5 Best Tech Stocks To Buy Now According To Billionaire Steve Cohen

03. Arista Networks, Inc. (NYSE:ANET)

Point72 Asset Management’s Stake Value: $177.227 million

Percentage of Point72 Asset Management’s 13F Portfolio: 0.74%

Number of Hedge Fund Holders: 48

Point72 added Arista Networks, Inc. (NYSE:ANET) to its portfolio during Q1, 2021, holding 96,000 of its shares, valued at $7.2 million. It currently holds 1.89 million shares of ANET worth roughly $177.2 million. Hedge funds are bullish on ANET, with the stock touching the peak of its popularity among the hedge funds tracked by Insider Monkey during Q2. The number of hedge funds holding ANET shares increased in the past three out of four quarters.

On August 24, Matthew Niknam of Deutsche Bank began coverage of the company with a Hold rating and a $135 price target. As the company increases market share in its primary markets for data center switching and cloud networks, the analyst predicts revenue growth of 18% annually through 2025. He bases the hold rating on value.

Artisan Mid Cap Fund, in its Q4 2021 investor letter, mentioned Arista Networks, Inc. (NYSE: ANET) and discussed its stance on the firm. Here is what the fund said:

“Arista Networks is the market leader for cloud networking equipment used in data centers for public, private and hybrid cloud deployments. The company’s top line growth has recently been bolstered by 400G deployments—the next generation of tech powering data centers—and further enterprise network penetration as customers migrate away from Cisco (~80% market share vs. ~5% for Arista). While the profit cycle is nicely in motion, we pared our exposure as shares began to approach our PMV estimate.”