35 AI Superstars According to Goldman Sachs

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

Number of Hedge Fund Holders: 65

Arista Networks, Inc. (NYSE:ANET) engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments. The company beat market expectations on earnings per share and revenue in the second quarter earnings and revealed guidance numbers that surprised analysts. In an investor note following the earnings, investment advisory Deutsche Bank raised the price target on the stock to $350 from $295 and kept a Hold rating on the shares. The advisory also increased its revenue estimates for the networking firm in 2024 to 2026 by 2% to 4%, with its new estimates implying 16%, 16% and 13% growth in these years.

The note further forecasts that given higher margins, the new 2024-2026 non-GAAP EPS for Arista Networks, Inc. (NYSE:ANET) had moved to $8.38, $9.43, and $10.66, up 2% to 5% versus prior estimates.

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