. To showcase EOS' extensibility, Arista developed a module dubbed CloudVision that extends the CLI to use XMPP as a shared message bus for managing and configuring switches. This was implemented simply by integrating an existing open-source XMPP Python library with the CLI.

In addition to all the standard programming and scripting capabilities traditionally available in a Linux environment, EOS can be programmed using different mechanisms:

Arista's product line can be separated in eight families:

The low-latency of Arista switches has made the platform prevalent in high-frequency trading environments, such as the Chicago Board Options Exchange (largest U.S. options exchange), Lehman Brothers or RBC Capital Markets. As of October 2009, one third of its customers were big Wall Street firms.

Arista's devices are multilayer switches, which support a range of layer 3 protocols, including IGMP, VRRP, RIP, BGP, OSPF, IS-IS, as well as OpenFlow. The switches are also capable of layer 3 or layer 4 ECMP, and applying per-port L3/L4 ACLs entirely in hardware.

All of Arista's switches are built using merchant silicon instead of custom switching ASICs. This strategy enables Arista to leverage latest advances in processor manufacturing technology at a lower price point, due to the prohibitive costs associated with the development and production of custom chips. Other major competitors such as Cisco and Juniper have also started following the same strategy, which led to multiple competing products built on top of the same chips. For instance Broadcom's Trident chip is used in some Cisco Nexus switches, Juniper QFX switches, Force10, IBM and HP switches. The integration of the chips with the rest of the system (including integration with the MAC, PHY, and device drivers on the control plane) and software are what differentiate the competing products.

In November 2013, Arista Networks introduced the Spline network, combining leaf and spine architectures into a single-tier network, which aims to cut operational costs.

News

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q4 2020 2021-02-11 Future report Set alerts
Q3 2020 2020-10-29 Future report Set alerts
Q2 2020 2020-08-04 2.11 1.83
Q1 2020 2020-05-05 2.02 1.73
Q4 2019 2020-02-13 2.29 3.25
Q3 2019 2019-10-31 2.69 2.59
Q2 2019 2019-08-01 2.44 2.33
Q1 2019 2019-05-02 2.31 2.47
Q4 2018 2019-02-14 2.25 2.10
Q3 2018 2018-11-01 2.11 2.08

