Arista boasts a high profit margin and zero debt, while CrowdStrike just reported its best quarter in history because of AI.
ANET Arista Networks
XNYS
184.33
Delayed
Stock quote, options chain, IV rank, technicals, AI analysis, and institutional ownership. Iron condor setups Expected move IV rank history Fibonacci levels Insider trading
Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.
ANET
$184.33
—
Key stats
$184.33
- 52-Week Range
- $114.52 – $217.41
- YTD
- +37.97%
- IV Rank (30D)
- 40.6
- Straddle Price
- $24.38
- P/C Vol Ratio
- 0.76
- Market Cap
- $228.5B
- Open
- $187.41
- Day Range
- $181.25 – $188.99
- Volume
- 6,569,520
- Prev Close
- $181.19
Fair Value
MODEL: LONG
A blended fair-value estimate combining up to six valuation methods. Each method is weighted by how well it fits the company — DCF down-weights for unprofitable names; DDM only fires for steady dividend payers; comparables down-weight when peer multiples disagree.
- DCF (quality-aware) — projects free cash flow with a horizon that scales to business quality. True compounders (quality 6/6) get 10 years explicit + 10 years fade before terminal; cyclical/struggling names (quality 0-1) get a 5-year terminal cliff. Quality is scored from ROE, gross margin, growth, FCF margin, debt load, and FCF consistency — the same factors that drive market premium for compounders.
- Market-Implied Growth (in Model Inputs) — reverse-DCF that answers "what growth rate is the market pricing in?". Lets you sanity-check the deviation: if implied growth is plausible for the business, the model's bearish flag may be wrong; if implausible, the market may be over-extrapolating.
- DDM (Gordon Growth Dividend Model) — values the stream of future dividends. Only used when trailing yield ≥ 2% and dividend payments are stable — below that the dividend is a token payout and Gordon (which values only the dividend stream) systematically underprices growth names, so those route to DCF + comparables + market anchor instead.
- P/E, EV/EBITDA, P/B, P/S — applies the peer-group median multiple to this company's per-share metric. Peers come from the same set as the "Related symbols" card. Earnings/sales metrics are forward-tilted by the company's recent revenue growth (capped at 25%) so they're comparable to peers' growth-embedded multiples — mimics how analysts use NTM rather than TTM. Per-multiple weights are biased by company quality (e.g. P/B down-weighted for asset-light tech).
- Market Anchor (SMA50) — the 50-day moving average, weighted by recent trading-range stability (tighter Bollinger bands → higher weight). Captures information fundamentals miss (forward consensus, sentiment, supply/demand) — but only when recent trading is steady enough that the market has converged on a view. During wild breakouts or breakdowns the anchor's weight collapses.
- Options Expected (B-L 30d) — the risk-neutral expected stock price at 30-day options expiration, derived from the full implied-volatility surface via Breeden-Litzenberger (second derivative of call price wrt strike → implied PDF, then E[S_T]). Forward-looking, captures all options-implied information (smile, skew, term structure) in one number. Weighted by chain liquidity. SP500-only at present (pre-computed daily). Backtest evidence: adds modest alpha across most bucket × holding combos.
- Blended value — weighted average. Confidence reflects how many methods fired and how tight peer dispersion is.
- Deviation pill — green when blended FV ≥ 10% above current price (undervalued); red when ≥ 10% below; grey otherwise.
| 10-yr Treasury (rf) | 5.09% |
| Beta vs SPY | 1.46 |
| Cost of Equity (CAPM) | 13.11% (VRP-adj) |
| WACC | 13.14% |
| Volatility Risk Premium | +28.4pp (IV − HV30), ERP adj +50bps |
| Effective Tax Rate | 18.9% |
| Rev. Growth (YoY, DCF input) | +30.0% |
| DCF Horizon | 15 years explicit + fade |
| Forward Tilt (NTM/TTM) | ×1.10 (applied to P/E, EV/EBITDA, P/S) |
| Free Cash Flow (TTM) | $5.2B |
| Return on Equity (TTM) | 27.3% |
| Book / Price | 6.4% |
| Gross Margin (TTM) | 63.0% |
| FCF Margin (TTM) | 48.9% |
| Debt / Equity | 0.00 |
| Quality Score | 6/6 — compounder (15y DCF) |
| Market-Implied Growth | +26.4% (reverse-DCF on current price) |
| SMA 50 | $198.10 (Market Anchor value) |
| SMA 20 / Bollinger Mid | $202.11 |
| Bollinger Width / SMA20 | 11.2% (drives anchor stability) |
| Net Debt | $-2.3B |
| Market Cap | $231B |
Peers used for multiples: AAPL, AMD, AVGO, CSCO, GOOGL, META, MSFT, NVDA
60-Day Conviction
80%
20-Day Fair Value
≈ by Nov 19, 2026
$189.83
α +3.0%
rank 58%
conviction
98%
40-Day Fair Value
≈ by Dec 18, 2026
$189.62
α +2.9%
rank 55%
conviction
82%
60-Day Fair Value
≈ by Jan 18, 2027
$189.47
α +2.8%
rank 51%
conviction
80%
| Method | Implied Price | Weight | Detail |
|---|---|---|---|
| DCF | $229.67 | 19% | |
| DDM (Gordon) | n/a | 0% | |
| Peer P/E | $106.82 | 9% | median 30.6× · 8 peers |
| Peer EV/EBITDA | $103.20 | 9% | median 25.3× · 8 peers |
| Peer P/B | $127.79 | 2% | median 11.0× · 8 peers |
| Peer P/S | $102.99 | 6% | median 11.3× · 8 peers |
| Market Anchor (SMA50) | $198.10 | 36% | stability 94% (BB-width) |
| Options Expected (B-L 30d) | $181.90 | 19% | 37 strikes · skew +0.07 |
As of 2026-10-21 · updated
Related
About
- Industry (SIC)
- COMPUTER COMMUNICATIONS EQUIPMENT (3576) · industry map
- Exchange
- XNYS
- Market Cap
- $228.5B
- Employees
- 5,115
- List Date
- 2014-06-06
- CIK
- 0001596532
- Next Earnings
- 2026-11-03 (After-Close)
- EPS Forecast
- $0.99 (9 est.)
- Headquarters
- Santa Clara, CA
- Homepage
- https://www.arista.com
Arista Networks is a networking equipment provider that primarily sells Ethernet switches and software to data centers. Its marquee product is its extensible operating system that runs a single image across every single one of its devices. The firm operates as one reportable segment. It has steadily gained market share since its founding in 2004, with a focus on high-speed applications. Arista counts Microsoft and Meta Platforms as its largest customers and derives roughly three-fourths of its sales from North America.
Summary
—
composite
—
No summary data available for this symbol yet.
