The company has beat earnings for a long time now. You think that will end anytime soon? They are the market leader in their industry, ahead of Cisco, who they continue to take market share from. If anything, this company is selling at a discount when you discount it's projected free cash flow. Earnings are not as important right now since the company is focused on growing revenues. Also, their tax rate will be going to 30% this year and 25% next year with their Singapore location. The company continues to add new customers while current customers keep coming back for more. Their third party distribution channels are in a class of its own. Do you even know who their top customers are? Virtually every company on the S&P is a customer. Look it up. If anything, I would say Cisco needs to buy them out ASAP so they can get them while they are still cheap and allow them to grow. Prime takeover target imo. Ignore the P/E ratio since that does not reflect the true value of the company. Discount future cash flow and that is how you derive the value. When you do that, let me know what you come up. I know what price I have. What is yours?