Ratings

2016-06-27 Downgrade Bank of America Buy to Underperform $65.00
2016-06-27 Downgrade Bank of America Corp. Buy to Underperform $65.00
2016-06-26 Reiterated Rating Needham & Company LLC Buy
2016-06-26 Reiterated Rating Deutsche Bank Buy
2016-06-26 Reiterated Rating Deutsche Bank AG Buy
2016-06-22 Reiterated Rating Citigroup Inc. Buy
2016-06-15 Reiterated Rating Deutsche Bank Buy
2016-06-14 Reiterated Rating Needham & Company LLC Buy $105.00
2016-06-06 Reiterated Rating Bank of America Buy $75.00 to $85.00
2016-06-01 Initiated Coverage JPMorgan Chase & Co. Neutral
2016-05-18 Reiterated Rating Credit Suisse Outperform $90.00
2016-05-18 Reiterated Rating Credit Suisse Group AG Outperform $90.00
2016-05-13 Initiated Coverage JPMorgan Chase & Co. Neutral $67.00
2016-05-08 Reiterated Rating Pacific Crest Buy
2016-05-08 Reiterated Rating RBC Capital Hold
2016-05-08 Reiterated Rating William Blair Hold
2016-05-08 Reiterated Rating Goldman Sachs Sell
2016-05-08 Reiterated Rating Royal Bank Of Canada Hold
2016-05-08 Reiterated Rating Goldman Sachs Group Inc. Sell
2016-05-06 Boost Price Target RBC Capital Sector Perform $62.00 to $70.00
2016-05-06 Reiterated Rating Jefferies Group Sell $40.25
2016-04-14 Reiterated Rating Deutsche Bank Buy $80.00
2016-04-10 Reiterated Rating Citigroup Inc. Buy $75.00
2016-03-31 Reiterated Rating RBC Capital Hold
2016-03-31 Reiterated Rating Gabelli Buy
2016-03-31 Reiterated Rating Credit Suisse Buy
2016-03-31 Reiterated Rating Deutsche Bank Buy
2016-03-30 Boost Price Target RBC Capital Sector Perform $60.00 to $62.00
2016-03-29 Reiterated Rating Cowen and Company Buy $76.00
2016-03-21 Lower Price Target Goldman Sachs $61.00 to $56.00
2016-03-21 Reiterated Rating Wells Fargo Outperform
2016-03-21 Reiterated Rating Wells Fargo & Co. Outperform
2016-03-16 Reiterated Rating RBC Capital Hold
2016-03-15 Reiterated Rating Credit Suisse Outperform $90.00
2016-03-15 Initiated Coverage RBC Capital Sector Perform $60.00
2016-03-14 Lower Price Target Jefferies Group Underperform $52.50 to $40.25
2016-03-11 Reiterated Rating Needham & Company LLC Buy $105.00
2016-03-07 Reiterated Rating Stifel Nicolaus Buy
2016-02-21 Reiterated Rating Needham & Company LLC Buy $105.00
2016-02-21 Reiterated Rating Nomura Buy $95.00
2016-02-21 Reiterated Rating Nomura Holdings Inc. Buy $95.00
2016-02-20 Reiterated Rating Credit Suisse Buy
2016-02-20 Reiterated Rating Macquarie Hold
2016-02-20 Reiterated Rating Stifel Nicolaus Buy
2016-02-20 Reiterated Rating Raymond James Hold
2016-02-20 Reiterated Rating FBN Securities Buy
2016-02-20 Reiterated Rating Raymond James Financial Inc. Hold
2016-02-19 Reiterated Rating William Blair Market Perform
2016-02-19 Boost Price Target Goldman Sachs Sell $58.00 to $61.00
2016-02-19 Reiterated Rating Deutsche Bank Buy $82.00 to $80.00
2016-02-19 Lower Price Target Cowen and Company Outperform $80.00 to $76.00
2016-02-08 Reiterated Rating Deutsche Bank Buy
2016-02-03 Reiterated Rating Wells Fargo Buy
2016-02-03 Reiterated Rating Gabelli Buy
2016-02-03 Reiterated Rating Stifel Nicolaus Buy
2016-02-03 Reiterated Rating Oppenheimer Outperform $90.00
2016-02-03 Reiterated Rating Oppenheimer Holdings Inc. Outperform $90.00
2016-02-01 Reiterated Rating Deutsche Bank Buy $90.00 to $82.00
2016-01-27 Initiated Coverage Citigroup Inc. Buy
2016-01-13 Reiterated Rating Deutsche Bank Buy
2016-01-12 Reiterated Rating Nomura Buy
2016-01-06 Initiated Coverage JPMorgan Chase & Co. Neutral
2016-01-04 Upgrade Oppenheimer Market Perform to Outperform $90.00
2016-01-03 Reiterated Rating Needham & Company LLC Buy
2015-12-07 Reiterated Rating SunTrust Buy
2015-12-07 Reiterated Rating SunTrust Banks Inc. Buy
2015-11-17 Reiterated Rating Guggenheim Buy
2015-11-06 Lower Price Target MKM Partners Buy $95.00 to $81.00
2015-11-06 Reiterated Rating Deutsche Bank Buy $95.00 to $90.00
2015-11-02 Lower Price Target Cowen and Company Outperform $94.00 to $80.00
2015-11-02 Downgrade Goldman Sachs Neutral to Sell $73.00 to $58.00
2015-10-30 Reiterated Rating Nomura Buy $95.00
2015-10-14 Initiated Coverage Barclays Overweight $87.00
2015-10-14 Initiated Coverage Barclays PLC Overweight $87.00