Each spoke is this symbol's rank within its sector (0–100; the dotted ring marks the sector median at 50). Higher is more constructive for a long. One spoke — News sentiment — is an absolute reading, not a sector rank. Grayed spokes have no data. A fuller shape is a summary, not a recommendation.
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | 8.62% | -12.61% | 4.23% | 11.71% | 3.08% | 6.09% | 3.52% |
| Feb | -11.50% | -1.26% | 6.27% | 5.54% | -16.55% | -3.52% | -3.50% |
| Mar | 4.84% | 17.90% | 21.15% | 0.78% | -9.92% | -5.04% | 4.95% |
| Apr | 2.31% | -17.14% | -4.52% | -14.41% | 4.82% | 38.33% | 1.56% |
| May | 7.84% | -13.51% | 3.86% | 16.63% | -1.37% | -7.66% | 0.96% |
| Jun | 8.19% | -7.80% | -2.77% | 18.25% | 13.96% | -0.47% | 4.89% |
| Jul | 4.68% | 24.86% | -3.01% | -2.85% | 24.58% | 8.83% | 9.51% |
| Aug | -2.03% | 1.93% | 5.18% | 4.35% | 16.14% | 5.84% | 5.24% |
| Sep | -4.43% | -3.74% | -6.80% | 17.48% | 7.24% | 7.57% | 2.89% |
| Oct | 16.89% | 4.34% | 6.69% | 1.20% | 5.64% | -9.86%* | 4.15% |
| Nov | 21.46% | 9.08% | 4.21% | 2.96% | -17.08% | -- | 4.13% |
| Dec | 18.42% | -13.19% | 8.71% | 7.81% | 2.28% | -- | 4.81% |
| Total | 98.23% | -18.63% | 48.68% | 87.64% | 26.91% | 38.01% | 46.81% |
Technical Indicators
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
Trend Indicators
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
Volume & Volatility
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
SMA 20: $201.16
SMA 50: $197.83
SMA 200: $163.37
Current: $184.33
EMA 12: $192.84
EMA 26: $196.82
MACD: -3.9823 | Signal: -3.6852
BEARISH
ADX (14): 24.66
WEAK TREND
+DI: 17.86
−DI: 29.83
Momentum Oscillators
RSI (14): 39.57
NEUTRAL
Stoch %K: 14.90
Stoch %D: 11.70
Williams %R: -81.40
Volume & Volatility
BB Upper: $225.20
BB Lower: $177.11
NEUTRAL
OBV: 416,896,466
Vol SMA 20: 5,373,628
Vol ROC: 31.01%
ATR: $8.20
True Range: $7.80
HV 20: 41.6%
HV 30: 44.6%
HV 60: 50.2%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis
ARISTA NETWORKS (ANET) - COMPREHENSIVE STOCK ANALYSIS
Executive Summary
Overall Assessment: BEARISH with Confidence Level: 6/10
Arista Networks presents a conflicted technical setup where deteriorating momentum and price weakness contradict a persistently positive news narrative. The stock is trading 6.8% below its 20-day moving average ($184.33 vs $201.16 SMA20) with bearish MACD signals and strengthening downside momentum (-DI: 29.83 vs +DI: 17.86), yet maintains elevated implied volatility and positive analyst sentiment ahead of earnings on November 3.
Key Drivers:
- Primary Headwind: Technical breakdown below key moving averages with bearish momentum divergence
- Primary Support: Upcoming earnings catalyst and consistent positive news flow
- Primary Risk: High beta (2.18) amplifies downside in potential market correction; options market pricing $24.38 move (~13% from current price)
Investment Thesis: ANET is at a critical inflection point where technical deterioration has outpaced bullish fundamental sentiment. The November 3 earnings represent a binary catalyst that could either validate the positive narrative or trigger a sharper selloff. Current positioning suggests institutional caution (weak ADX trend, declining RSI) despite positive news, warranting defensive positioning ahead of earnings.
Recent News Sentiment Impact: All 6 recent headlines (10/16-10/21) are POSITIVE, citing ANET as an attractive AI infrastructure play and "bottom fishing" opportunity. However, these bullish assessments conflict with deteriorating technical signals, suggesting the market may be repricing risk ahead of earnings. The headline from 10/19 specifically mentions "a big test on Nov. 3," aligning with the earnings date and suggesting analyst expectations for material moves.
Technical Analysis
Trend Direction
| Timeframe | Direction | Confidence | Key Indicator | |-----------|-----------|------------|---------------| | Short-term (1-4 weeks) | BEARISH | High | Price below SMA20/50; bearish MACD; -DI > +DI | | Medium-term (1-3 months) | NEUTRAL-TO-BEARISH | Medium | Price above SMA200 ($163.37) but momentum waning; ADX=24.66 (weak trend) | | Long-term (3-12 months) | BULLISH | Low | Price well above 200-day MA; longer-term uptrend intact but not confirmed |
Key Observation: The stock is caught in a downtrend relative to its recent moving averages while maintaining an uptrend relative to longer-term support. This creates a classic "lower highs, lower lows" setup on intermediate timeframes.
Support & Resistance Levels
| Level | Type | Distance | Significance | |-------|------|----------|---------------| | $201.16 | Resistance (SMA20) | +9.1% | Recently broken below; acts as near-term ceiling | | $197.83 | Resistance (SMA50) | +7.3% | 50-day MA; secondary resistance if SMA20 reclaimed | | $184.33 | Current Price | — | Trading between SMA20 and Bollinger lower band | | $177.11 | Support (Bollinger Lower Band) | -3.9% | Bounce level; represents 1 SD below 20-MA | | $163.37 | Critical Support (SMA200) | -11.4% | Major long-term support; break would signal trend reversal | | $168.81 | Support (Bollinger Middle ±1 SD) | -8.4% | Mean reversion target if selling accelerates |
Resistance/Support Story: The stock is trapped between its 20-day and 50-day MAs (bearish structure) with insufficient distance to either level to trigger strong oversold rebounds. The $177.11 Bollinger lower band provides first bounce support at -3.9%, but a close below $175 would target the $163.37 200-MA and represent a significant breakdown.
