Acacia Communications, Inc. (NASDAQ:ACIA) shares traded up 3.2% on Monday . The stock traded as high as $57.63 and last traded at $56.53, with a volume of 481,990 shares trading hands. The stock had previously closed at $54.78.

Several research analysts recently weighed in on the company. Goldman Sachs Group Inc. assumed coverage on Acacia Communications in a research note on Tuesday, June 7th. They set a “neutral” rating and a $39.00 target price for the company. Needham & Company LLC assumed coverage on Acacia Communications in a research note on Tuesday, June 7th. They set a “buy” rating and a $48.00 target price for the company. Cowen and Company assumed coverage on Acacia Communications in a research note on Tuesday, June 7th. They set an “outperform” rating and a $53.00 target price for the company. Bank of America Corp. assumed coverage on Acacia Communications in a research note on Tuesday, June 7th. They set a “buy” rating and a $44.00 target price for the company. Finally, Deutsche Bank AG assumed coverage on Acacia Communications in a research note on Tuesday, June 7th. They set a “buy” rating and a $50.00 target price for the company. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $48.80.

The company’s 50 day moving average is $41.16 and its 200 day moving average is $39.43. The company has a market capitalization of $398.37 million and a price-to-earnings ratio of 50.75.

In other Acacia Communications news, major shareholder Ofs Fitel, Llc sold 95,100 shares of Acacia Communications stock in a transaction on Wednesday, May 18th. The stock was sold at an average price of $21.39, for a total value of $2,034,189.00. Following the completion of the transaction, the insider now owns 951,212 shares in the company, valued at approximately $20,346,424.68. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Mehrdad Givehchi sold 103,772 shares of Acacia Communications stock in a transaction 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 transaction, the vice president now owns 613,334 shares of the company’s stock, 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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