Acacia Communications, Inc. (ACIA) Sees Large Volume Increase
Acacia Communications, Inc. (NASDAQ:ACIA) saw an uptick in trading volume on Wednesday . 1,552,570 shares traded hands during trading, a decline of 2% from the previous session’s volume of 1,585,225 shares.The stock last traded at $106.31 and had previously closed at $110.89.
A number of research firms have recently weighed in on ACIA. Deutsche Bank AG reaffirmed a “buy” rating and set a $90.00 price objective (up from $60.00) on shares of Acacia Communications in a research report on Monday, August 15th. Needham & Company LLC lifted their price objective on Acacia Communications from $65.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, August 12th. Bank of America Corp. began coverage on Acacia Communications in a research report on Tuesday, June 7th. They set a “buy” rating and a $44.00 price objective on the stock. Cowen and Company began coverage on Acacia Communications in a research report on Tuesday, June 7th. They set an “outperform” rating and a $53.00 price objective on the stock. Finally, Goldman Sachs Group Inc. began coverage on Acacia Communications in a research report on Tuesday, June 7th. They set a “neutral” rating and a $39.00 price objective on the stock. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Acacia Communications currently has an average rating of “Buy” and an average target price of $65.20.
The firm has a market cap of $3.65 billion and a P/E ratio of 68.06. The stock’s 50 day moving average is $69.45 and its 200 day moving average is $54.01.
Acacia Communications (NASDAQ:ACIA) last issued its quarterly earnings results on Thursday, August 11th. The company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.47. The business had revenue of $116.20 million for the quarter, compared to analysts’ expectations of $57.90 million. The company’s quarterly revenue was up 101.0% compared to the same quarter last year. On average, analysts forecast that Acacia Communications, Inc. will post $2.68 earnings per share for the current fiscal 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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