Momentum Signals
RSI (14): 39.57 — NEUTRAL-TO-WEAK
- Reading falls in neutral zone (30-70) but trending toward oversold
- Interpretation: Not yet oversold enough to trigger automatic bounce signals, but deteriorating momentum suggests further weakness possible before reversal
- Critical Level: Break below 30 would signal capitulation and potential reversal setup
MACD: -3.98 vs Signal: -3.69 with Histogram: -0.30 — BEARISH
- MACD is trading below its signal line (bearish configuration)
- Histogram is negative and widening, indicating strengthening downside momentum
- Interpretation: Active bearish momentum; the gap between MACD and signal line is growing, not shrinking, suggesting momentum is not bottoming
- Reversal Signal to Monitor: MACD would need to cross back above signal line (~-3.69) to confirm momentum exhaustion
Stochastic Oscillators: %K=14.90, %D=11.70 — EXTREMELY OVERSOLD
- Both K and D lines are in extreme oversold territory (<20)
- Interpretation: Suggests intraday/short-term capitulation; potential for near-term bounce
- Conflict: Extreme stochastic oversold contradicts MACD not yet showing reversal—suggests pullback may be imminent but not sustained uptrend
Williams %R: -81.40 — EXTREME OVERSOLD
- Deep in oversold zone (<-80) indicating strong selling pressure
- Interpretation: Maximum oversold conditions; historically associated with near-term reversal probability within 1-5 trading days
Momentum Assessment: Mixed signals with stochastic and Williams %R suggesting bounce potential in next 1-5 days, but MACD still rolling over suggests any bounce may be corrective within a larger downtrend. RSI at 39.57 provides room to fall further before true reversal.
Bollinger Bands Analysis
- Upper Band: $225.20 — Distant; stock would need +22.2% rally to reach
- Middle Band (SMA20): $201.16 — Above current price by 9.1%; represents near-term resistance
- Lower Band: $177.11 — Below current price by 3.9%; represents first support
- Band Width: 23.91 — Moderate width, not in squeeze or extreme compression
- Signal: NEUTRAL — Stock positioned between lower and middle bands, typical of choppy/sideways consolidation
Interpretation: The stock is in the lower half of Bollinger Bands but not yet at extreme oversold position (lower band touch). If price declines to touch the lower band at $177.11, it could signal mean-reversion opportunity. However, band width is not extreme, limiting the strength of any reversal signal.
Volume Analysis
Volume Metrics:
- Current Volume vs SMA20: Volume rate of change = +31.01% — elevated above 20-day average
- On-Balance Volume (OBV): 416,896,466 — cumulative indicator of buying/selling pressure
- SMA20 Volume: 5,373,628 — baseline comparison level
Interpretation:
- Elevated volume (+31% above average) on downside move suggests institutional selling or distribution
- Positive Indicator: Volume spike on down days can indicate capitulation and setup for reversal
- Negative Indicator: If sustained, elevated volume on weakness suggests institutional exit rather than accumulation
- Data Context: Without prior OBV trend comparison, cannot definitively determine if OBV is making new highs (accumulation) or lows (distribution); however, rising volume on weakness typically precedes rebounds
Institutional Interest Signal:
- Average volume of 5.37M shares/day suggests moderate institutional interest
- November 3 earnings will likely attract significant institutional positioning, potentially explaining elevated volume as funds reposition ahead of catalyst
News & Sentiment Analysis
Recent Headlines Summary
All 6 recent articles (spanning 10/16-10/21) present POSITIVE sentiment:
- "Arista vs. Datadog: Better Buy in 2026" — Comparative analysis positioning ANET favorably
- "Arista vs. Axon Enterprise: Better Buy in 2026" — Competitive positioning favoring ANET
- "Arista Heading for Big Test on Nov. 3" — Acknowledges upcoming earnings as critical inflection
- **"Why ANET is a Trending
Generated
News
All ANET news →
One powers the physical backbone of AI infrastructure, while the other monitors it. Their valuations tell starkly different stories.
Arista is a highly profitable networking supplier, while Axon is a fast-growing technology provider in public safety.
Forget third-quarter earnings. I'm more interested in management guidance for the fourth quarter.
Arista Networks doesn't get the attention it deserves, but the stock has outperformed both Nvidia and Cisco this year.
Showing 1–10 of 33
Page 1 of 4
Earnings History
16 of 23 under expected move
Avg Expected Move
9.63%
Avg Actual Move
7.98%
| Earnings Date | Timing | Expected Move | Actual Move | Ratio | Outcome |
|---|---|---|---|---|---|
| 2021-02-18 | After-Close | 8.49% | 0.68% | 0.08x | Within |
| 2021-05-04 | After-Close | 8.13% | 3.67% | 0.45x | Within |
| 2021-08-02 | After-Close | 6.90% | 0.53% | 0.08x | Within |
| 2021-11-01 | After-Close | 7.39% | 20.39% | 2.76x | Exceeded |
| 2022-02-14 | After-Close | 11.98% | 5.80% | 0.48x | Within |
| 2022-05-02 | After-Close | 10.39% | 3.58% | 0.34x | Within |
| 2022-08-01 | After-Close | 8.57% | 0.40% | 0.05x | Within |
| 2022-10-31 | After-Close | 8.57% | 5.67% | 0.66x | Within |
| 2023-02-13 | After-Close | 7.43% | 4.01% | 0.54x | Within |
| 2023-05-01 | After-Close | 7.53% | 15.72% | 2.09x | Exceeded |
| 2023-07-31 | After-Close | 8.62% | 19.68% | 2.28x | Exceeded |
| 2023-10-30 | After-Close | 9.24% | 14.03% | 1.52x | Exceeded |
| 2024-02-12 | After-Close | 13.80% | 5.47% | 0.40x | Within |
| 2024-05-07 | After-Close | 8.81% | 6.45% | 0.73x | Within |
| 2024-07-30 | After-Close | 10.01% | 11.28% | 1.13x | Exceeded |
| 2024-11-07 | After-Close | 12.22% | 7.09% | 0.58x | Within |
| 2025-02-18 | After-Close | 10.13% | 6.43% | 0.63x | Within |
| 2025-05-06 | After-Close | 9.75% | 4.76% | 0.49x | Within |
| 2025-08-05 | After-Close | 8.97% | 17.49% | 1.95x | Exceeded |
| 2025-11-04 | After-Close | 14.49% | 8.55% | 0.59x | Within |
| 2026-02-12 | After-Close | 10.40% | 4.79% | 0.46x | Within |
| 2026-05-05 | After-Close | 9.24% | 13.61% | 1.47x | Exceeded |
| 2026-08-04 | After-Close | 10.47% | 3.57% | 0.34x | Within |
Earnings calendar: this week’s reports with expected vs actual moves →
ANET Options Activity & IV Rank
ANET IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 57.9%
7-DTE IV: 51.9%
Expected Move: $24.38
7-DTE Move: $12.00
Days to Exp: 30 (2026-11-20)
Options Flow
Call Volume: 1,603
Put Volume: 1,221
P/C Volume: 0.762
NEUTRAL
Call OI: 25,856
Put OI: 26,622
P/C OI: 1.03
Total OI: 52,478
ATM Options Pricing
ATM Call: $12.18
ATM Put: $12.20
Call %: 6.6%
Put %: 6.6%
Chain Summary
Chain Volume: 24,775
Chain OI: 311,594
Last Updated: 10/21/2026
Spread Scanner GPU
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score (GPU scanner)
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
Dealer Positioning
TYPICAL γ
Estimated net dealer gamma is at the 36th percentile of this name's own daily history, within its typical range. This describes current positioning; it is not a forecast or a trading signal.
