Acacia Communications, Inc. (NASDAQ:ACIA) Receives Average Recommendation of “Buy” from Analysts
Shares of Acacia Communications, Inc. (NASDAQ:ACIA) have been assigned a consensus rating of “Buy” from the twelve research firms that are currently covering the firm, MarketBeat reports. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $63.86.
Several brokerages have recently commented on ACIA. B. Riley restated a “neutral” rating and issued a $53.50 target price on shares of Acacia Communications in a research report on Monday, May 8th. Needham & Company LLC restated a “buy” rating on shares of Acacia Communications in a research report on Friday. Cowen and Company restated an “outperform” rating and issued a $57.00 target price on shares of Acacia Communications in a research report on Monday, July 24th. William Blair restated an “outperform” rating on shares of Acacia Communications in a research report on Monday, July 17th. Finally, ValuEngine cut shares of Acacia Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th.
Shares of Acacia Communications (NASDAQ ACIA) traded up 0.29% during mid-day trading on Friday, reaching $45.35. 1,541,309 shares of the company’s stock traded hands. The firm has a 50 day moving average price of $42.74 and a 200-day moving average price of $50.84. The stock has a market cap of $1.75 billion, a PE ratio of 13.35 and a beta of 3.79. Acacia Communications has a 12 month low of $38.50 and a 12 month high of $128.73.
Acacia Communications (NASDAQ:ACIA) last issued its earnings results on Thursday, August 3rd. The technology company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.18 by $0.08. The company had revenue of $78.90 million during the quarter, compared to analysts’ expectations of $78.17 million. Acacia Communications had a net margin of 30.02% and a return on equity of 43.80%. The business’s revenue for the quarter was down 32.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.77 EPS. On average, analysts predict that Acacia Communications will post $1.90 earnings per share for the current fiscal year.
In other Acacia Communications news, CEO Murugesan Shanmugaraj sold 8,983 shares of the business’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $48.52, for a total transaction of $435,855.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Christian J. Rasmussen sold 10,060 shares of the business’s stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $48.52, for a total transaction of $488,111.20. The disclosure for this sale can be found here. Insiders have sold a total of 34,507 shares of company stock worth $1,666,685 over the last three months.
Large investors have recently bought and sold shares of the company. FMR LLC raised its stake in Acacia Communications by 61.2% in the first quarter. FMR LLC now owns 1,332,907 shares of the technology company’s stock worth $78,135,000 after buying an additional 506,153 shares during the last quarter. Gilder Gagnon Howe & Co. LLC raised its stake in Acacia Communications by 8.9% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 1,287,255 shares of the technology company’s stock worth $53,382,000 after buying an additional 105,690 shares during the last quarter. Wellington Management Group LLP acquired a new stake in Acacia Communications during the first quarter worth $72,279,000. Vanguard Group Inc. raised its stake in Acacia Communications by 26.5% in the first quarter. Vanguard Group Inc. now owns 1,187,839 shares of the technology company’s stock worth $69,632,000 after buying an additional 248,963 shares during the last quarter. Finally, Morgan Stanley raised its stake in Acacia Communications by 303.5% in the first quarter. Morgan Stanley now owns 765,219 shares of the technology company’s stock worth $44,857,000 after buying an additional 575,574 shares during the last quarter. 88.35% of the stock is currently owned by hedge funds and other institutional investors.
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About Acacia Communications
Acacia Communications, Inc provides high-speed coherent interconnect products. The Company’s 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 100 to 400 gigabits per second (Gbps) for use in long-haul, metro and inter-data center markets.
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