Here’s Why Arista Networks (ANET) Rose in Q4

Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund (Class Y) returned 14.3% compared to a 12.8% return for the Russell Midcap Index. The fund returned 26.5% for the full year compared to 17.2% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Madison Mid Cap Fund featured stocks such as Arista Networks, Inc. (NYSE:ANET) in the fourth quarter 2023 investor letter. Headquartered in Santa Clara, California, Arista Networks, Inc. (NYSE:ANET) provides cloud networking solutions. On January 12, 2024, Arista Networks, Inc. (NYSE:ANET) stock closed at $252.03 per share. One-month return of Arista Networks, Inc. (NYSE:ANET) was 5.54%, and its shares gained 119.16% of their value over the last 52 weeks. Arista Networks, Inc. (NYSE:ANET) has a market capitalization of $78.407 billion.

Madison Mid Cap Fund stated the following regarding Arista Networks, Inc. (NYSE:ANET) in its fourth quarter 2023 investor letter:

“The top five contributors for the quarter were Gartner, Dollar Tree, Arista Networks, Inc. (NYSE:ANET), Glacier Bancorp, and Ross Stores. Arista Networks continues to produce robust revenue growth, as its emerging Enterprise business is offsetting slowing demand from their core ‘Cloud Titan’ customers. While sales in relation to AI are trickling in, most of the benefit is still to be realized.

During the quarter we sold two insurance holdings, trimmed our position in Arista Networks. We trimmed Arista Networks as its stock became an outsized position due to strong performance, but remain optimistic about the company’s prospects.”

Arista Networks, Inc. (NYSE:ANET) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 59 hedge fund portfolios held Arista Networks, Inc. (NYSE:ANET) at the end of third quarter which was 62 in the previous quarter.

We discussed Arista Networks, Inc. (NYSE:ANET) in another article and shared the list of best innovative stocks to buy. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

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