Shares of Acacia Communications, Inc. (NASDAQ:ACIA) 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 changing hands. The stock had previously closed at $54.78.

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

The company has a 50 day moving average price of $42.21 and a 200-day moving average price of $40.27. The firm has a market cap of $409.82 million and a price-to-earnings ratio of 52.20.

In other news, CEO Murugesan Shanmugaraj sold 50,000 shares of the stock in a transaction on Wednesday, May 18th. The shares were sold at an average price of $21.39, for a total value of $1,069,500.00. Following the completion of the transaction, the chief executive officer now owns 922,563 shares in the company, valued at approximately $19,733,622.57. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Ofs Fitel, Llc sold 95,100 shares of the company’s stock in a transaction dated Wednesday, May 18th. The stock was sold at an average price of $21.39, for a total transaction of $2,034,189.00. Following the completion of the sale, the insider now directly owns 951,212 shares in the company, valued at approximately $20,346,424.68. 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.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.