Acacia Communications, Inc. (NASDAQ:ACIA) rose 3.3% on Wednesday . The stock traded as high as $70.43 and last traded at $69.21, with a volume of 835,716 shares. The stock had previously closed at $67.03.

ACIA has been the subject of several research analyst reports. Deutsche Bank AG boosted 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 boosted their price objective 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. Bank of America Corp. started coverage on shares of Acacia Communications in a research report on Tuesday, June 7th. They set a “buy” rating and a $44.00 price objective for the company. Cowen and Company started coverage on shares of Acacia Communications in a research report on Tuesday, June 7th. They set an “outperform” rating and a $53.00 price objective for the company. Finally, Goldman Sachs Group Inc. started coverage on shares of Acacia Communications in a research report on Tuesday, June 7th. They set a “neutral” rating and a $39.00 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 stock. The company currently has an average rating of “Buy” and a consensus target price of $52.20.

The firm’s 50 day moving average price is $52.38 and its 200 day moving average price is $45.99. The firm has a market capitalization of $482.88 million and a price-to-earnings ratio of 61.51.

In related news, CFO John F. Gavin sold 7,500 shares of the company’s stock in a transaction on Wednesday, May 18th. The shares were sold at an average price of $21.39, for a total transaction of $160,425.00. Following the completion of the sale, the chief financial officer now directly owns 107,064 shares of the company’s stock, valued at approximately $2,290,098.96. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Ofs Fitel, Llc sold 95,100 shares of the company’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 $2,034,189.00. Following the sale, the insider now directly owns 951,212 shares of the company’s stock, 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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