Arista Networks (ANET) IPO Surges 32%
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
The IPO for Arista Networks (NYSE: ANET) opened for trading at $55.25 after pricing 5,250,000 shares of its common stock at a price to the public of $43 per share, above the expected $36-$40 range. Shares have continued higher to $56.76, up 32%. Notably, the company already had two buy ratings going into the debut - one a 'strong buy' with $60 price target.
Morgan Stanley, Citigroup, BofA Merrill Lynch, Barclays, Credit Suisse, Deutsche Bank Securities and RBC Capital Markets are acting as joint book-running managers for the offering. Wells Fargo Securities, Cowen and Company, JMP Securities, Needham & Company, Oppenheimer & Co., Pacific Crest Securities, Stifel, The Juda Group and William Blair are acting as co-managers for the offering.
Arista Networks is a leading supplier of cloud networking solutions that use software innovations to address the needs of large-scale Internet companies, cloud service providers and next-generation data centers for enterprises, based on market share. The company's cloud networking solutions consist of Extensible Operating System, or EOS, a set of network applications and their10/40/100 Gigabit Ethernet switches. The company's cloud networking solutions deliver industry-leading performance, scalability, availability, programmability, automation and visibility. Since they began shipping our products, the company has grown rapidly, and, according to Crehan Research, they have achieved the second largest market share in data center 10/40/100 Gigabit Ethernet switch ports, excluding blade switching, sold in 2013.
For 2010, 2011, 2012 and 2013, revenue was $71.7 million, $139.8 million, $193.4 million and $361.2 million, respectively. 2013 revenue grew 86.8% when compared to 2012. Revenue for the three months ended March 31, 2014 was $117.2 million, an increase of 91.1% when compared to the same period in 2013. For 2010, 2011, 2012 and 2013, net income was $2.4 million, $34.0 million, $21.3 million and $42.5 million, respectively. For the three months ended March 31, 2013 and 2014, net income was $6.6 million and $12.3 million, respectively.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Caterpillar (CAT) Offers FY17 Guidance Update at Credit Suisse Conference
- UPDATE: Global Eagle Entertainment (ENT) to Obtain New Credit Facilities; Company in Discussions to Acquire Related Business, Satellite Transponders
- WildHorse Resource Development (WRD) Launches 27.5M Common Stock IPO
Create E-mail Alert Related CategoriesHot IPOs, IPOs, Trader Talk
Related EntitiesCredit Suisse, Deutsche Bank, William Blair, Citi, Morgan Stanley, Merrill Lynch, Needham & Company, Bank of America, RBC Capital, JMP Securities, Barclays, Pacific Crest Securities, Cowen & Co, Wells Fargo, IPO
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!