33x fwd PE for slowing growth to 25% [and possibly less, of course] and shrinking margins doesn’t scream ‘super expensive’ but is definitely above both ‘cheap’ and ‘fair value.’
P/S of 12 is also quite expensive.
If ANET could promise us all 25% growth and flat margins for the next 5 years I would buy at this price. That would be cheap for sure.