2015-10-07 Reiterated Rating Oppenheimer Hold
2015-09-17 Reiterated Rating Deutsche Bank Buy $95.00
2015-09-16 Reiterated Rating Needham & Company LLC Buy $105.00
2015-09-16 Lower Price Target Buckingham Research Neutral $80.00 to $72.00
2015-09-15 Reiterated Rating SunTrust Buy $105.00
2015-09-15 Reiterated Rating RBC Capital Outperform
2015-09-11 Reiterated Rating William Blair Market Perform
2015-09-02 Reiterated Rating Stifel Nicolaus Buy $95.00
2015-08-25 Reiterated Rating Gabelli Buy
2015-08-17 Reiterated Rating Nomura Buy $95.00
2015-08-09 Reiterated Rating Wells Fargo & Co. Buy
2015-08-09 Reiterated Rating Guggenheim Buy
2015-08-09 Reiterated Rating Deutsche Bank Buy
2015-08-09 Reiterated Rating Goldman Sachs Hold
2015-08-09 Reiterated Rating Raymond James Hold
2015-08-09 Reiterated Rating RBC Capital Buy
2015-08-09 Reiterated Rating Wells Fargo Buy
2015-08-07 Reiterated Rating SunTrust Buy $100.00 to $105.00
2015-08-07 Reiterated Rating Pacific Crest Overweight $96.00 to $97.00
2015-08-07 Boost Price Target Cowen and Company Outperform $91.00 to $94.00
2015-08-04 Reiterated Rating Needham & Company LLC Buy
2015-08-04 Reiterated Rating Oppenheimer Market Perform
2015-08-03 Initiated Coverage Macquarie Neutral $90.00
2015-07-29 Reiterated Rating Pacific Crest Buy $88.00 to $96.00
2015-07-29 Boost Price Target KeyBanc Overweight $88.00 to $96.00
2015-07-29 Boost Price Target KeyCorp Overweight $88.00 to $96.00
2015-07-02 Reiterated Rating Sterne Agee CRT Buy $98.00
2015-06-26 Boost Price Target MKM Partners Buy $80.00 to $95.00
2015-06-25 Reiterated Rating Sterne Agee CRT Buy
2015-06-24 Boost Price Target Needham & Company LLC Buy $95.00 to $105.00
2015-06-22 Boost Price Target Deutsche Bank Buy $80.00 to $95.00
2015-06-18 Boost Price Target Wedbush Neutral $60.00 to $90.00
2015-06-17 Initiated Coverage Sterne Agee CRT Buy $98.00 to $98.00
2015-06-12 Reiterated Rating Needham & Company LLC Buy $95.00
2015-06-08 Upgrade Guggenheim Neutral to Buy $100.00
2015-06-05 Boost Price Target Pacific Crest Overweight $80.00 to $88.00
2015-06-05 Reiterated Rating Gabelli Buy
2015-06-05 Boost Price Target KeyBanc Overweight $80.00 to $88.00
2015-06-04 Set Price Target Credit Suisse Buy $90.00
2015-06-02 Initiated Coverage Nomura Buy $79.00
2015-05-20 Reiterated Rating JMP Securities Outperform $95.00
2015-05-19 Reiterated Rating Goldman Sachs Neutral $75.00
2015-05-19 Reiterated Rating Wells Fargo & Co. Outperform
2015-05-19 Reiterated Rating Wells Fargo Outperform
2015-05-18 Reiterated Rating Cowen and Company Outperform $92.00 to $91.00
2015-05-15 Set Price Target Needham & Company LLC Buy $95.00
2015-05-15 Reiterated Rating William Blair Hold
2015-05-15 Set Price Target Citigroup Inc. Hold $68.00
2015-05-15 Set Price Target RBC Capital Buy $90.00
2015-05-15 Set Price Target Credit Suisse Buy $90.00
2015-05-15 Set Price Target MKM Partners Buy $80.00
2015-05-15 Reiterated Rating Guggenheim Hold
2015-05-15 Reiterated Rating Raymond James Hold
2015-04-09 Initiated Coverage Wedbush Neutral $60.00
2015-04-03 Upgrade William Blair Market Perform
2015-04-03 Upgrade Wells Fargo & Co. Outperform
2015-04-03 Upgrade SunTrust Buy
2015-04-03 Upgrade Citigroup Inc. Neutral $68.00
2015-04-03 Upgrade Wells Fargo Outperform
2015-03-26 Initiated Coverage Guggenheim Neutral
2015-03-17 Set Price Target Needham & Company LLC Buy $95.00
2015-03-11 Boost Price Target RBC Capital Outperform $85.00 to $90.00
2015-02-20 Set Price Target Bank of America Buy $81.00
2015-02-20 Set Price Target Stifel Nicolaus Buy $95.00
2015-02-20 Set Price Target Needham & Company LLC Buy $95.00
2015-02-20 Set Price Target MKM Partners Buy $80.00
2015-02-20 Set Price Target Credit Suisse Buy $90.00
2015-02-20 Set Price Target Goldman Sachs Hold $75.00
2015-02-20 Reiterated Rating Raymond James Hold
2015-02-20 Set Price Target Wells Fargo & Co. Buy $88.00
2015-02-20 Boost Price Target Imperial Capital Outperform $75.00 to $80.00
2015-02-20 Boost Price Target Barclays Overweight $90.00 to $94.00
2015-02-20 Reiterated Rating Deutsche Bank Buy $80.00 to $85.00