Gamma percentile
36%
vs own history
GEX tilt
+0.01
OI-weighted, today
Vanna tilt
+0.44
δ-sensitivity to IV
Charm tilt
-0.57
δ-decay vs time
Vanna tilt +0.44: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt -0.57: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 196 ATM contracts, 93k total OI
Net dealer gamma is an estimate of the aggregate gamma held by options market makers across this name's option chain, weighted by open interest. Dealer positions aren't public, so it uses a standard simplifying assumption: dealers are treated as long the calls and short the puts that are open. Actual dealer books can differ.
Gamma percentile ranks today's estimate against this name's own daily history, from 0% (the lowest reading on record) to 100% (the highest). Raw gamma scales with how much open interest a chain carries, so it isn't comparable across names; the percentile is. The badge marks the bottom 20% as low and the top 20% as high.
Tilts run from −1 to +1 and show how lopsided the estimated dealer exposure is. GEX tilt compares call gamma with put gamma. Vanna tilt describes how the hedge would shift if implied volatility changed, and charm tilt how it would shift with the passage of time.
This card describes estimated positioning and where it sits historically. It is not a forecast of price direction or volatility and not a trading signal. Market-wide view: Dealer positioning screener.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
36%
+3.4
pts
EXTREME
as of Oct 21 · ATM 67.9% / Wing 71.3%
30 DTE / 10d
25%
+2.6
pts
EXTREME
as of Oct 21 · ATM 57.8% / Wing 60.4%
Extreme reading.
Historically these have been contrarian — on the small set of observed earnings-day cases, large negative wing-vs-ATM gaps (calls pricing much richer than puts at the same delta) preceded sharp drops in the underlying within 1-12 days. Not financial advice and the dataset is small.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Volatility Surface
Enter a ticker to render the implied volatility surface.
Volatility Smile
Enter a ticker to render the implied volatility smile.
IV Rank (7 DTE)18.0LowOct 21
IV Rank (30 DTE)40.6MediumOct 21
Straddle Price (30 DTE)$24.38Oct 21
Beta Analysis
Risk Metrics
Beta: 2.1812
Alpha: 5.17%
Correlation: 0.5163
R-Squared: 26.7%
Stock Volatility: 53.7%
Market Volatility: 12.7%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
High volatility - stock moves more than market
High volatility - stock moves more than market
Beta & Alpha Over Time
Notable investors who own ANET
5 of 37 tracked investors
| Investor | Value | Share of their portfolio | Rank | Q/Q shares | Source |
|---|---|---|---|---|---|
| Point72 Hedge fund Steve Cohen | $873.1M | #5 of 1945 | -21.5% | 13F | |
| Citadel Hedge fund Ken Griffin | $458.4M | #50 of 6285 | +411.9% | 13F | |
| Rockefeller Capital Management Family office Rockefeller family | $243.7M | #53 of 4729 | +2.8% | 13F | |
| Bridgewater Associates Hedge fund Ray Dalio | $43.2M | #92 of 997 | -80.9% | 13F | |
| Millennium Management Hedge fund Izzy Englander | $35.5M | #797 of 3716 | -61.4% | 13F |
Hedge funds, activists, holding companies and family offices we track, from their latest 13F (quarter-end value) and Form 4 filings in the last 3 years. Family offices · all institutions
ANET Institutional Ownership (13F)
Latest filings — 2026-09-30
? 13F Guide
Diluted shares outstanding: 1,275,525,000 (as of 2026-06-30)
Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
66 filers$2.48B notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Susquehanna International Group, LLP Custodian | $572.87M | 23.10% | 2026-06-30 |
| 2 | Jane Street Group, LLC Custodian | $383.79M | 15.48% | 2026-06-30 |
| 3 | Citadel Advisors LLC Custodian | $283.61M | 11.44% | 2026-06-30 |
| 4 | IMC-Chicago, LLC Custodian | $264.91M | 10.68% | 2026-06-30 |
| 5 | Walleye Trading LLC | $178.41M | 7.20% | 2026-06-30 |
| 6 | Millennium Management LLC Custodian | $152.57M | 6.15% | 2026-06-30 |
| 7 | Wolverine Trading, LLC Custodian | $129.53M | 5.22% | 2025-09-30 |
| 8 | Simplex Trading, LLC Custodian | $72.10M | 2.91% | 2026-06-30 |
| 9 | Cubist Systematic Strategies, LLC | $50.74M | 2.05% | 2025-09-30 |
| 10 | GROUP ONE TRADING LLC Custodian | $43.68M | 1.76% | 2026-06-30 |
| 11 | Qube Research & Technologies Ltd | $36.24M | 1.46% | 2026-06-30 |
| 12 | Optiver Holding B.V. | $36.20M | 1.46% | 2026-06-30 |
| 13 | Allianz Asset Management GmbH | $31.60M | 1.27% | 2026-06-30 |
| 14 | Laurion Capital Management LP | $25.19M | 1.02% | 2026-06-30 |
| 15 | Parallax Volatility Advisers, L.P. | $22.07M | 0.89% | 2026-06-30 |
| 16 | Point72 Asset Management, L.P. | $20.81M | 0.84% | 2026-06-30 |
| 17 | Two Sigma Investments, LP Custodian | $20.20M | 0.81% | 2026-06-30 |
| 18 | Goldman Sachs Group Inc Custodian | $13.32M | 0.54% | 2026-06-30 |
| 19 | PEAK6 LLC | $12.01M | 0.48% | 2026-06-30 |
| 20 | CAPSTONE INVESTMENT ADVISORS, LLC | $11.25M | 0.45% | 2026-06-30 |
| 21 | Maven Securities LTD | $10.25M | 0.41% | 2026-06-30 |
| 22 | TORONTO DOMINION BANK | $9.85M | 0.40% | 2026-06-30 |
| 23 | Covenant Asset Management, LLC | $8.25M | 0.33% | 2026-09-30 |
| 24 | NOMURA HOLDINGS INC | $7.46M | 0.30% | 2026-06-30 |
| 25 | UBS Group AG Custodian | $7.44M | 0.30% | 2026-06-30 |
65 filers$2.55B notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Jane Street Group, LLC Custodian | $665.88M | 26.10% | 2026-06-30 |
