• The company has several tailwinds, most notably a growing market, a growing market share and plenty of opportunities to increase its TAM in other verticals and markets.
• However, further operational leverage and valuation multiple extension doesn’t seem likely, although the company could start buying back shares.
• Most importantly, Arista’s competitive advantage seems defensible, at least for the foreseeable future.

Source: Is It Too Late To Get Into Arista Networks? – Arista Networks, Inc. (NYSE:ANET) | Seeking Alpha