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Arista Networks (ANET) Expects High Demand

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Giverny Capital Asset Management LLC recently published its second quarter investor letter 2022, which can be downloaded here.  The fund’s model portfolio returns declined by 18.48% net of fees in the second quarter of 2022. Current events in the market have influenced the stocks’ short-term prices. The fund generated an annualized return of 17.02% over the last nine quarters, net of fees. You can check the top 5 holdings of the fund to see its best picks for 2022.

In the second quarter 2022 letter, Giverny Capital Asset Management discussed the performance of its portfolios over the last few years. Arista Networks, Inc. (NYSE:ANET) holds the fund’s largest position. Arista Networks, Inc. (NYSE:ANET) engages in the business of cloud computing solutions. It is headquartered in Santa Clara, California and has a market capitalization of $35.84 billion. The stock of Arista Networks, Inc. (NYSE:ANET) closed at $116.63 per share on July 29, 2022. Last month, the return of Arista Networks, Inc. (NYSE:ANET) rose to 24.86%, and its 12-month return jumped up to 22.64%.

Here is what Giverny Capital Asset Management specifically said about Arista Networks, Inc. (NYSE:ANET):

"When I visited with Arista Networks, Inc. (NYSE:ANET), a large GCAM holding that supplies routers, switches and other hardware to Cloud computing networks and giant data centers, the company insisted that demand is strong. Arista itself has procurement orders in place equivalent to more than 3x the amount of inventory it consumed last year. In fact, it’s scrambling to source enough component parts to fill orders."

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Our research shows that Arista Networks, Inc. (NYSE:ANET) isn’t on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held Arista Networks, Inc. (NYSE:ANET) at the end of the first quarter up from 38  in the previous quarter. Arista Networks, Inc. (NYSE:ANET) shares gained 22.44% of their value over the last 52 weeks.

We published another article in February on  Arista Networks, Inc. (NYSE:ANET) and shared  Artisan Partners’ thoughts about the company. If you want to read more investor letters from hedge funds and other leading investors, check out our hedge fund investor letters Q2 2022 page.

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