Acacia Communications, Inc. (NASDAQ:ACIA) shares shot up 3% on Monday . The company traded as high as $119.19 and last traded at $118.27, with a volume of 1,009,080 shares trading hands. The stock had previously closed at $114.78.

A number of brokerages have weighed in on ACIA. Deutsche Bank AG restated a “buy” rating and issued a $90.00 price objective (up previously from $60.00) on shares of Acacia Communications in a report on Monday, August 15th. Needham & Company LLC raised their price objective on Acacia Communications from $65.00 to $100.00 and gave the company a “buy” rating in a report on Friday, August 12th. Bank of America Corp. began coverage on Acacia Communications in a report on Tuesday, June 7th. They issued a “buy” rating and a $44.00 price objective on the stock. Cowen and Company began coverage on Acacia Communications in a report on Tuesday, June 7th. They issued an “outperform” rating and a $53.00 price objective on the stock. Finally, Goldman Sachs Group Inc. began coverage on Acacia Communications in a report on Tuesday, June 7th. They issued a “neutral” rating and a $39.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Acacia Communications presently has a consensus rating of “Buy” and a consensus price target of $65.20.

The company has a 50-day moving average of $69.45 and a 200-day moving average of $54.01. The company has a market cap of $3.75 billion and a price-to-earnings ratio of 69.897.

Acacia Communications (NASDAQ:ACIA) last released its earnings results on Thursday, August 11th. The company reported $0.77 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.47. The company earned $116.20 million during the quarter, compared to analyst estimates of $57.90 million. Acacia Communications’s quarterly revenue was up 101.0% compared to the same quarter last year. Equities research 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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