Acacia Communications, Inc. (ACIA) Trading Up 5.7%
Acacia Communications, Inc. (NASDAQ:ACIA) shares were up 5.7% on Thursday . The company traded as high as $64.45 and last traded at $64.45, with a volume of 479,208 shares changing hands. The stock had previously closed at $61.00.
A number of research analysts recently weighed in on ACIA shares. 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. Deutsche Bank AG raised their price objective on Acacia Communications from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, July 14th. Bank of America Corp. started coverage on Acacia Communications in a research note on Tuesday, June 7th. They issued a “buy” rating and a $44.00 price objective on the stock. Goldman Sachs Group Inc. started coverage on Acacia Communications in a research note on Tuesday, June 7th. They issued a “neutral” rating and a $39.00 price objective on the stock. Finally, Cowen and Company started coverage on Acacia Communications in a research note on Tuesday, June 7th. They issued an “outperform” rating and a $53.00 price objective on the stock. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Acacia Communications has a consensus rating of “Buy” and a consensus target price of $52.20.
The company has a 50-day moving average of $50.49 and a 200 day moving average of $44.97. The firm has a market cap of $450.01 million and a P/E ratio of 57.32.
In other Acacia Communications news, Director Eric A. Swanson sold 65,000 shares of the stock in a transaction dated Wednesday, May 18th. The stock was sold at an average price of $21.39, for a total value of $1,390,350.00. Following the completion of the sale, the director now directly owns 16,000 shares in the company, valued at $342,240. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO John F. Gavin sold 7,500 shares of the stock in a transaction dated Wednesday, May 18th. The stock was sold at an average price of $21.39, for a total value of $160,425.00. Following the completion of the sale, the chief financial officer now owns 107,064 shares of the company’s stock, valued at $2,290,098.96. The disclosure for this sale can be found here.
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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