Acacia Communications Inc. (ACIA) CEO Murugesan Shanmugaraj Sells 108,163 Shares
Acacia Communications Inc. (NASDAQ:ACIA) CEO Murugesan Shanmugaraj sold 108,163 shares of Acacia Communications stock in a transaction dated Thursday, October 13th. The stock was sold at an average price of $96.50, for a total value of $10,437,729.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Shares of Acacia Communications Inc. (NASDAQ:ACIA) traded down 2.03% on Friday, reaching $92.01. The company’s stock had a trading volume of 4,381,391 shares. The company has a market capitalization of $3.29 billion and a price-to-earnings ratio of 61.42. The stock has a 50-day moving average price of $107.56 and a 200-day moving average price of $72.59. Acacia Communications Inc. has a 1-year low of $27.05 and a 1-year high of $128.73.
Acacia Communications (NASDAQ:ACIA) last released its quarterly earnings data on Thursday, August 11th. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.30 by $0.47. The business earned $116.20 million during the quarter, compared to analysts’ expectations of $57.90 million. The company’s quarterly revenue was up 101.0% on a year-over-year basis. On average, equities research analysts forecast that Acacia Communications Inc. will post $2.76 EPS for the current year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. American International Group Inc. acquired a new position in Acacia Communications during the second quarter worth approximately $120,000. Rhumbline Advisers acquired a new position in Acacia Communications during the second quarter worth approximately $201,000. Cubist Systematic Strategies LLC acquired a new position in Acacia Communications during the second quarter worth approximately $229,000. Webster Bank N. A. acquired a new position in Acacia Communications during the third quarter worth approximately $239,000. Finally, Panagora Asset Management Inc. acquired a new position in Acacia Communications during the second quarter worth approximately $254,000. Institutional investors and hedge funds own 48.58% of the company’s stock.
A number of equities research analysts recently commented on the company. Goldman Sachs Group Inc. reaffirmed a “neutral” rating on shares of Acacia Communications in a report on Wednesday. Needham & Company LLC lifted their target price on Acacia Communications from $100.00 to $125.00 and gave the stock a “buy” rating in a report on Tuesday. Deutsche Bank AG reaffirmed a “buy” rating and set a $125.00 target price on shares of Acacia Communications in a report on Wednesday, September 28th. Zacks Investment Research raised Acacia Communications from a “hold” rating to a “strong-buy” rating and set a $122.00 target price for the company in a report on Tuesday, September 13th. Finally, Bank of America Corp. reaffirmed a “buy” rating and set a $130.00 target price (up previously from $88.00) on shares of Acacia Communications in a report on Sunday, September 4th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus 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.
Receive News & Ratings for Acacia Communications Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Acacia Communications Inc. and related companies with MarketBeat.com's FREE daily email newsletter.