Shares of Acacia Communications, Inc. (NASDAQ:ACIA) rose 5.7% on Thursday . The company traded as high as $64.45 and last traded at $64.45, with a volume of 479,208 shares trading hands. The stock had previously closed at $61.00.

ACIA has been the topic of a number of analyst reports. Needham & Company LLC increased their price target on shares of Acacia Communications from $48.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, July 25th. Cowen and Company initiated coverage on shares of Acacia Communications in a research report on Tuesday, June 7th. They issued an “outperform” rating and a $53.00 price target on the stock. Deutsche Bank AG increased their price target on shares of Acacia Communications from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, July 14th. Bank of America Corp. initiated coverage on shares of Acacia Communications in a research report on Tuesday, June 7th. They issued a “buy” rating and a $44.00 price target on the stock. Finally, Goldman Sachs Group Inc. initiated coverage on shares of Acacia Communications in a research report on Tuesday, June 7th. They issued a “neutral” rating and a $39.00 price target on the stock. 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 target price of $52.20.

The firm has a market capitalization of $446.59 million and a price-to-earnings ratio of 56.89. The stock has a 50 day moving average price of $51.05 and a 200-day moving average price of $45.30.

In other Acacia Communications news, CEO Murugesan Shanmugaraj sold 50,000 shares of Acacia Communications stock in a transaction dated Wednesday, May 18th. The stock was sold at an average price of $21.39, for a total value of $1,069,500.00. Following the transaction, the chief executive officer now owns 922,563 shares in the company, valued at $19,733,622.57. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Ofs Fitel, Llc sold 95,100 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 value of $2,034,189.00. Following the sale, the insider now 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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