Acacia Communications Inc. (ACIA) Stock Rating Reaffirmed by Goldman Sachs Group Inc.
Acacia Communications Inc. (NASDAQ:ACIA)‘s stock had its “neutral” rating restated by Goldman Sachs Group Inc. in a note issued to investors on Wednesday.
Several other research firms have also recently commented on ACIA. Deutsche Bank AG reaffirmed a “buy” rating and set a $90.00 target price (up previously from $60.00) on shares of Acacia Communications in a research note on Monday, August 15th. Bank of America Corp. reissued a “buy” rating and issued a $130.00 price objective (up previously from $88.00) on shares of Acacia Communications in a research note on Sunday, September 4th. Zacks Investment Research raised Acacia Communications from a “hold” rating to a “strong-buy” rating and set a $122.00 price objective for the company in a research note on Tuesday, September 13th. Finally, Needham & Company LLC raised their price objective on Acacia Communications from $48.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 25th. One 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. The company currently has an average rating of “Buy” and an average target price of $99.00.
Shares of Acacia Communications (NASDAQ:ACIA) opened at 93.92 on Wednesday. The company has a market cap of $3.36 billion and a PE ratio of 62.70. Acacia Communications has a 1-year low of $27.05 and a 1-year high of $128.73. The company has a 50-day moving average price of $107.82 and a 200-day moving average price of $72.41.
Acacia Communications (NASDAQ:ACIA) last released its earnings results on Thursday, August 11th. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.30 by $0.47. The business had revenue of $116.20 million for the quarter, compared to analyst estimates of $57.90 million. The firm’s quarterly revenue was up 101.0% compared to the same quarter last year. Equities research analysts expect that Acacia Communications will post $2.76 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Matrix VIII US Management Co. LLC purchased a new position in shares of Acacia Communications during the second quarter valued at about $482,937,000. Whale Rock Capital Management LLC purchased a new position in shares of Acacia Communications during the second quarter valued at about $29,368,000. Bloom Tree Partners LLC purchased a new position in shares of Acacia Communications during the second quarter valued at about $23,964,000. Lord Abbett & CO. LLC purchased a new position in shares of Acacia Communications during the second quarter valued at about $15,132,000. Finally, Gilder Gagnon Howe & Co. LLC purchased a new position in shares of Acacia Communications during the second quarter valued at about $12,294,000. 48.58% of the stock is owned by hedge funds and other institutional investors.
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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