Cisco Systems (NASDAQ:CSCO) represent two different ways to invest in the networking hardware and services market. Cisco is the world's largest manufacturer of routers and switches, and bundles various enterprise software and security services with its products. Arista mainly sells switches, and it aims to replace traditional routers with a combination of switches and software-defined networking solutions. Over the past 12 months, Arista's stock price has rallied nearly 50% as Cisco's stock price has advanced about 20%. Let's see why the underdog outperformed the market leader -- and if that trend will continue in the future. Image source: Getty Images. The state of the networking market