| 2 | Susquehanna International Group, LLP Custodian | $498.50M | 19.54% | 2026-06-30 |
| 3 | Citadel Advisors LLC Custodian | $233.62M | 9.16% | 2026-06-30 |
| 4 | IMC-Chicago, LLC Custodian | $192.02M | 7.53% | 2026-06-30 |
| 5 | Millennium Management LLC Custodian | $86.45M | 3.39% | 2026-06-30 |
| 6 | Walleye Trading LLC | $85.53M | 3.35% | 2026-06-30 |
| 7 | Barclays PLC Custodian | $76.14M | 2.98% | 2026-06-30 |
| 8 | Wolverine Trading, LLC Custodian | $74.70M | 2.93% | 2025-09-30 |
| 9 | Marshall Wace, LLP Custodian | $65.86M | 2.58% | 2026-06-30 |
| 10 | GROUP ONE TRADING LLC Custodian | $48.50M | 1.90% | 2026-06-30 |
| 11 | Allianz Asset Management GmbH | $45.27M | 1.77% | 2026-06-30 |
| 12 | Simplex Trading, LLC Custodian | $43.44M | 1.70% | 2026-06-30 |
| 13 | Optiver Holding B.V. | $35.88M | 1.41% | 2026-06-30 |
| 14 | Capula Management Ltd | $34.03M | 1.33% | 2026-06-30 |
| 15 | Qube Research & Technologies Ltd | $33.21M | 1.30% | 2026-06-30 |
| 16 | Goldman Sachs Group Inc Custodian | $32.02M | 1.26% | 2026-06-30 |
| 17 | CAPSTONE INVESTMENT ADVISORS, LLC | $29.54M | 1.16% | 2026-06-30 |
| 18 | TUDOR INVESTMENT CORP ET AL | $24.89M | 0.98% | 2026-06-30 |
| 19 | Cubist Systematic Strategies, LLC | $24.68M | 0.97% | 2025-09-30 |
| 20 | Two Sigma Investments, LP Custodian | $24.16M | 0.95% | 2026-06-30 |
| 21 | Point72 Asset Management, L.P. | $21.59M | 0.85% | 2026-06-30 |
| 22 | Squarepoint Ops LLC | $20.18M | 0.79% | 2026-06-30 |
| 23 | JPMorgan Chase & Co Custodian | $18.58M | 0.73% | 2026-06-30 |
| 24 | Laurion Capital Management LP | $15.44M | 0.61% | 2026-06-30 |
| 25 | UBS Group AG Custodian | $14.25M | 0.56% | 2026-06-30 |
ANET Insider Trading (Form 4)
Latest: 2026-10-13Form 4 filings — insider beneficial-ownership changes by officers, directors, and 10%+ holders. Filed within 2 business days of transaction.
| Filed | Reporter | Role | Action | Shares | Avg Price | Net $ | Link |
|---|---|---|---|---|---|---|---|
| 2026-10-13 | Jayshree Ullal | CEO and Chairperson | Sell (S) | −158,543 | $217.09 | -$34.42M | EDGAR |
| 2026-10-09 | Jayshree Ullal | CEO and Chairperson | Sell (S) | −96,992 | $217.14 | -$21.06M | EDGAR |
| 2026-10-08 | Chantelle Yvette Breithaupt | Senior Vice President, CFO | Sell (S) | −1,224 | $215.00 | -$263.2K | EDGAR |
| 2026-10-08 | Jayshree Ullal | CEO and Chairperson | Sell (S) | −460,374 | $212.09 | -$97.64M | EDGAR |
| 2026-10-05 | Mark B Templeton | Director | Sell (S) | −5,000 | $204.37 | -$1.02M | EDGAR |
| 2026-09-29 | Jayshree Ullal | CEO and Chairperson | Sell (S) | −62,622 | $211.40 | -$13.24M | EDGAR |
| 2026-09-23 | Kenneth Duda | President and CTO | Mixed | −26,000 | $149.40 | -$8.57M | EDGAR |
| 2026-09-21 | Andreas Bechtolsheim | 10%+ Owner | Sell (S) | −300,000 | $198.95 | -$59.69M | EDGAR |
| 2026-09-14 | Kenneth Duda | President and CTO | Other (J) | 57,232 (reclass) | — | EDGAR | |
| 2026-09-10 | Kenneth Duda | President and CTO | Other (J) | 200,000 (reclass) | — | EDGAR | |
| 2026-09-10 | Mark B Templeton | Director | Sell (S) | −5,000 | $197.16 | -$985.8K | EDGAR |
| 2026-09-03 | Chantelle Yvette Breithaupt | Senior Vice President, CFO | Sell (S) | −612 | $195.77 | -$119.8K | EDGAR |
| 2026-09-01 | Kenneth Duda | President and CTO | Other (J) | 274,070 (reclass) | — | EDGAR | |
| 2026-08-31 | Andreas Bechtolsheim | 10%+ Owner | Sell (S) | −300,000 | $202.60 | -$60.78M | EDGAR |
| 2026-08-27 | Jayshree Ullal | CEO and Chairperson | Sell (S) | −13,809 | $191.79 | -$2.65M | EDGAR |
Codes: P = open-market purchase · S = open-market sale · A = grant/award · M = option exercise · F = tax withholding at vest · G = bona-fide gift · D = disposition to issuer · J = other (described in filing footnote — typically 401(k), trust, inheritance) · W = will/inheritance. Only P / S codes carry directional signal.
ANET Insider Holdings
13 insiders · @ $184.33
Officers, directors, and 10%+ owners who have filed a Form 4 in the past two years, ranked by current disclosed exposure (shares × today's price). Shares are direct + indirect (via trusts / LLCs / spouse). Excludes unvested RSU and option grants — those aren't beneficially owned until vest.
| # | Insider | Role | Shares | Disclosed Exposure | Lifetime OM Net | Filings | Last Filed |
|---|---|---|---|---|---|---|---|
| 1 | Andreas Bechtolsheim | 10%+ Owner | 180,779,289 | $33.32B | -$1.38B | 76 | 2026-09-21 |
| 2 | Kenneth Duda | President and CTO | 463,809 | $85.49M | -$813.15M | 232 | 2026-09-23 |
| 3 | Charles H Giancarlo | Director | 185,842 | $34.26M | -$55.65M | 121 | 2026-08-24 |
| 4 | Daniel Scheinman | Director | 158,730 | $29.26M | -$8.44M | 57 | 2026-08-24 |
| 5 | Todd Nightingale | President and COO | 133,003 | $24.52M | $0 | 3 | 2026-08-24 |
| 6 | Mark B Templeton | Director | 123,810 | $22.82M | -$2.01M | 47 | 2026-10-05 |
| 7 | Chantelle Yvette Breithaupt | Senior Vice President, CFO | 68,697 | $12.66M | -$2.15M | 14 | 2026-10-08 |
| 8 | Jayshree Ullal | CEO and Chairperson | 34,917 | $6.44M | -$3.24B | 273 | 2026-10-13 |
| 9 | Marc Taxay | SVP and General Counsel | 34,744 | $6.40M | -$55.48M | 147 | 2025-03-05 |
| 10 | Lewis Chew | Director | 31,770 | $5.86M | $0 | 27 | 2026-08-24 |
Lifetime OM Net = signed sum of open-market buys (P) and sells (S) over their career; excludes grants, tax withholdings, and dispositions to issuer. A large negative number is normal for long-tenured executives — they've sold compensation grants over many years.
