Information Provided By:
Fly News Breaks for May 22, 2017
CNC, SNCR, ANET, ZOES, MNTA
May 22, 2017 | 10:34 EDT
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Momenta (MNTA) downgraded to Equal Weight from Overweight at Barclays with analyst Douglas Tsao citing the likelihood of generic manufacturers, most notably Mylan (MYL), winning approval for generic Copaxone in the coming months. He lowered his price target for the shares to $17 from $20. 2. Zoe's Kitchen (ZOES) downgraded to Neutral from Outperform at Baird with analyst David Tarantino saying he believes the near-term risk profile looks elevated amid signs of sluggish comps for similarly positioned chains and an uptrend in input costs. Tarantino lowered his price target to $20 from $25 on Zoe's Kitchen shares. 3. Arista Networks (ANET) downgraded to Neutral from Buy at DA Davidson with analyst Mark Kelleher citing valuation with the shares up 60% since his initiation in January. 4. Synchronoss (SNCR) downgraded to Underperform from Neutral at Credit Suisse with analyst Michael Nemeroff citing AT&T's (T) recent announcement that it will be closing the personal cloud "Locker" storage service offering powered by Synchronoss on August 3. 5. Centene (CNC) downgraded to Neutral from Overweight at JPMorgan with analyst Gary Taylor citing valuation with the shares up 32% since December 2016. The stock reflects very little probability of Senate Medicaid cuts or block grants, Taylor tells investors in a research note. He keeps a $75 price target for the shares. 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 MNTA;ZOES;ANET;SNCR;CNC 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