California State Teachers Retirement System Invests $439,000 in Acacia Communications Inc. (ACIA)
California State Teachers Retirement System acquired a new position in Acacia Communications Inc. (NASDAQ:ACIA) during the second quarter, Holdings Channel reports. The fund acquired 10,980 shares of the company’s stock, valued at approximately $439,000. California State Teachers Retirement System owned approximately 0.16% of Acacia Communications at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of the company. Bank of New York Mellon Corp purchased a new stake in shares of Acacia Communications during the second quarter worth about $615,000. Gilder Gagnon Howe & Co. LLC purchased a new stake in shares of Acacia Communications during the second quarter worth about $12,294,000. Finally, Kornitzer Capital Management Inc. KS purchased a new stake in shares of Acacia Communications during the second quarter worth about $6,389,000. Institutional investors own 48.58% of the company’s stock.
Acacia Communications Inc. (NASDAQ:ACIA) traded up 0.90% during midday trading on Wednesday, reaching $91.00. The company’s stock had a trading volume of 988,893 shares. The company has a market cap of $3.26 billion and a PE ratio of 60.75. Acacia Communications Inc. has a 12 month low of $27.05 and a 12 month high of $128.73. The stock has a 50-day moving average price of $108.69 and a 200 day moving average price of $71.23.
Acacia Communications (NASDAQ:ACIA) last posted its earnings results on Thursday, August 11th. The company reported $0.77 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.47. The firm had revenue of $116.20 million for the quarter, compared to the consensus estimate of $57.90 million. Acacia Communications’s quarterly revenue was up 101.0% on a year-over-year basis. Analysts expect that Acacia Communications Inc. will post $2.76 earnings per share for the current fiscal year.
Several brokerages recently issued reports on ACIA. Needham & Company LLC boosted their price target on Acacia Communications from $100.00 to $125.00 and gave the company a “buy” rating in a research note on Tuesday. Deutsche Bank AG reiterated a “buy” rating and issued a $125.00 price target on shares of Acacia Communications in a research note on Wednesday, September 28th. Zacks Investment Research upgraded Acacia Communications from a “hold” rating to a “strong-buy” rating and set a $122.00 price target for the company in a research note on Tuesday, September 13th. Finally, Bank of America Corp. reiterated a “buy” rating and issued a $130.00 price target (up from $88.00) on shares of Acacia Communications in a research note on Sunday, September 4th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Acacia Communications currently has an average rating of “Buy” and an average target price of $99.00.
About Acacia Communications
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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