Acacia Communications Inc. (ACIA) Updates Q3 Earnings Guidance
Acacia Communications Inc. (NASDAQ:ACIA) issued an update on its third quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of $0.83-0.90 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.75.
Acacia Communications Inc. (NASDAQ:ACIA) traded up 12.7370% during trading on Wednesday, reaching $114.9917. 3,375,792 shares of the company’s stock were exchanged. Acacia Communications Inc. has a 52 week low of $27.05 and a 52 week high of $128.73. The firm has a market capitalization of $4.12 billion and a price-to-earnings ratio of 76.7635. The stock has a 50-day moving average price of $110.47 and a 200 day moving average price of $70.56.
Acacia Communications (NASDAQ:ACIA) last announced its 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 business’s revenue was up 101.0% compared to the same quarter last year. Equities research analysts forecast that Acacia Communications Inc. will post $2.72 earnings per share for the current fiscal year.
A number of brokerages have recently issued reports on ACIA. Deutsche Bank AG raised their target price on shares of Acacia Communications from $90.00 to $125.00 and gave the stock a buy rating in a research report on Friday, September 9th. Bank of America Corp. reiterated a buy rating and issued a $130.00 price objective (up from $88.00) on shares of Acacia Communications in a research report on Sunday, September 4th. Zacks Investment Research upgraded shares of Acacia Communications from a hold rating to a strong-buy rating and set a $122.00 price objective on the stock in a research report on Tuesday, September 13th. Finally, Needham & Company LLC lifted their price objective on shares of Acacia Communications from $65.00 to $100.00 and gave the company a buy rating in a research report on Friday, August 12th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $94.83.
Several large investors have recently modified their holdings of ACIA. Lord Abbett & CO. LLC bought a new stake in shares of Acacia Communications during the second quarter valued at approximately $15,132,000. Wall Street Associates bought a new stake in shares of Acacia Communications during the second quarter valued at approximately $1,210,000. Rhumbline Advisers bought a new stake in shares of Acacia Communications during the second quarter valued at approximately $201,000. Teachers Advisors Inc. bought a new stake in shares of Acacia Communications during the second quarter valued at approximately $328,000. Finally, FMR LLC bought a new stake in shares of Acacia Communications during the second quarter valued at approximately $12,136,000. Institutional investors own 48.58% of the company’s stock.
Acacia Communications Company Profile
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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