Shares of Acacia Communications, Inc. (NASDAQ:ACIA) hit a new 52-week high on Tuesday . The stock traded as high as $67.84 and last traded at $67.80, with a volume of 268,544 shares trading hands. The stock had previously closed at $64.41.

Several analysts recently weighed in on ACIA shares. Goldman Sachs Group Inc. started coverage on Acacia Communications in a report on Tuesday, June 7th. They issued a “neutral” rating and a $39.00 price objective for the company. Cowen and Company started coverage on Acacia Communications in a report on Tuesday, June 7th. They set an “outperform” rating and a $53.00 target price for the company. Bank of America Corp. started coverage on Acacia Communications in a report on Tuesday, June 7th. They set a “buy” rating and a $44.00 target price for the company. Deutsche Bank AG started coverage on Acacia Communications in a report on Tuesday, June 7th. They set a “buy” rating and a $50.00 target price for the company. Finally, Needham & Company LLC started coverage on Acacia Communications in a report on Tuesday, June 7th. They set a “buy” rating and a $48.00 target price for the company. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $52.20.

The stock has a 50-day moving average price of $52.38 and a 200 day moving average price of $45.99. The firm has a market capitalization of $467.74 million and a price-to-earnings ratio of 59.58.

In other Acacia Communications news, major shareholder Ofs Fitel, Llc sold 95,100 shares of the company’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 $2,034,189.00. Following the completion of the sale, the insider now directly owns 951,212 shares in the company, valued at $20,346,424.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Murugesan Shanmugaraj sold 50,000 shares of the company’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 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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