Shares of Acacia Communications, Inc. (NASDAQ:ACIA) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $47.07 and last traded at $44.91, with a volume of 947,256 shares changing hands. The stock had previously closed at $42.89.

Several brokerages have issued reports on ACIA. Deutsche Bank AG reaffirmed a “buy” rating on shares of Acacia Communications in a research report on Wednesday, June 15th. Goldman Sachs Group Inc. began coverage on Acacia Communications in a research report on Tuesday, June 7th. They set a “neutral” rating and a $39.00 target price on the stock. Bank of America Corp. began coverage on Acacia Communications in a research report on Tuesday, June 7th. They set a “buy” rating and a $44.00 target price on the stock. Needham & Company LLC began coverage on Acacia Communications in a research report on Tuesday, June 7th. They issued a “buy” rating and a $48.00 price objective for the company. Finally, Cowen and Company began coverage on Acacia Communications in a research report on Tuesday, June 7th. They issued an “outperform” rating and a $53.00 price objective for the company. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $46.80.

The firm has a 50 day moving average price of $38.65 and a 200-day moving average price of $37.81. The firm has a market capitalization of $306.68 million and a PE ratio of 39.07.

In other Acacia Communications news, CEO Murugesan Shanmugaraj sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 18th. The stock was sold at an average price of $21.39, for a total value of $1,069,500.00. Following the sale, the chief executive officer now owns 922,563 shares of the company’s stock, valued at $19,733,622.57. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Mehrdad Givehchi sold 103,772 shares of the business’s stock in a transaction that occurred on Wednesday, May 18th. The shares were sold at an average price of $21.39, for a total value of $2,219,683.08. Following the completion of the sale, the vice president now directly owns 613,334 shares in the company, valued at approximately $13,119,214.26. The disclosure for this sale can be found here.

Acacia Communications, Inc is engaged in delivering coherent optical interconnect products. The Company offers its products for communications networks, relied upon by cloud infrastructure operators, and content and communication service providers. Its products include a series of low-power coherent digital signal processor application-specific integrated circuits (DSP ASICs) and silicon photonic integrated circuits (silicon PICs), which it has integrated into families of optical interconnect modules with transmission speeds ranging from 40 to 400 gigabits per second (Gbps) for use in metro and inter-data center markets.

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