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Fly News Breaks for October 4, 2018
SLRC, FSIC, CCT, AMRC, ANET, TEAM, AMCX
Oct 4, 2018 | 10:45 EDT
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. AMC Networks (AMCX) downgraded to Sell from Neutral at Goldman Sachs with analyst Drew Borst saying he expects AMC to underperform peers and his price target implies 8% downside to current levels. 2. Atlassian (TEAM) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Keith Weiss saying he believes the roughly 100% year-to-date move in the stock leaves limited near-term upside. 3. Arista Networks (ANET) downgraded to Buy from Conviction Buy at Goldman Sachs with analyst Rod Hall saying several catalysts have played out including an inflection in the 100G market, resolution of Cisco (CSCO) lawsuits and product qualifications with key customers. 4. Ameresco (AMRC) downgraded to Neutral from Buy at Roth Capital with analyst Craig Irwin citing the company's announcement of the abrupt departure of CFO John Granara effective immediately. 5. Corporate Capital (CCT) downgraded to Market Perform from Outperform at Wells Fargo, while FS Investment (FSIC) and Solar Capital (SLRC) were downgraded to Market Perform from Outperform. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
News For AMCX;TEAM;ANET;AMRC;CCT;FSIC;SLRC From the Last 2 Days
ANET
Mar 26, 2024 | 09:09 EDT
The Securities and Exchange Commission confirmed insider trading charges against Andreas "Andy" Bechtolsheim, the founder and Chief Architect of Silicon Valley-based technology company Arista Networks (ANET). To settle the SEC's charges, Bechtolsheim agreed to pay a civil penalty of nearly $1M. According to the SEC's complaint, Bechtolsheim misappropriated material nonpublic information regarding the impending acquisition of Acacia Communications, a manufacturer of highspeed optical interconnect products. The SEC alleges that Bechtolsheim, who was Arista Networks's chair at the time, learned of Acacia's impending acquisition on July 8, 2019, through his and Arista Networks's longstanding relationship with another multinational technology company that was also considering acquiring Acacia and consulted with Bechtolsheim concerning the potential acquisition. Immediately after learning this information, Bechtolsheim allegedly traded Acacia options in the accounts of a close relative and an associate. The next day, July 9, 2019, before the market opened, Acacia and Cisco (CSCO) announced that Cisco had agreed to acquire Acacia for $70 per share. That day, Acacia's stock price increased by 35.1%. According to the SEC's complaint, Bechtolsheim's trading generated combined illegal profits of $415,726 in the accounts of his relative and associate. Without admitting or denying the allegations in the SEC's complaint, which was filed in the U.S. District Court for the Northern District of California, Bechtolsheim settled the SEC's charges by agreeing to be barred from serving as an officer or director of a public company for five years and to pay a civil monetary penalty of $923,740. The settlement is subject to court approval. Reference Link