Arista Networks stock price target cut to $270 from $285 at MKM Partners

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Arista stock falls after earnings beat

Arista Networks Inc. shares declined from record highs in late trading Thursday despite revealing stronger-than-expected fourth-quarter earnings. The networking company disclosed net income of $103.8 million, or $1.29 a share, on sales of $467.9 million, up from $328 million a year ago. After adjusting for litigation costs involving larger rival Cisco Systems Inc. as well as stock-based compensation and other effects, Arista claimed profit of $1.71 a share, up from $1.04 a share in the same period last year. Analysts on average had predicted adjusted earnings of $1.42 a share on sales of $463 million, according to FactSet. Arista predicted sales of $450 million to $468 million in the current quarter, while analysts were projecting $457 million, according to FactSet. After closing at a record high for a fourth consecutive session Thursday, shares declined more than 10% in after-hours trading immediately following the report.

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