Arista Networks (ANET) is a provider of next generation network software and switches to help meet the strain cloud computing has put on IT Networks. ANET features top notch management, as chairman and founder Andy Bechtolsheim was also the founder of Sun Microsystems and held senior positions at Cisco Systems (CSCO). To top it off, he was also an early investor in tech behemoth Google (GOOGL).

The company is growing very rapidly, with revenues and adjusted EPS up 53% and 74% respectively last quarter, thanks in part to its customer base expanding as its leading edge products were nicely received by the market. The stock took a hit from its September high of $94.75 on fears stemming from a patent infringement lawsuit from CSCO. However, I am not concerned, as it is not unusual to see these lawsuits between technology companies and I am confident that the suit will be settled without the company suffering a major loss.

In addition, valuation is more than reasonable at 38X my 2015 estimates of $1.70 a share. The Street appears to be recognizing ANET’s value, as the shares came back to life these past few days, doing well Friday and then again today. With the stock strengthening, I want us to get in now before the shares really take off. Buy ANET under $66 for our $78 target. I’ll share my full review of the company in Wednesday’s Monthly Issue.