5 Tech Stocks to Buy Now According to Billionaire Steve Cohen

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

Stake Value in Point72 Asset Management’s 13F Portfolio: $177.27 million

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

Number of Hedge Funds: 48

Based in California, USA Arista Networks, Inc. (NYSE:ANET) is a computer networking company specializing in network operating systems and network switches.

Despite the headwinds on the supply chain front, at the end of Q2 2022, Arista Networks, Inc. (NYSE:ANET) reported an adjusted EPS of $1.08, beating estimates by $0.16. Analysts continue to rate the stock positively, Amit Daryanani of Evercore ISI increased the company’s price target from $135 to $145 while maintaining an Outperform rating on the shares.

Among the hedge funds tracked by Insider Monkey, 48 funds were bullish on Arista Networks, Inc. (NYSE:ANET) at the end of Q2 2022.

As of Q2 2022, Steve Cohen’s Point72 Asset Management owned 1.89 million shares in Arista Networks, Inc. (NYSE:ANET). The hedge fund’s total stake in the company stood at over $177.27 million, which accounted for 0.74% of its 13F portfolio.