Acacia Communications, Inc. (NASDAQ:ACIA) reached a new 52-week high during trading on Monday . The stock traded as high as $66.43 and last traded at $63.72, with a volume of 376,284 shares trading hands. The stock had previously closed at $65.03.

Several equities research analysts have commented on ACIA shares. Goldman Sachs Group Inc. started coverage on shares of Acacia Communications in a research note on Tuesday, June 7th. They issued a “neutral” rating and a $39.00 price objective for the company. Cowen and Company initiated 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 for the company. Bank of America Corp. initiated 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 for the company. Deutsche Bank AG initiated coverage on shares of Acacia Communications in a research note on Tuesday, June 7th. They set a “buy” rating and a $50.00 price target for the company. Finally, Needham & Company LLC initiated 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 for the company. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Acacia Communications currently has a consensus rating of “Buy” and an average price target of $52.20.

The firm has a market capitalization of $447.64 million and a P/E ratio of 57.02. The company has a 50-day moving average of $47.77 and a 200-day moving average of $43.61.

In related news, CEO Murugesan Shanmugaraj sold 50,000 shares of the business’s stock in a transaction dated Wednesday, May 18th. The shares were sold at an average price of $21.39, for a total transaction of $1,069,500.00. Following the sale, the chief executive officer now owns 922,563 shares of the company’s stock, valued at $19,733,622.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Mehrdad Givehchi sold 103,772 shares of the business’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 $2,219,683.08. Following the sale, the vice president now directly owns 613,334 shares in the company, valued at approximately $13,119,214.26. 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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