Arista Networks (ANET) Rose on Robust Revenue and Earnings

Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund (Class Y) returned -1.8% compared to a -4.7% decline for the Russell Midcap Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Madison Mid Cap Fund highlighted stocks like Arista Networks, Inc. (NYSE:ANET) in the third quarter 2023 investor letter. Headquartered in Santa Clara, California, Arista Networks, Inc. (NYSE:ANET) provides cloud networking solutions. On October 16, 2023, Arista Networks, Inc. (NYSE:ANET) stock closed at $196.84 per share. One-month return of Arista Networks, Inc. (NYSE:ANET) was 6.50%, and its shares gained 85.21% of their value over the last 52 weeks. Arista Networks, Inc. (NYSE:ANET) has a market capitalization of $60.938 billion.

Madison Mid Cap Fund made the following comment about Arista Networks, Inc. (NYSE:ANET) in its Q3 2023 investor letter:

“In the third quarter, the top five contributors were Arch Capital Group, Arista Networks, Inc. (NYSE:ANET), Liberty Broadband, CDW, and Progressive. Arista Networks is benefiting from robust revenue and earnings growth as demand from its core ‘Cloud Titan’ customers continues at a strong rate, and its emerging enterprise business takes market share. Further, the company is well positioned to benefit from investment in AI infrastructure.”

Arista Networks, Inc. (NYSE:ANET) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 62 hedge fund portfolios held Arista Networks, Inc. (NYSE:ANET) at the end of second quarter which was 48 in the previous quarter.

We discussed Arista Networks, Inc. (NYSE:ANET) in another article and shared the list of biggest technology companies. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

Disclosure: None. This article is originally published at Insider Monkey.