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

A number of brokerages have recently issued reports on ACIA. Deutsche Bank AG restated a “buy” rating on shares of Acacia Communications in a research report on Wednesday, June 15th. Goldman Sachs Group Inc. began coverage on Acacia Communications in a research report on Tuesday, June 7th. They set a “neutral” rating and a $39.00 price objective for the company. Bank of America Corp. began coverage on Acacia Communications in a research report on Tuesday, June 7th. They set a “buy” rating and a $44.00 price objective for the company. Needham & Company LLC began coverage on Acacia Communications in a research report on Tuesday, June 7th. They set a “buy” rating and a $48.00 price objective for the company. Finally, Cowen and Company initiated coverage on Acacia Communications in a research report on Tuesday, June 7th. They set an “outperform” rating and a $53.00 price objective for the company. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $52.20.

The company has a 50 day moving average of $49.20 and a 200-day moving average of $44.31. The firm has a market capitalization of $424.19 million and a price-to-earnings ratio of 54.04.

In related news, major shareholder Ofs Fitel, Llc sold 95,100 shares of the company’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 sale, the insider now owns 951,212 shares in the company, valued at approximately $20,346,424.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John F. Gavin sold 7,500 shares of the company’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 $160,425.00. Following the completion of the sale, the chief financial officer now owns 107,064 shares in the company, valued at approximately $2,290,098.96. 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.