Insider Selling: Acacia Communications Inc. (ACIA) Director Sells $33,408,493.00 in Stock
Acacia Communications Inc. (NASDAQ:ACIA) Director Peter Y. Chung sold 346,202 shares of the company’s stock in a transaction dated Thursday, October 13th. The stock was sold at an average price of $96.50, for a total transaction of $33,408,493.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.
Acacia Communications Inc. (NASDAQ:ACIA) opened at 90.84 on Wednesday. The stock has a 50 day moving average price of $106.46 and a 200 day moving average price of $72.15. Acacia Communications Inc. has a 1-year low of $27.05 and a 1-year high of $128.73. The firm has a market cap of $3.25 billion and a P/E ratio of 60.64.
Acacia Communications (NASDAQ:ACIA) last announced its quarterly earnings data on Thursday, August 11th. The company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.47. The firm earned $116.20 million during the quarter, compared to analysts’ expectations of $57.90 million. Acacia Communications’s quarterly 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 large investors have recently made changes to their positions in the company. Kornitzer Capital Management Inc. KS purchased a new stake in shares of Acacia Communications during the second quarter valued at $6,389,000. Gilder Gagnon Howe & Co. LLC purchased a new stake in shares of Acacia Communications during the second quarter valued at $12,294,000. Bank of New York Mellon Corp purchased a new stake in shares of Acacia Communications during the second quarter valued at $615,000. California State Teachers Retirement System purchased a new stake in shares of Acacia Communications during the second quarter valued at $439,000. Finally, State of New Jersey Common Pension Fund D purchased a new stake in shares of Acacia Communications during the second quarter valued at $999,000. 46.97% of the stock is owned by institutional investors.
ACIA has been the subject of several recent analyst reports. Bank of America Corp. reaffirmed a “buy” rating and set a $130.00 price objective (up previously from $88.00) on shares of Acacia Communications in a research report on Sunday, September 4th. Needham & Company LLC boosted their target price on Acacia Communications from $100.00 to $125.00 and gave the stock a “buy” rating in a research note on Tuesday, October 11th. Goldman Sachs Group Inc. reissued a “neutral” rating on shares of Acacia Communications in a research note on Wednesday, October 12th. Deutsche Bank AG reissued a “buy” rating and set a $125.00 target price on shares of Acacia Communications in a research note 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 for the company in a research note on Tuesday, September 13th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Acacia Communications presently has an average rating of “Buy” and an average price target 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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