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

A number of analysts have issued reports on ACIA shares. Deutsche Bank AG boosted their price target on shares of Acacia Communications from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, July 14th. Needham & Company LLC started coverage on shares of Acacia Communications in a research note on Tuesday, June 7th. They set a “buy” rating and a $48.00 price target on the stock. Bank of America Corp. started coverage on shares of Acacia Communications in a research note on Tuesday, June 7th. They set a “buy” rating and a $44.00 price target on the stock. Goldman Sachs Group Inc. started coverage on shares of Acacia Communications in a research note on Tuesday, June 7th. They set a “neutral” rating and a $39.00 price target on the stock. Finally, Cowen and Company started coverage on shares of Acacia Communications in a research note on Tuesday, June 7th. They set an “outperform” rating and a $53.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $48.80.

The firm has a 50 day moving average of $43.39 and a 200 day moving average of $41.13. The company has a market capitalization of $403.68 million and a PE ratio of 51.42.

In related 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 transaction of $1,069,500.00. Following the transaction, the chief executive officer now directly owns 922,563 shares of the company’s stock, valued at approximately $19,733,622.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Ofs Fitel, Llc sold 95,100 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 $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.

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