Core Thesis - Jamf Holding Corp. is positioned for significant growth due to its strong market presence in mobile device management (MDM) for Apple devices and expanding security solutions [2][5] Company Overview - Jamf is a leading enterprise software company specializing in MDM for Apple devices, serving over 75,000 customers and managing approximately 35 million devices [2] - The company has diversified its product offerings beyond MDM, with security solutions now accounting for nearly 30% of total annual recurring revenue (ARR) and growing at an annual rate of 20-30% [3] Financial Metrics - As of November 28th, Jamf's share price was $12.93, with a forward price-to-earnings (P/E) ratio of 11.44 [1] - The stock trades at 2.5 times next twelve months (NTM) revenue and 10 times NTM EBITDA, indicating market skepticism due to recent cyclical challenges and tech sector layoffs [3] Growth Indicators - Organic remaining performance obligation (RPO) bookings improved from -3% in Q2 2024 to over 20% in Q2 2025, suggesting stabilization and potential growth acceleration [4] - Jamf has tripled its last twelve months (LTM) margins to over 20% through operational efficiencies and strategic pivots, aiming for a Rule-of-40 profile by 2026 [4] Market Position and Competitive Landscape - Competitive threats from Microsoft Intune and smaller players are limited, as Jamf maintains superior functionality for Mac management and benefits from scale advantages [4] - The company is well-positioned to benefit from the ongoing adoption of Apple devices and a growing total addressable market (TAM) in security [5] Investment Potential - Jamf is expected to achieve sustained double-digit ARR growth, with potential catalysts including positive estimate revisions and multiple expansions [5] - Current valuations suggest a compelling risk/reward profile, with an upside of approximately 90% over a two-year horizon under base case scenarios [5]

Core Insights - Arista Networks (ANET) shares have decreased by 23.1% over 21 trading days due to weaker-than-expected margin guidance for Q4 2025 and skepticism regarding AI-driven revenue growth [1] - The company's current valuation is $148 billion, with revenue of $8.4 billion and a trading price of $117.43 [3] - The stock is characterized as Attractive yet Volatile, indicating strong operational performance but high valuation [4] Financial Performance - Over the last 12 months, Arista Networks has experienced a revenue growth of 27.8% and an operating margin of 42.9% [8] - The company has a Debt to Equity ratio of 0.0 and a Cash to Assets ratio of 0.56, indicating strong liquidity [8] - The current P/E ratio is 44.0 and the P/EBIT ratio is 40.8, reflecting a high valuation [8] Historical Stock Performance - ANET stock fell 38.4% from a peak of $36.71 on December 27, 2021, to $22.61 on June 16, 2022, compared to a 25.4% decline for the S&P 500 [9] - The stock fully recovered to its pre-Crisis peak by March 8, 2023, and reached a high of $162.03 on October 29, 2025, currently priced at $117.43 [9] - In previous downturns, ANET stock has shown resilience, fully recovering from declines of 34.0% and 43.6% during the 2020 Covid Pandemic and 2019 market corrections, respectively [10][11]