Acacia Communications, Inc. (NASDAQ:ACIA)’s share price rose 4% during mid-day trading on Tuesday . The stock traded as high as $106.54 and last traded at $106.40, with a volume of 1,550,740 shares changing hands. The stock had previously closed at $102.33.

ACIA has been the subject of several recent research reports. Goldman Sachs Group Inc. initiated coverage on shares of Acacia Communications in a report on Tuesday, June 7th. They set a “neutral” rating and a $39.00 target price for the company. Cowen and Company initiated coverage on shares of 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. initiated coverage on shares of 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 initiated coverage on shares of 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 initiated coverage on shares of 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 assigned a buy rating to the company’s stock. Acacia Communications has an average rating of “Buy” and an average target price of $65.20.

The firm has a 50-day moving average price of $61.66 and a 200 day moving average price of $50.24. The stock has a market capitalization of $4.13 billion and a P/E ratio of 76.96.

Acacia Communications (NASDAQ:ACIA) last posted its quarterly earnings data on Thursday, August 11th. The company reported $0.77 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.47. The firm earned $116.20 million during the quarter, compared to analysts’ expectations of $57.90 million. Acacia Communications’s quarterly revenue was up 101.0% on a year-over-year basis. Equities research analysts anticipate that Acacia Communications, Inc. will post $2.44 earnings per share for the current year.

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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