ANET Board & Officers
As of SEC filings through Oct 13, 2026Directors 9
- Charles H Giancarlo · since Jun 5, 2014
- Daniel Scheinman · since Jun 5, 2014
- Jayshree Ullal · since Jun 5, 2014
- Mark B Templeton · since Jun 1, 2017
- Kelly Bodnar Battles · since Jul 10, 2020
- Lewis Chew · since Jul 19, 2021
- Yvonne Wassenaar · since Jul 21, 2022
- Kenneth Duda · listed since Feb 2024
- Robert G Lavender · since Mar 14, 2025
Officers 4
- Jayshree Ullal · CEO and Chairperson · listed since Jul 2025
- Chantelle Yvette Breithaupt · Senior Vice President, CFO · since Feb 12, 2024
- Todd Nightingale · President and COO · since Jul 1, 2025
- Kenneth Duda · President and CTO · listed since Sep 2025
10% owners 1
- Andreas Bechtolsheim · listed since Jun 2014
Changes in the last 10 years (20)
| Sep 10, 2025 | Kenneth Duda listed as President and CTO (previously CTO and SVP Software Eng.) in SEC filings |
| Jul 29, 2025 | Jayshree Ullal listed as CEO and Chairperson (previously President and CEO) in SEC filings |
| Jul 1, 2025 | Todd Nightingale became President and COO |
| May 1, 2025 | The company announced the departure of Marc Taxay as SVP and General Counsel in an SEC filing |
| Mar 14, 2025 | The company announced the departure of John F McCool as Chief Platform Officer in an SEC filing |
| Mar 14, 2025 | Robert G Lavender became a director |
| Apr 18, 2024 | The company announced the departure of Anshul Sadana as SVP, Chief Operating Officer in an SEC filing |
| Feb 13, 2024 | Kenneth Duda first listed as a director in an SEC filing |
| Feb 12, 2024 | Chantelle Yvette Breithaupt became Senior Vice President, CFO |
| Dec 1, 2023 | The company announced the departure of Andreas Bechtolsheim from the board in an SEC filing |
| Dec 1, 2023 | The company announced the departure of Andreas Bechtolsheim as Chief Development Officer in an SEC filing |
| Jul 27, 2023 | The company announced the departure of Ita M Brennan as Senior Vice President, CFO in an SEC filing |
| Jul 21, 2022 | Yvonne Wassenaar became a director |
| Mar 28, 2022 | The company announced the departure of Ann Mather from the board in an SEC filing |
| Jul 19, 2021 | Lewis Chew became a director |
| Jul 10, 2020 | Kelly Bodnar Battles became a director |
| Apr 3, 2019 | Anshul Sadana listed as SVP, Chief Operating Officer (previously Chief Customer Officer) in SEC filings |
| Mar 4, 2019 | Manuel Felix Rivelo became SVP, Chief Customer Officer |
| Jun 1, 2017 | Mark B Templeton became a director |
| Mar 20, 2017 | John F McCool became Chief Platform Officer |
Not reported recently (4)
- Nikos Theodosopoulos · Last reported as a director in an SEC filing dated May 24, 2023
- Manuel Felix Rivelo · Last reported as SVP, Chief Customer Officer in an SEC filing dated Nov 22, 2019
- Marc F Stoll · Last reported as a director in an SEC filing dated May 15, 2017
- Mark Stephen Smith · Last reported as Sr. VP, Worldwide Sales in an SEC filing dated Jan 19, 2017
Compiled from SEC filings by the company and its directors and officers. Dates are as stated in those filings. Where no filing says when someone left, we show the last filing that listed them.
ANET Proposed Insider Sales (Form 144)
Latest: 2026-10-20
? Form 144 Guide
Last 30d:
10 filings
· $184.3M notice value
· Last 90d:
20 filings
· $712.4M notice value
· 7 unique filers
· 100% under 10b5-1 plans
What is Form 144? A notice of intent to sell restricted or control stock under Rule 144. Affiliates (officers, directors, 10%+ owners) and holders of restricted shares must file Form 144 when planning to sell more than 5,000 shares or $50,000 in any 3-month rolling window.
How it relates to Form 4: Form 144 is filed before the trade (up to 90 days in advance); Form 4 is filed within 2 business days after the trade executes. Not every Form 144 results in a sale — the filer may cancel or delay. Look for the corresponding Form 4 on the Insider Activity card to confirm a sale actually happened.
10b5-1 plans: Trades made under a pre-scheduled Rule 10b5-1 plan are not discretionary — they execute automatically on dates set months earlier, regardless of news. High 10b5-1 percentages mean less per-filing signal value, though cumulative selling volume still matters.
"Notice value": Aggregate market value the filer wrote into the Form 144 — i.e. the size of the planned sale, not necessarily the executed dollars. An amended notice (Form 144/A) replaces the original it amends, and cancelled notices are dropped, so neither is double-counted above. A filed value that is clearly inconsistent with the share count at the stock's price (a filer typo) shows as a dash and is left out of the totals.
Source & freshness: Sourced from public Form 144 filings. Refreshed daily; new filings typically appear here the morning after they are filed.
Top 90-day filers:
Ullal Jayshree (8, $503.5M) · Andreas Bechtolsheim (3, $179.4M) · Kenneth Duda (4, $23.8M) · MARK TEMPLETON (1, $3.9M) · Charles Giancarlo (1, $1.4M)
| Filed | Filer | Role | Shares | Notice Value | Planned Sale | Broker | Plan | Link |
|---|---|---|---|---|---|---|---|---|
| 2026-10-20 | Kenneth Duda | Officer | 24,000 | $4.39M | 2026-10-20 | J.P. Morgan Securities LLC | 10b5-1 | EDGAR |
| 2026-10-20 | Kenneth Duda | Officer | 24,000 | $4.39M | 2026-10-20 | J.P. Morgan Securities LLC | 10b5-1 | EDGAR |
| 2026-10-20 | Kenneth Duda | Officer | 30,000 | $5.49M | 2026-10-20 | J.P. Morgan Securities LLC | 10b5-1 | EDGAR |
| 2026-10-20 | Kenneth Duda | Officer | 51,999 | $9.51M | 2026-10-20 | J.P. Morgan Securities LLC | 10b5-1 | EDGAR |
| 2026-10-09 | Ullal Jayshree | Officer, Director | 130,553 | $28.34M | 2026-10-09 | Fidelity Brokerage Services LLC | 10b5-1 | EDGAR |
| 2026-10-08 | Ullal Jayshree | Officer, Director | 27,990 | — | 2026-10-08 | Fidelity Brokerage Services LLC | 10b5-1 | EDGAR |
| 2026-10-07 | Ullal Jayshree | Officer, Director | 96,992 | $21.06M | 2026-10-07 | Fidelity Brokerage Services LLC | 10b5-1 | EDGAR |
| 2026-10-06 | Ullal Jayshree | Officer, Director | 460,374 | $97.64M | 2026-10-06 | Fidelity Brokerage Services LLC | 10b5-1 | EDGAR |
| 2026-10-06 | CHANTELLE BREITHAUPT | Officer | 1,224 | $253.2K | 2026-10-06 | Morgan Stanley Smith Barney LLC … | 10b5-1 | EDGAR |
| 2026-09-25 | Ullal Jayshree | Officer, Director | 62,622 | $13.24M | 2026-09-25 | Fidelity Brokerage Services LLC | 10b5-1 | EDGAR |
Notice value is the aggregate market value the filer states they intend to sell — not a confirmed transaction. Compare to Insider Activity (Form 4) to see which planned sales actually executed. Market-wide feed: Planned sales (Form 144).
