Six months ago, Aruba Networks (Nasdaq: ARUN) was setting daily 52-week highs, and the share price had tripled in two years. I called the stock a bottle rocket thanks to its proven leadership in secure wireless networking for business environments -- the rise looked likely to continue.

Fast-forward to today and the story is still the same. After Thursday's stellar second-quarter report, Aruba's stock is setting new all-time highs and has gained 66% since the bottle rocket article. Guess I was onto something there.

With 50% year-over-year revenue growth to $94 million and $0.14 of non-GAAP earnings per share, Aruba beat analyst estimates on both counts. Next-quarter guidance also pointed above Street level, setting the stage for Friday's drastic price jump.

That's in stark contrast to Aruba's biggest rival, Cisco Systems (Nasdaq: CSCO), which dropped like an overladen swallow (African or European? Doesn't really matter.) after issuing very conservative guidance for the spring.

Moreover, Aruba's gain happened despite fresh news that CFO Steffan Tomlinson is leaving Aruba to pursue other opportunities in venture capital. That's the kind of news that can cause downgrades and selling of even a top-notch stock, as illustrated by Netflix (Nasdaq: NFLX) going through that process when its CFO left in December.

In short, Aruba overcame some long odds to arrive at Friday's price pop. Still, the stock is getting a little frothy around the edges at prices like these, especially when you consider the lack of earnings in the last couple of years. Aruba generates plenty of cash, but part of that is financial trickery -- if you reinsert the non-cash expenses of stock-based compensation, Aruba would have negative cash from operations over the last four quarters.

It's a good company with strong business prospects for the future, but I'd still pass on Aruba until the stock gets a chance to cool off a bit. This bottle rocket is running out of gunpowder.

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Fool contributor Anders Bylund holds no position in any of the companies discussed here. Netflix is a Motley Fool Stock Advisor selection. The Fool has created a bull call spread position on Cisco Systems. Motley Fool Alpha owns shares of Cisco Systems. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. You can check out Anders' holdings and a concise bio if you like, and The Motley Fool is investors writing for investors.