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

ACIA has been the subject of several research reports. Deutsche Bank AG reissued a “buy” rating on shares of Acacia Communications in a research note on Wednesday, June 15th. Needham & Company LLC initiated coverage on Acacia Communications in a research note on Tuesday, June 7th. They set a “buy” rating and a $48.00 price objective for the company. Bank of America Corp. initiated coverage on Acacia Communications in a research note on Tuesday, June 7th. They set a “buy” rating and a $44.00 price objective for the company. Goldman Sachs Group Inc. initiated coverage on Acacia Communications in a research note on Tuesday, June 7th. They set a “neutral” rating and a $39.00 price objective for the company. Finally, Cowen and Company initiated coverage on Acacia Communications in a research note on Tuesday, June 7th. They set an “outperform” rating and a $53.00 price objective for the company. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Acacia Communications presently has a consensus rating of “Buy” and an average target price of $65.20.

The firm has a market capitalization of $4.11 billion and a price-to-earnings ratio of 76.62. The company has a 50 day moving average of $66.08 and a 200 day moving average of $52.22.

Acacia Communications (NASDAQ:ACIA) last announced its earnings results on Thursday, August 11th. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.30 by $0.47. The business earned $116.20 million during the quarter, compared to analyst estimates of $57.90 million. Acacia Communications’s quarterly revenue was up 101.0% on a year-over-year basis. Equities analysts expect that Acacia Communications, Inc. will post $2.68 EPS 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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