Cowen and Company Reiterates “Buy” Rating for Acacia Communications, Inc. (ACIA)
Cowen and Company reissued their buy rating on shares of Acacia Communications, Inc. (NASDAQ:ACIA) in a report published on Friday. Cowen and Company currently has a $55.00 price objective on the technology company’s stock.
Several other brokerages also recently commented on ACIA. B. Riley began coverage on shares of Acacia Communications in a research note on Monday, April 10th. They issued a neutral rating and a $60.00 price objective for the company. Needham & Company LLC reissued a buy rating and issued a $65.00 price objective (down previously from $100.00) on shares of Acacia Communications in a research note on Wednesday, May 10th. Zacks Investment Research raised shares of Acacia Communications from a hold rating to a strong-buy rating and set a $62.00 price objective for the company in a research note on Wednesday, April 26th. William Blair reissued an outperform rating on shares of Acacia Communications in a research note on Monday, May 8th. Finally, Northland Securities reissued a buy rating and issued a $50.00 price objective on shares of Acacia Communications in a research note on Friday, June 23rd. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company has an average rating of Buy and a consensus target price of $61.89.
Shares of Acacia Communications (ACIA) opened at 45.35 on Friday. The firm has a market cap of $1.75 billion, a price-to-earnings ratio of 13.35 and a beta of 3.79. The company has a 50 day moving average of $42.74 and a 200-day moving average of $50.84. Acacia Communications has a one year low of $38.50 and a one year high of $128.73.
Acacia Communications (NASDAQ:ACIA) last issued its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.26 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.08. The business had revenue of $78.90 million during the quarter, compared to the consensus estimate of $78.17 million. Acacia Communications had a net margin of 29.65% and a return on equity of 34.46%. The firm’s revenue was down 32.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.77 EPS. On average, analysts expect that Acacia Communications will post $1.90 EPS for the current year.
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In other news, CFO John F. Gavin sold 4,634 shares of the firm’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $48.54, for a total transaction of $224,934.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Benny P. Mikkelsen sold 7,475 shares of the firm’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $48.52, for a total transaction of $362,687.00. The disclosure for this sale can be found here. Insiders have sold 34,507 shares of company stock valued at $1,666,685 in the last ninety days.
Several institutional investors have recently added to or reduced their stakes in ACIA. FMR LLC increased its position in Acacia Communications by 61.2% in the first quarter. FMR LLC now owns 1,332,907 shares of the technology company’s stock valued at $78,135,000 after buying an additional 506,153 shares during the last quarter. Gilder Gagnon Howe & Co. LLC increased its position 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 valued at $53,382,000 after buying an additional 105,690 shares during the last quarter. Wellington Management Group LLP acquired a new position in Acacia Communications during the first quarter valued at about $72,279,000. Vanguard Group Inc. increased its position 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 valued at $69,632,000 after buying an additional 248,963 shares during the last quarter. Finally, Morgan Stanley increased its position in Acacia Communications by 303.5% in the first quarter. Morgan Stanley now owns 765,219 shares of the technology company’s stock valued at $44,857,000 after buying an additional 575,574 shares during the last quarter. 87.70% of the stock is owned by hedge funds and other institutional investors.
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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