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Fly News Breaks for August 17, 2017
CSCO
Aug 17, 2017 | 05:35 EDT
Piper Jaffray analyst Troy Jensen says Cisco Systems last night reported "modest upside" versus July quarter consensus, and guided relatively in line for the October quarter. The analyst continues to believe the company's transition to more of a software based model is impacting near-term revenue growth and he expects year-over-year declines to continue for the next few quarters. Jensen, however, still believes Cisco's stock looks attractive at current levels given the "healthy balance sheet and attractive dividend yield." He also believes a cash repatriation bill would be a potential catalyst. Jensen keeps an Overweight rating on Cisco with a $36 price target.
News For CSCO From the Last 2 Days
CSCO
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