Acacia Communications Inc. (ACIA) PT Raised to $125.00
Acacia Communications Inc. (NASDAQ:ACIA) had its target price hoisted by Needham & Company LLC from $100.00 to $125.00 in a research report issued to clients and investors on Tuesday. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 41.31% from the company’s previous close.
ACIA has been the topic of a number of other research reports. Bank of America Corp. reissued a “buy” rating and set a $130.00 price target (up previously from $88.00) on shares of Acacia Communications in a research report on Sunday, September 4th. Deutsche Bank AG reaffirmed a “buy” rating and issued a $125.00 target price on shares of Acacia Communications in a report on Wednesday, September 28th. Finally, Zacks Investment Research raised Acacia Communications from a “hold” rating to a “strong-buy” rating and set a $122.00 target price on the stock in a report on Tuesday, September 13th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $99.00.
Shares of Acacia Communications (NASDAQ:ACIA) opened at 88.46 on Tuesday. Acacia Communications has a 52 week low of $27.05 and a 52 week high of $128.73. The company’s 50 day moving average price is $108.06 and its 200-day moving average price is $71.40. The firm has a market capitalization of $3.17 billion and a PE ratio of 59.05.
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 the Zacks’ consensus estimate of $0.30 by $0.47. The company had revenue of $116.20 million for 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. On average, equities research analysts expect that Acacia Communications will post $2.76 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Kornitzer Capital Management Inc. KS purchased a new position in shares of Acacia Communications during the second quarter worth approximately $6,389,000. Gilder Gagnon Howe & Co. LLC purchased a new position in shares of Acacia Communications during the second quarter worth approximately $12,294,000. Bank of New York Mellon Corp purchased a new position in shares of Acacia Communications during the second quarter worth approximately $615,000. California State Teachers Retirement System purchased a new position in shares of Acacia Communications during the second quarter worth approximately $439,000. Finally, State of New Jersey Common Pension Fund D purchased a new position in shares of Acacia Communications during the second quarter worth approximately $999,000. Institutional investors own 48.58% of the company’s stock.
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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