Acacia Communications, Inc. (NASDAQ:ACIA) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $62.00 and last traded at $61.00, with a volume of 822,174 shares. The stock had previously closed at $58.73.

Several research firms have recently commented on ACIA. Deutsche Bank AG lifted their price target on Acacia Communications from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, July 14th. Bank of America Corp. began coverage on Acacia Communications in a report on Tuesday, June 7th. They set a “buy” rating and a $44.00 price target on the stock. Needham & Company LLC began coverage on Acacia Communications in a report on Tuesday, June 7th. They set a “buy” rating and a $48.00 price target on the stock. Cowen and Company began coverage on Acacia Communications in a report on Tuesday, June 7th. They set an “outperform” rating and a $53.00 price target on the stock. Finally, Goldman Sachs Group Inc. began coverage on Acacia Communications in a report on Tuesday, June 7th. They set a “neutral” rating and a $39.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $48.80.

The firm has a market capitalization of $435.85 million and a PE ratio of 55.52. The stock has a 50 day moving average price of $42.21 and a 200 day moving average price of $40.27.

In other Acacia Communications news, CFO John F. Gavin sold 7,500 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 transaction of $160,425.00. Following the sale, the chief financial officer now owns 107,064 shares of the company’s stock, valued at approximately $2,290,098.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Eric A. Swanson sold 65,000 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 $1,390,350.00. Following the sale, the director now directly owns 16,000 shares in the company, valued at approximately $342,240. 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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