Cramer has been cautious of tech IPOs lately. But every rule has an exception.
And the is, most definitely, an exception.
Largely Cramer's skepticism of tech IPOs involved either cloud companies or e-commerce companies that showed significant growth but little or no profits. Arista, however, is quite different. "It makes tangible products such as switches, a major component of the Internet's physical backbone, and it offers both high growth and high profits," Cramer said.
Although the technology is somewhat complex, effectively Cramer said is making a better product than rivals.
"Before Arista's switches hit the market, you really either had to use Cisco at the high end or the cheap Chinese players at the low-end. Customers had been clamoring for a high-end solution other than Cisco for a long time, and Arista gave it to them."
It appears, some of the most powerful firms in tech have taken notice.
"Arista's already caught on with some major players in this business, as they have partnerships with F5 Networks, VMware, Palo Alto Networks, Splunk, SAP and Microsoft, with the latter actually being their largest customer."
In fact, Cramer finds demand for Arista products remarkable.
"From 2009 through 2013, a period where the overall switching market was roughly flat, Arista managed to grow its sales from $14 million to $361 million. That tells me just how powerful the company's products are."
Because the company is profitable and making tangible products that are highly sought after, Cramer doesn't want you to confuse Arista with so many other companies that have come public this year. "It's not some fly-by-night e-commerce company. It's a high quality networking equipment play."
Therefore, Cramer thinks this stock belongs on your radar.
"Even after its 20 percent gain since coming public nearly a week ago, Arista still trades at a pretty reasonable valuation. It's selling for 37 times next year's earnings estimates, which is not at all unreasonable when you consider the company grew its revenues at a 92% clip and tripled its earnings per share year over year."
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Of course, Jim Cramer doesn't like to chase and the stock has gained 20 percent in a week. Therefore, Cramer says, "If and when Arista finally pulls back, I think this new offering might be a logical tech name to circle back to and buy. It's nothing like the parade of new tech IPOs that glutted the market a couple of months ago. This is a profitable company with a great niche, terrific products, and spectacular numbers."
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