Insider Selling: Acacia Communications Inc. (ACIA) Major Shareholder Sells $139,472,125.50 in Stock
Acacia Communications Inc. (NASDAQ:ACIA) major shareholder Matrix Partners Viii L. P sold 1,445,307 shares of Acacia Communications stock in a transaction that occurred on Thursday, October 13th. The shares were sold at an average price of $96.50, for a total value of $139,472,125.50. Following the sale, the insider now owns 10,646,247 shares in the company, valued at $1,027,362,835.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.
Shares of Acacia Communications Inc. (NASDAQ:ACIA) opened at 90.84 on Wednesday. The company has a market capitalization of $3.25 billion and a P/E ratio of 60.64. Acacia Communications Inc. has a 12-month low of $27.05 and a 12-month high of $128.73. The firm has a 50-day moving average price of $106.46 and a 200 day moving average price of $72.15.
Acacia Communications (NASDAQ:ACIA) last issued its quarterly earnings results 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 business earned $116.20 million during the quarter, compared to analysts’ expectations of $57.90 million. The company’s revenue for the quarter was up 101.0% compared to the same quarter last year. On average, equities research analysts predict that Acacia Communications Inc. will post $2.76 earnings per share for the current year.
Large investors have recently modified their holdings of the company. American International Group Inc. acquired a new stake in shares of Acacia Communications during the second quarter valued at $120,000. Rhumbline Advisers acquired a new stake in shares of Acacia Communications during the second quarter valued at $201,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Acacia Communications during the second quarter valued at $229,000. Webster Bank N. A. acquired a new stake in shares of Acacia Communications during the third quarter valued at $239,000. Finally, Panagora Asset Management Inc. acquired a new stake in shares of Acacia Communications during the second quarter valued at $254,000. Hedge funds and other institutional investors own 46.97% of the company’s stock.
Several equities research analysts recently weighed in on ACIA shares. Bank of America Corp. restated a “buy” rating and set a $130.00 price target (up from $88.00) on shares of Acacia Communications in a research report on Sunday, September 4th. Needham & Company LLC lifted their price target on Acacia Communications from $100.00 to $125.00 and gave the company a “buy” rating in a research report on Tuesday, October 11th. Goldman Sachs Group Inc. restated a “neutral” rating on shares of Acacia Communications in a research report on Wednesday, October 12th. Deutsche Bank AG restated a “buy” rating and set a $125.00 price target on shares of Acacia Communications in a research report on Wednesday, September 28th. Finally, Zacks Investment Research upgraded Acacia Communications from a “hold” rating to a “strong-buy” rating and set a $122.00 price target on the stock in a research report on Tuesday, September 13th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus 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.
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