5 Best Debt Free Stocks To Buy

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

Number of Hedge Fund Holders: 62  

Arista Networks, Inc. (NYSE:ANET) develops, markets, and sells cloud networking solutions. Some of the solutions it offers include extensible operating systems and post contract customer support services, such as technical support, hardware repair and parts replacement. These services are used by industries such as internet companies, service providers, financial services organizations, and government agencies. The firm recently posted earnings for the third quarter of 2023, beating market estimates on earnings per share and revenue by big margins, earning ratings upgrades from top analysts. 

On November 10, investment advisory Needham maintained a Buy rating on Arista Networks, Inc. (NYSE:ANET) stock and raised the price target to $235 from $215, noting the strong position of the firm in the AI space. 

At the end of the second quarter of 2023, 62 hedge funds in the database of Insider Monkey held stakes worth $1.2 billion in Arista Networks, Inc. (NYSE:ANET), compared to 48 in the previous quarter worth $1.4 billion.

In its Q3 2023 investor letter, Giverny Capital Asset Management, an asset management firm, highlighted a few stocks and Arista Networks, Inc. (NYSE:ANET) was one of them. Here is what the fund said:

“We modestly trimmed Arista Networks, Inc. (NYSE:ANET) as it reached an 8% weight in our portfolio. As I write this, Arista is up about 60% for the year, and it continued rising after our trims. Arista remains our second largest holding, ending the quarter at 7.1% of the portfolio.”