Acacia Communications Inc. (ACIA) VP Sells $9,538,639.00 in Stock
Acacia Communications Inc. (NASDAQ:ACIA) VP Christian J. Rasmussen sold 98,846 shares of the stock in a transaction dated Thursday, October 13th. The stock was sold at an average price of $96.50, for a total transaction of $9,538,639.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
Acacia Communications Inc. (NASDAQ:ACIA) opened at 90.84 on Wednesday. Acacia Communications Inc. has a 1-year low of $27.05 and a 1-year high of $128.73. The stock has a 50 day moving average price of $106.46 and a 200 day moving average price of $72.15. The firm has a market cap of $3.25 billion and a P/E ratio of 60.64.
Acacia Communications (NASDAQ:ACIA) last posted its earnings results on Thursday, August 11th. The company reported $0.77 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.47. The company had revenue of $116.20 million for the quarter, compared to analysts’ expectations of $57.90 million. The firm’s revenue was up 101.0% on a year-over-year basis. On average, analysts anticipate that Acacia Communications Inc. will post $2.76 EPS for the current year.
A number of research firms have recently commented on ACIA. Goldman Sachs Group Inc. reissued a “neutral” rating on shares of Acacia Communications in a report on Wednesday, October 12th. Bank of America Corp. reissued a “buy” rating and issued a $130.00 target price (up previously from $88.00) on shares of Acacia Communications in a report on Sunday, September 4th. Deutsche Bank AG reissued a “buy” rating and issued a $90.00 target price (up previously from $60.00) on shares of Acacia Communications in a report on Monday, August 15th. Needham & Company LLC increased their target price on shares of Acacia Communications from $48.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, July 25th. Finally, 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. 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 stock. Acacia Communications currently has an average rating of “Buy” and a consensus price target of $99.00.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Matrix VIII US Management Co. LLC bought a new position in Acacia Communications during the second quarter worth $482,937,000. Whale Rock Capital Management LLC bought a new position in Acacia Communications during the second quarter worth $29,368,000. Bloom Tree Partners LLC bought a new position in Acacia Communications during the second quarter worth $23,964,000. Lord Abbett & CO. LLC bought a new position in Acacia Communications during the second quarter worth $15,132,000. Finally, Gilder Gagnon Howe & Co. LLC bought a new position in Acacia Communications during the second quarter worth $12,294,000. 46.97% of the stock is owned by institutional investors and hedge funds.
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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