Acacia Communications, Inc. (NASDAQ:ACIA) dropped 2.2% during trading on Thursday . The stock traded as low as $67.51 and last traded at $67.70, with a volume of 1,754,795 shares trading hands. The stock had previously closed at $69.20.

ACIA has been the subject of several research reports. Deutsche Bank AG reaffirmed a “buy” rating on shares of Acacia Communications in a research report on Wednesday, June 15th. Needham & Company LLC initiated coverage on shares of Acacia Communications in a research report on Tuesday, June 7th. They set a “buy” rating and a $48.00 price target for the company. Bank of America Corp. initiated coverage on shares of Acacia Communications in a research report on Tuesday, June 7th. They set a “buy” rating and a $44.00 price target for the company. Goldman Sachs Group Inc. initiated coverage on shares of Acacia Communications in a research report on Tuesday, June 7th. They set a “neutral” rating and a $39.00 price target for the company. Finally, Cowen and Company began coverage on shares of Acacia Communications in a research report on Tuesday, June 7th. They set an “outperform” rating and a $53.00 price target 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 stock currently has a consensus rating of “Buy” and an average target price of $59.20.

The stock has a 50 day moving average of $55.66 and a 200-day moving average of $47.52. The stock has a market capitalization of $1.99 billion and a P/E ratio of 63.87.

Acacia Communications (NASDAQ:ACIA) last issued its quarterly earnings data on Thursday, August 11th. The company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.47. The company had revenue of $116.20 million for the quarter, compared to the consensus estimate of $57.90 million. The firm’s quarterly revenue was up 101.0% compared to the same quarter last year. On average, equities research analysts predict that Acacia Communications, Inc. will post $1.62 earnings per share for the current fiscal year.

In other Acacia Communications news, VP Mehrdad Givehchi sold 103,772 shares of the firm’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 $2,219,683.08. Following the completion of the sale, the vice president now owns 613,334 shares of the company’s stock, valued at $13,119,214.26. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO John F. Gavin sold 7,500 shares of the firm’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 $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 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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