IPO Stock Watch: Arista Networks Hits High — Briefly

By AMY REEVES, INVESTOR’S BUSINESS DAILY

 Cloud-computing company Arista Networks (NYSE:ANET) hit a new high of 93.94 Monday, after FBN Securities launched coverage with an outperform rating and a price target of 105.

But in the afternoon, Arista stock abruptly reversed course, eventually closing down 3.8% at 87.66. Volume was about double the average.

Arista stock went public at 43 in an early-June IPO , and formed a somewhat substandard cup-with-handle base over the course of July and August.

Nevertheless, the stock’s been on a run since breaking out on Aug. 27, and holds a highest-possible IBD Composite Rating of 99.