Acacia Communications, Inc. (NASDAQ:ACIA) fell 2.6% during trading on Friday . The stock traded as low as $111.31 and last traded at $114.78, with a volume of 1,424,324 shares trading hands. The stock had previously closed at $117.86.

Several brokerages recently commented on ACIA. Goldman Sachs Group Inc. began coverage on shares of Acacia Communications in a research report on Tuesday, June 7th. They issued a “neutral” rating and a $39.00 price target for the company. Cowen and Company began coverage on shares of Acacia Communications in a research report on Tuesday, June 7th. They issued an “outperform” rating and a $53.00 price target for the company. Needham & Company LLC began coverage on shares of Acacia Communications in a research report on Tuesday, June 7th. They issued a “buy” rating and a $48.00 price target for the company. Bank of America Corp. began coverage on shares of Acacia Communications in a research report on Tuesday, June 7th. They issued a “buy” rating and a $44.00 price target for the company. Finally, Deutsche Bank AG began coverage on shares of Acacia Communications in a research report on Tuesday, June 7th. They issued a “buy” rating and a $50.00 price target for the company. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $65.20.

The company has a market capitalization of $4.11 billion and a P/E ratio of 76.62. The stock has a 50 day moving average price of $66.08 and a 200-day moving average price of $52.22.

Acacia Communications (NASDAQ:ACIA) last announced its earnings results 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 company earned $116.20 million during the quarter, compared to the consensus estimate of $57.90 million. The firm’s revenue was up 101.0% compared to the same quarter last year. Analysts expect that Acacia Communications, Inc. will post $2.68 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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