Shares of Acacia Communications, Inc. (NASDAQ:ACIA) fell 7% on Thursday following insider selling activity. The company traded as low as $42.90 and last traded at $42.99, with a volume of 812,346 shares changing hands. The stock had previously closed at $46.25.

Specifically, VP Christian J. Rasmussen sold 10,060 shares of the stock in a transaction on Monday, May 15th. The shares were sold at an average price of $48.52, for a total transaction of $488,111.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Francis J. Murphy sold 8,380 shares of the stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $48.00, for a total transaction of $402,240.00. The disclosure for this sale can be found here. Insiders have sold 40,247 shares of company stock valued at $1,944,317 in the last 90 days.

Several brokerages recently commented on ACIA. Morgan Stanley cut shares of Acacia Communications from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $70.00 to $45.00 in a report on Thursday, May 11th. Northland Securities set a $50.00 price target on shares of Acacia Communications and gave the company a “buy” rating in a research note on Saturday, July 22nd. Cowen and Company reiterated an “outperform” rating and issued a $57.00 price target (down previously from $66.00) on shares of Acacia Communications in a research note on Monday, July 17th. Needham & Company LLC reiterated a “buy” rating and issued a $50.00 price target (down previously from $65.00) on shares of Acacia Communications in a research note on Monday, July 17th. Finally, B. Riley reiterated a “neutral” rating and issued a $44.00 price target on shares of Acacia Communications in a research note on Friday, August 4th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Acacia Communications presently has an average rating of “Buy” and an average target price of $61.89.

The stock has a market capitalization of $1.69 billion, a PE ratio of 14.70 and a beta of 3.79. The company’s 50 day moving average price is $42.93 and its 200 day moving average price is $50.33.

Acacia Communications (NASDAQ:ACIA) last posted its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.08. The firm had revenue of $78.90 million for 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 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 firm earned $0.77 EPS. On average, equities analysts expect that Acacia Communications, Inc. will post $1.88 EPS for the current year.

A number of institutional investors have recently bought and sold shares of ACIA. American International Group Inc. increased its position in Acacia Communications by 7.1% in the first quarter. American International Group Inc. now owns 3,225 shares of the technology company’s stock worth $189,000 after buying an additional 215 shares in the last quarter. First American Bank purchased a new position in Acacia Communications during the first quarter worth about $203,000. Koshinski Asset Management Inc. bought a new position in shares of Acacia Communications during the first quarter worth $206,000. Carl Domino Inc increased its position in shares of Acacia Communications by 22.2% in the second quarter. Carl Domino Inc now owns 5,500 shares of the technology company’s stock worth $228,000 after buying an additional 1,000 shares during the period. Finally, Teachers Retirement System of The State of Kentucky bought a new position in shares of Acacia Communications during the first quarter worth $234,000. 87.70% of the stock is currently owned by hedge funds and other institutional investors.

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Acacia Communications Company Profile

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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