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

ACIA has been the subject of a number of recent analyst reports. Goldman Sachs Group Inc. initiated coverage on Acacia Communications in a research report on Tuesday, June 7th. They issued a “neutral” rating and a $39.00 price objective for the company. Cowen and Company initiated coverage on Acacia Communications in a research report on Tuesday, June 7th. They issued an “outperform” rating and a $53.00 price objective for the company. Bank of America Corp. initiated coverage on Acacia Communications in a research report on Tuesday, June 7th. They issued a “buy” rating and a $44.00 price objective for the company. Deutsche Bank AG initiated coverage on Acacia Communications in a research report on Tuesday, June 7th. They issued a “buy” rating and a $50.00 price objective for the company. Finally, Needham & Company LLC initiated coverage on Acacia Communications in a research report on Tuesday, June 7th. They issued a “buy” rating and a $48.00 price objective for the company. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $59.20.

The firm’s 50-day moving average price is $54.04 and its 200 day moving average price is $46.73. The stock has a market cap of $621.54 million and a PE ratio of 79.1746.

Acacia Communications (NASDAQ:ACIA) last released its earnings results on Thursday, August 11th. The company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.47. The firm earned $116.20 million during the quarter, compared to analyst estimates of $57.90 million. The business’s revenue for the quarter was up 101.0% compared to the same quarter last year. On average, equities analysts forecast that Acacia Communications, Inc. will post $1.62 EPS for the current fiscal year.

In other Acacia Communications news, 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 value of $2,034,189.00. Following the transaction, the insider now owns 951,212 shares of the company’s stock, valued at $20,346,424.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Eric A. Swanson sold 65,000 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 value of $1,390,350.00. Following the completion of the transaction, the director now directly owns 16,000 shares in the company, valued at approximately $342,240. 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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