Billionaire Rob Citrone is Buying These 5 Stocks

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

Discovery Capital Management’s Stake Value: $8.346 million

Percentage of Discovery Capital Management’s 13F Portfolio: 1.07%

Number of Hedge Fund Holders: 48

Arista Networks, Inc. is a Santa Clara, California-based computer networking company with a $35.21 billion market capitalization. At the end of Q2 2022, 48 of the hedge funds that Insider Monkey follows were bullish on Arista Networks, Inc. (NYSE:ANET).

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.”