Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
The ANET stock has a CMP of $194.02 and an intraday gain of 3.19%. The stock’s average volume for the last 10 days is 1.649 Million and its current volume is 2.041 Million. The ANET stock has a float of 251.708 Million shares and a market cap of $60.065 Billion.
ANET stock’s latest quarterly balance sheet for the period ending June 2023 reported total assets of $8.19 Billion and total liabilities of $2.33 Billion. The debt-to-assets ratio is at 28.44%, which is a good signal as it is below moderate and signals healthy financial and fundamental traits.
The ANET stock’s latest quarterly earnings report for the period ending June 2023, displayed a revenue of $1.46 Billion, with a net income of $491.88 Million, and a gain in profit margin from the last quarter of 33.72%. This quarter, the reported revenue exceeded analysts’ estimates by $81.093 Million (5.89%).
Also, the stock reported an EPS of $1.58 for the period ending June 2023, beating the analysts’ estimate of $1.438 by 9.90%. The next quarter’s revenue is estimated to be $1.48 Billion and the estimated EPS to be $1.58. The report will be released on October 30th, 2023.
ANET does not offer any dividends to its shareholders and it has never done so in the past. It seems unlikely that ANET will pay any dividends in the future either. This means that the shareholders do not get any regular income from the ANET stock and this should have reduced the attractiveness of the stock for the investors. However, the investors trust the stock leading to the price surge from last year.
Moreover, the stock ratings for the stock are positive and highly recommended based on 26 analysts who have evaluated the stock in the last three months. The 1-year price forecasts for the stock by 20 analysts range between $160 to $230.
ANET Stock Price Technical Analysis in 1-D Timeframe
At the time of publishing, the major EMAs in Arista Networks Inc. (NYSE: ANET) are bullish. The MACD shows a bullish cross on the charts and RSI is at 62 taking support from 14 SMA.
The ANET price surged from $98 on the charts in the year 2022 and reached a high of $198.The ANET stock’s journey had some setbacks but it overcame and showed wonderful performance by rising upwards.
Therefore, if Arista Network stock manages to gain strong buying momentum and surges above the swing high, it can trigger a rally and the probable resistance levels are $198 and $200.
Alternatively, if the stock continues to fall below and if it breaks below $190, then it could fall up to $185.
Summary
Arista Networks Inc. (NYSE: ANET) chart indicates that the traders and investors of the stock price are bullish and positive on the 1-D time frame. The price action shows a bullish outlook at the time of publishing. The technical analysis tools of Arista Network stock price such as EMA, RSI, and MACD highlight upward signals and also support bullishness.
Technical Levels
Support levels: $190 and $185
Resistance levels: $198 and $200
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/10/07/anet-stock-forecast-will-nyse-anet-jump-200-price-soon/