Acacia Communications, Inc. (NASDAQ:ACIA) shares were down 6.6% on Thursday . The company traded as low as $58.17 and last traded at $58.28, with a volume of 851,134 shares changing hands. The stock had previously closed at $62.40.

A number of research analysts have recently weighed in on ACIA shares. Cowen and Company started coverage on Acacia Communications in a report on Tuesday, June 7th. They issued an “outperform” rating and a $53.00 target price on the stock. 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. started 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 started 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. Finally, Goldman Sachs Group Inc. started 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 stock. Acacia Communications presently has an average rating of “Buy” and an average price target of $48.80.

The stock has a market capitalization of $403.68 million and a PE ratio of 51.42. The stock has a 50 day moving average of $42.87 and a 200 day moving average of $40.76.

In other news, CFO John F. Gavin sold 7,500 shares of the 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 transaction, the chief financial officer now directly owns 107,064 shares of the company’s stock, valued at approximately $2,290,098.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Ofs Fitel, Llc sold 95,100 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 $2,034,189.00. Following the transaction, the insider now directly owns 951,212 shares in the company, valued at $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.