Acacia Communications, Inc. (NASDAQ:ACIA) fell 6.6% on Thursday . The stock 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.

Several equities research analysts have recently commented on the stock. Deutsche Bank AG raised their target price on shares of Acacia Communications from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, July 14th. Needham & Company LLC assumed coverage on shares of Acacia Communications in a research report on Tuesday, June 7th. They issued a “buy” rating and a $48.00 target price for the company. Bank of America Corp. assumed coverage on shares of Acacia Communications in a research report on Tuesday, June 7th. They issued a “buy” rating and a $44.00 target price for the company. Cowen and Company assumed coverage on shares of Acacia Communications in a research report on Tuesday, June 7th. They issued an “outperform” rating and a $53.00 target price for the company. Finally, 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 target price for the company. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Acacia Communications currently has an average rating of “Buy” and a consensus price target of $48.80.

The firm has a market capitalization of $412.82 million and a P/E ratio of 52.59. The stock has a 50-day moving average of $44.01 and a 200 day moving average of $41.52.

In related news, Director Eric A. Swanson sold 65,000 shares of the business’s 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 owns 16,000 shares in the company, valued at $342,240. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Murugesan Shanmugaraj sold 50,000 shares of the business’s stock in a transaction 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 completion of the sale, the chief executive officer now owns 922,563 shares in the company, valued at approximately $19,733,622.57. 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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