2015-02-20 Reiterated Rating Northland Securities Hold $63.00 to $68.00
2015-02-20 Set Price Target Wells Fargo Buy $88.00
2015-02-17 Set Price Target RBC Capital Buy $85.00
2015-02-06 Lower Price Target MKM Partners Buy $105.00 to $80.00
2015-02-04 Downgrade Citigroup Inc. Buy to Neutral $68.00
2015-02-03 Lower Price Target Imperial Capital Outperform $95.00 to $75.00
2015-02-02 Lower Price Target Northland Securities Market Perform $75.00 to $63.00
2015-01-16 Set Price Target Pacific Crest Buy $80.00
2015-01-16 Initiated Coverage Buckingham Research Neutral $70.00
2015-01-07 Reiterated Rating MKM Partners Buy
2015-01-05 Upgrade Gabelli Hold to Buy
2014-12-12 Initiated Coverage Goldman Sachs Neutral
2014-12-09 Lower Price Target Deutsche Bank Buy $90.00 to $80.00
2014-12-08 Reiterated RBC Capital Mkts Outperform $90 to $85
2014-12-08 Lower Price Target Citigroup Inc. Buy $90.00 to $85.00
2014-12-08 Lower Price Target RBC Capital Outperform $90.00 to $85.00
2014-12-01 Initiated Coverage Jefferies Group Sell to Underperform $52.50
2014-11-07 Lower Price Target MKM Partners Buy $115.00 to $105.00
2014-11-07 Reiterated Rating Barclays Overweight $84.00 to $90.00
2014-11-05 Initiated Coverage Imperial Capital Outperform $95.00
2014-11-03 Upgrade Stifel Nicolaus Hold to Buy $95.00
2014-10-08 Initiated Coverage MKM Partners Buy $115.00
2014-09-15 Boost Price Target Pacific Crest Outperform $85.00 to $115.00
2014-09-10 Reiterated Rating Deutsche Bank Buy $85.00 to $90.00
2014-09-08 Initiated Coverage FBN Securities Outperform $105.00
2014-09-02 Initiated Coverage SunTrust Buy $100.00
2014-08-08 Reiterated Northland Capital Market Perform $70 to $73
2014-08-08 Reiterated ISI Group Strong Buy $80 to $90
2014-08-08 Boost Price Target Cowen and Company $70.00 to $85.00
2014-08-08 Boost Price Target Needham & Company LLC $75.00 to $90.00
2014-08-08 Boost Price Target JMP Securities $85.00 to $95.00
2014-08-08 Boost Price Target Pacific Crest Outperform $73.00 to $85.00
2014-08-08 Reiterated Rating Citigroup Inc. Neutral to Buy $70.00 to $90.00
2014-08-08 Downgrade Gabelli Buy to Hold
2014-08-08 Boost Price Target RBC Capital Outperform $77.00 to $82.00
2014-08-08 Boost Price Target Evercore ISI Strong-Buy $80.00 to $90.00
2014-08-06 Reiterated Rating Deutsche Bank Buy $75.00 to $80.00
2014-08-04 Reiterated Rating Northland Securities Market Perform $70.00 to $73.00
2014-08-01 Initiated Coverage Citigroup Inc. Neutral to Neutral $90.00 to $70.00
2014-07-01 Initiated Coverage William Blair Market Perform
2014-07-01 Initiated Needham Buy $75
2014-07-01 Initiated Coverage Deutsche Bank Buy to Buy $75.00
2014-07-01 Initiated Coverage Pacific Crest Outperform $73.00
2014-07-01 Initiated Coverage Bank of America Buy
2014-07-01 Initiated Coverage Credit Suisse Outperform $90.00
2014-07-01 Initiated Coverage Morgan Stanley In-Line to Overweight $77.00
2014-07-01 Initiated Coverage Barclays Overweight $75.00
2014-07-01 Initiated Coverage JMP Securities Outperform $85.00
2014-07-01 Initiated Coverage Cowen and Company Outperform $70.00
2014-07-01 Initiated Coverage Raymond James Market Perform
2014-07-01 Initiated Coverage Oppenheimer Market Perform
2014-07-01 Initiated Coverage Stifel Nicolaus Hold
2014-07-01 Initiated Coverage Needham & Company LLC Buy $75.00
2014-07-01 Initiated Coverage Wells Fargo & Co. Outperform
2014-07-01 Initiated Coverage RBC Capital Outperform $77.00
2014-07-01 Initiated Coverage Wells Fargo Outperform
2014-06-18 Reiterated ISI Group Strong Buy $60 to $80
2014-06-18 Boost Price Target Evercore ISI Strong-Buy $60.00 to $80.00
2014-06-13 Initiated Coverage Northland Securities Market Perform $70.00
2014-06-05 Initiated Coverage Gabelli Buy $66.00
2014-05-30 Initiated Coverage Evercore ISI Strong-Buy $60.00
2016-06-27 Downgrade Bank of America Buy to Underperform $65.00
2016-06-27 Downgrade Bank of America Corp. Buy to Underperform $65.00
2016-06-26 Reiterated Rating Needham & Company LLC Buy
2016-06-26 Reiterated Rating Deutsche Bank Buy
2016-06-26 Reiterated Rating Deutsche Bank AG Buy

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

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