13 Best Edge Computing Stocks to Buy According to Hedge Funds

2. Cisco Systems Inc. (NASDAQ:CSCO)

Number of Hedge Fund holders: 84

Cisco Systems Inc (NASDAQ:CSCO) plays a huge role in enabling the infrastructure, networking, and security that make edge computing possible. The networking giant produces switches, routers, and wireless access points that are deployed locally. It also makes IoT and edge compute gateways that run analytics and AI workloads on the edge. Cisco partners with Microsoft Azure and Amazon Web Services for hybrid edge- cloud solutions. The company also provides Zero Trust security models, which are especially useful when devices are outside a secure, centralized network.

In light of the growing demand for networking equipment, particularly due to the expansion of AI infrastructure, Cisco Systems Inc (NASDAQ:CSCO) has raised its annual revenue forecast. The company now anticipates current year revenue between $56 billion and $56.5 billion, which is slightly above analysts’ estimates. On March 14, Evercore analyst Amit Daryanani maintained a “Buy” rating on the stock and set a price target of $75. The rating follows news of a partnership between Cisco and Nvidia and the unveiling of a new AI factory architecture that will enable clients to build and secure data centers to develop and run AI workloads.