Recent SEC Filings
Latest: 2026-08-05
Current reports — material events the company must disclose within 4 business days (earnings releases, M&A, executive changes, etc.).
| Filing Date | Accession | Link |
|---|---|---|
| 2026-08-04 | 0001596532-26-000174 | EDGAR |
| 2026-06-02 | 0001596532-26-000118 | EDGAR |
| 2026-05-05 | 0001596532-26-000074 | EDGAR |
| 2026-02-12 | 0001596532-26-000010 | EDGAR |
| 2025-11-04 | 0001596532-25-000284 | EDGAR |
| 2025-09-08 | 0001596532-25-000258 | EDGAR |
| 2025-08-05 | 0001596532-25-000214 | EDGAR |
| 2025-06-16 | 0001596532-25-000170 | EDGAR |
| 2025-06-03 | 0001596532-25-000148 | EDGAR |
| 2025-05-06 | 0001596532-25-000103 | EDGAR |
Annual report — audited financial statements, MD&A, risk factors. Filed 60–90 days after fiscal year-end.
| Filing Date | Accession | Link |
|---|---|---|
| 2026-02-17 | 0001596532-26-000013 | EDGAR |
| 2025-02-19 | 0001596532-25-000028 | EDGAR |
| 2024-02-13 | 0001596532-24-000043 | EDGAR |
| 2023-02-14 | 0001596532-23-000016 | EDGAR |
| 2022-02-15 | 0001596532-22-000026 | EDGAR |
| 2021-02-19 | 0001596532-21-000049 | EDGAR |
| 2020-02-14 | 0001596532-20-000024 | EDGAR |
| 2019-02-15 | 0001596532-19-000027 | EDGAR |
| 2018-02-20 | 0001596532-18-000018 | EDGAR |
| 2017-02-17 | 0001596532-17-000019 | EDGAR |
Quarterly report — unaudited financials and MD&A. Filed 40–45 days after each of the first three fiscal quarters.
| Filing Date | Accession | Link |
|---|---|---|
| 2026-08-05 | 0001596532-26-000175 | EDGAR |
| 2026-05-06 | 0001596532-26-000078 | EDGAR |
| 2025-11-05 | 0001596532-25-000286 | EDGAR |
| 2025-08-06 | 0001596532-25-000216 | EDGAR |
| 2025-05-07 | 0001596532-25-000106 | EDGAR |
| 2024-11-08 | 0001596532-24-000368 | EDGAR |
| 2024-07-31 | 0001596532-24-000279 | EDGAR |
| 2024-05-08 | 0001596532-24-000173 | EDGAR |
| 2023-10-31 | 0001596532-23-000274 | EDGAR |
| 2023-08-01 | 0001596532-23-000197 | EDGAR |
ETF Holders
455 ETFs hold ANET
25 shown · $28.45B total exposure · 0.41% AUM-weighted avg weight
| # | ETF | Provider | Weight | $ Exposure | ETF AUM | As Of |
|---|---|---|---|---|---|---|
| 1 | VTI Vanguard Morningstar Total Stock Market ETF | Vanguard | 0.30% | $6.9B | — | 2026-09-30 |
| 2 | VOO Vanguard S&P 500 ETF | Vanguard | 0.32% | $5.6B | — | 2026-09-30 |
| 3 | IVV iShares Core S&P 500 ETF | iShares (BlackRock) | 0.28% | $2.5B | $890.4B | 2026-10-20 |
| 4 | VUG Vanguard Morningstar Growth ETF | Vanguard | 0.60% | $2.4B | — | 2026-09-30 |
| 5 | SPY State Street® SPDR® S&P 500® ETF Trust | SPDR (State Street) | 0.29% | $2.3B | $818.4B | 2026-10-20 |
| 6 | VGT Vanguard Information Technology ETF | Vanguard | 0.85% | $1.5B | — | 2026-09-30 |
| 7 | XLK State Street® Technology Select Sector SPDR® ETF | SPDR (State Street) | 1.13% | $1.4B | $122.3B | 2026-10-20 |
| 8 | IWF iShares Russell 1000 Growth ETF | iShares (BlackRock) | 0.57% | $710.7M | $126.1B | 2026-10-20 |
| 9 | QUAL iShares MSCI USA Quality Factor ETF | iShares (BlackRock) | 1.36% | $659.7M | $48.7B | 2026-10-20 |
| 10 | SPYM State Street® SPDR® Portfolio S&P 500® ETF | SPDR (State Street) | 0.29% | $523.3M | $183.5B | 2026-10-20 |
| 11 | IVW iShares S&P 500 Growth ETF | iShares (BlackRock) | 0.52% | $404.0M | $77.9B | 2026-10-20 |
| 12 | SCHG Schwab U.S. Large-Cap Growth ETF | Nport | 0.57% | $350.9M | — | 2026-05-31 |
| 13 | VONG Vanguard Russell 1000 Growth ETF | Vanguard | 0.62% | $347.3M | — | 2026-09-30 |
| 14 | CIBR First Trust Nasdaq Cybersecurity ETF | First Trust | 1.84% | $319.6M | $17.3B | 2026-10-20 |
| 15 | MGK Vanguard Morningstar Mega Cap Growth ETF | Vanguard | 0.88% | $309.2M | — | 2026-09-30 |
| 16 | SPYG State Street® SPDR® Portfolio S&P 500® Growth ETF | SPDR (State Street) | 0.52% | $293.1M | $56.1B | 2026-10-20 |
| 17 | BAI iShares A.I. Innovation and Tech Active ETF | iShares (BlackRock) | 2.23% | $290.1M | $13.3B | 2026-10-20 |
| 18 | VV Vanguard Morningstar Large-Cap ETF | Vanguard | 0.34% | $257.1M | — | 2026-09-30 |
| 19 | ITOT iShares Core S&P Total U.S. Stock Market ETF | iShares (BlackRock) | 0.25% | $246.1M | $97.4B | 2026-10-20 |
| 20 | FDN First Trust Dow Jones Internet Index Fund | First Trust | 4.23% | $221.0M | $5.2B | 2026-10-20 |
| 21 | VT Vanguard Total World Stock ETF | Vanguard | 0.18% | $184.4M | — | 2026-09-30 |
| 22 | RSP Invesco S&P 500 Equal Weight ETF | Invesco | 0.19% | $184.3M | — | 2026-10-20 |
| 23 | SCHX Schwab U.S. Large-Cap ETF | Nport | 0.24% | $174.8M | — | 2026-05-31 |
| 24 | FTEC Fidelity MSCI Information Technology Index ETF | Fidelity | 0.79% | $168.6M | $21.3B | 2026-10-20 |
| 25 | IUSG iShares Core S&P U.S. Growth ETF | iShares (BlackRock) | 0.50% | $167.6M | $33.9B | 2026-10-20 |
Fundamentals
Quarterly filings sourced from SEC 10-Q / 10-K reports. TTM tiles aggregate the most recent four quarters; bars show the last ~12 quarters oldest → newest.
