Arista Networks (ANET) closed at $129.74 in the latest trading session, marking a -1.11% move from the prior day. This move lagged the S&P 500's daily gain of 0.08%. Meanwhile, the Dow lost 0.56%, and the Nasdaq, a tech-heavy index, lost 4.81%.Heading into today, shares of the cloud networking company had lost 3.92% over the past month, lagging the Computer and Technology sector's loss of 2.99% and the S&P 500's gain of 0.64% in that time.Wall Street will be looking for positivity from Arista Networks as it approaches its next earnings report date. In that report, analysts expect Arista Networks to post earnings of $0.74 per share. This would mark year-over-year growth of 19.35%. Our most recent consensus estimate is calling for quarterly revenue of $789.04 million, up 21.67% from the year-ago period.It is also important to note the recent changes to analyst estimates for Arista Networks. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Arista Networks is currently a Zacks Rank #3 (Hold).Looking at its valuation, Arista Networks is holding a Forward P/E ratio of 36.82. This represents a premium compared to its industry's average Forward P/E of 20.11.We can also see that ANET currently has a PEG ratio of 2.2. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Communication - Components stocks are, on average, holding a PEG ratio of 1.5 based on yesterday's closing prices.The Communication - Components industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 164, which puts it in the bottom 36% of all 250+ industries.The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.To follow ANET in the coming trading sessions, be sure to utilize Zacks.com. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Arista Networks, Inc. (ANET): Free Stock Analysis Report To read this article on Zacks.com click here.