Acacia Communications, Inc. (ACIA) Shares Up 4%
Acacia Communications, Inc. (NASDAQ:ACIA) shot up 4% during mid-day trading on Tuesday . The stock traded as high as $106.54 and last traded at $106.40, with a volume of 1,550,740 shares. The stock had previously closed at $102.33.
Several research firms have recently issued reports on ACIA. Deutsche Bank AG restated a “buy” rating and set a $90.00 price objective (up previously from $60.00) on shares of Acacia Communications in a report on Monday. Needham & Company LLC raised their price objective on Acacia Communications from $65.00 to $100.00 and gave the stock a “buy” rating in a report on Friday. Bank of America Corp. began coverage on Acacia Communications in a report on Tuesday, June 7th. They set a “buy” rating and a $44.00 price objective on the stock. Cowen and Company began coverage on Acacia Communications in a report on Tuesday, June 7th. They set an “outperform” rating and a $53.00 price objective on the stock. Finally, Goldman Sachs Group Inc. began coverage on Acacia Communications in a report on Tuesday, June 7th. They set a “neutral” rating and a $39.00 price objective on the stock. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $65.20.
The stock has a market cap of $2.14 billion and a PE ratio of 68.97. The firm’s 50-day moving average price is $57.52 and its 200 day moving average price is $48.39.
Acacia Communications (NASDAQ:ACIA) last released its earnings results on Thursday, August 11th. The company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.47. The firm earned $116.20 million during the quarter, compared to analyst estimates of $57.90 million. The business’s revenue for the quarter was up 101.0% compared to the same quarter last year. On average, equities analysts forecast that Acacia Communications, Inc. will post $2.25 EPS for the current fiscal year.
In other Acacia Communications news, major shareholder Ofs Fitel, Llc sold 95,100 shares of the company’s stock in a transaction on Wednesday, May 18th. The stock was sold at an average price of $21.39, for a total value of $2,034,189.00. Following the transaction, the insider now owns 951,212 shares of the company’s stock, valued at $20,346,424.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Eric A. Swanson sold 65,000 shares of the company’s stock in a transaction on Wednesday, May 18th. The shares were sold at an average price of $21.39, for a total value of $1,390,350.00. Following the completion of the transaction, the director now directly owns 16,000 shares in the company, valued at approximately $342,240. 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.