Why Arista Networks Fell Today
Shares of data center switching company Arista Networks (NYSE: ANET) fell on Friday, down 6.9% as of 1:28 p.m. ET.
The data center switching company held its analyst day yesterday, during which management gave longer-term projections. While those growth projections seemed quite good, investors may have been a tad underwhelmed, given the rise in the stock this year and especially the recent blockbuster growth outlook delivered by and other artificial intelligence (AI)-related companies in recent days.
In its analyst day presentation, Arista projected a 20% compounded annualized growth rate between fiscal 2023 and fiscal 2026, which will then decelerate to a mid-teens growth rate between fiscal 2026 and fiscal 2029. Management also forecast an adjusted (non-GAAP) gross margin range of between 60% and 64%, as well as an adjusted operating margin target of 43% to 45%.
Source Fool.com
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