Metrics
- Revenue — top-line sales. Look for consistent YoY growth; seasonal businesses need same-quarter comparisons (Q4 '24 vs Q4 '23).
- Net Income — bottom-line profit after all expenses. Can be volatile from one-time items; red bars = net loss.
- Diluted EPS — net income per share assuming options/converts are exercised. Direct input to the P/E ratio.
- Operating Cash Flow — cash generated from core operations, before capex and financing. Harder to manipulate than net income; growing OCF is a quality signal.
How to read the bars
- Sequential growth — quarter-over-quarter trend. Accelerating bars are a momentum signal.
- YoY growth — compare to the same quarter a year earlier to remove seasonality.
- Quality — OCF should roughly track Net Income over time. Large divergence (net income ≫ OCF) flags accruals risk.
- Margins — scan the bar ratios: Net Income / Revenue tells you margin trend without needing a separate chart.
TTM (trailing-twelve-month) smooths seasonality and is used for the P/E calculation. Filings appear 30–90 days after the period closes.
Trailing P/E
58.15
TTM Diluted EPS
$3.17
TTM Revenue
$10.54B
TTM Net Income
$4.04B
TTM Op. Cash Flow
$5.31B
Quarterly figures (12 quarters)
| Quarter | Period End | Revenue | Net Income | Diluted EPS | Op. Cash Flow |
|---|---|---|---|---|---|
| Q2 '26 | 2026-06-30 | $3.04B | $1.21B | $0.95 | $1.08B |
| Q1 '26 | 2026-03-31 | $2.71B | $1.02B | $0.80 | $1.69B |
| Q4 '25 | 2025-12-31 | $2.49B | $955.80M | $0.75 | $1.26B |
| Q3 '25 | 2025-09-30 | $2.31B | $853.00M | $0.67 | $1.27B |
| Q2 '25 | 2025-06-30 | $2.20B | $888.80M | $0.70 | $1.20B |
| Q1 '25 | 2025-03-31 | $2.00B | $813.80M | $0.64 | $641.70M |
| Q4 '24 | 2024-12-31 | $1.93B | $801.00M | $0.63 | $1.03B |
| Q3 '24 | 2024-09-30 | $1.81B | $748.00M | $0.58 | $1.17B |
| Q2 '24 | 2024-06-30 | $1.69B | $665.40M | $0.52 | $989.00M |
| Q1 '24 | 2024-03-31 | $1.57B | $637.70M | $0.50 | $513.80M |
| Q4 '23 | 2023-12-31 | $1.54B | $613.64M | $0.49 | $526.46M |
| Q3 '23 | 2023-09-30 | $1.51B | $545.33M | $0.43 | $698.98M |
Q2 2026 • period ending 2026-06-30 • filed 2026-08-05
Valuation
Ratios derived from TTM financials and the current market price, sampled daily. History chart shows how expensive the stock is today relative to its own recent past.
Price Multiples
- P/E — price / TTM earnings. Rough market rule: 10–15 value, 15–25 market, >30 growth/premium. Negative when earnings are negative.
- P/B — price / book value. Useful for financials and asset-heavy names; meaningless for asset-light software.
- P/S — price / TTM revenue. Useful when earnings are negative or noisy (early-stage growth).
- EV/EBITDA — capital-structure-neutral. <10 cheap, 10–15 reasonable, >20 rich. Good for comparing across leverage profiles.
- EV/Sales — like P/S but accounts for debt + cash. Compare within sector.
Profitability & Yields
- ROE — return on equity. >15% strong, >25% exceptional. Caution: high leverage inflates ROE.
- ROA — return on assets. Leverage-neutral; >5% solid, >10% exceptional.
- Div Yield — annual dividend / price. Compare to 10Y Treasury; sustained yield >6% often signals distress.
- FCF Yield — free cash flow / market cap. >5% is attractive; negative means burning cash.
Balance Sheet
- Debt/Equity — leverage. <1 conservative, >2 aggressive. Sector-dependent (utilities naturally high, tech low).
- Current Ratio — short-term liquidity. >1.5 comfortable, <1 raises short-term solvency flags.
Reading the history chart
- Compare current level to the 3-year band: near the high end = relatively expensive; near the low = relatively cheap.
- Multiples expanding while earnings are flat = sentiment-driven rally.
- Multiples compressing while earnings grow = value coming from fundamentals.
P/E
58.15
P/B
15.89
P/S
22.31
EV/EBITDA
50.18
EV/Sales
22.09
ROE
27.3%
ROA
17.1%
Div Yield
0.00%
FCF Yield
2.26%
Debt/Equity
0.00
Current Ratio
—
Market Cap
$235.12B
as of 2026-10-21
Short Interest & Float
Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.
Metric definitions
- Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
- SI % of Float — short interest / free float. The key crowding metric.
- Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
- Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
- Free Float — shares available for public trading (total shares minus insider / restricted).
- Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.
How to read the signals
- SI % of Float < 5% — typical, no particular signal.
- 5–15% — elevated; watch for catalysts (earnings, guidance, macro).
- 15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
- >30% — extreme; borrow is likely expensive and squeeze risk is material.
- Days to Cover > 5 combined with high SI% amplifies squeeze potential.
History chart
- Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
- A sudden drop in SI after a rally may indicate a squeeze in progress.
Short interest is reported mid-month and end-of-month; short volume is daily.
Short Interest
11.93M
SI % of Float
1.14%
Days to Cover
2.31
Short Vol Ratio
37.9%
Free Float
1.04B
Float %
82.7%
Short interest 2026-09-30 • Short volume 2026-10-21 • Float 2026-08-24