Shares of Acacia Communications, Inc. (NASDAQ:ACIA) traded down 5.3% on Tuesday . The company traded as low as $45.50 and last traded at $45.56. 567,011 shares were traded during trading, a decline of 34% from the average session volume of 862,409 shares. The stock had previously closed at $48.11.

A number of analysts have weighed in on the company. Morgan Stanley cut Acacia Communications from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $70.00 to $45.00 in a research report on Thursday, May 11th. Northland Securities set a $50.00 price objective on Acacia Communications and gave the stock a “buy” rating in a research report on Saturday, July 22nd. Zacks Investment Research cut Acacia Communications from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 22nd. Cowen and Company reaffirmed an “outperform” rating and set a $57.00 price objective (down from $66.00) on shares of Acacia Communications in a research report on Monday, July 17th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price objective (down from $65.00) on shares of Acacia Communications in a research report on Monday, July 17th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $53.38.

The company’s 50 day moving average is $45.25 and its 200-day moving average is $48.25. The firm has a market capitalization of $1.78 billion, a price-to-earnings ratio of 15.56 and a beta of 3.48.

Acacia Communications (NASDAQ:ACIA) last issued its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.08. Acacia Communications had a return on equity of 34.46% and a net margin of 29.65%. The business had revenue of $78.90 million during the quarter, compared to analyst estimates of $78.17 million. During the same period in the prior year, the company posted $0.77 EPS. The business’s revenue for the quarter was down 32.0% compared to the same quarter last year. Equities analysts anticipate that Acacia Communications, Inc. will post $1.88 earnings per share for the current fiscal year.

In other Acacia Communications news, CEO Murugesan Shanmugaraj sold 2,829 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $44.46, for a total value of $125,777.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Francis J. Murphy sold 833 shares of the company’s stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $48.00, for a total value of $39,984.00. The disclosure for this sale can be found here. Insiders sold a total of 16,922 shares of company stock valued at $783,667 over the last three months. Corporate insiders own 37.10% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Alps Advisors Inc. lifted its position in Acacia Communications by 0.3% in the second quarter. Alps Advisors Inc. now owns 9,357 shares of the technology company’s stock worth $388,000 after purchasing an additional 24 shares during the period. American International Group Inc. lifted 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 purchasing an additional 215 shares during the period. Princeton Capital Management Inc. lifted its position in Acacia Communications by 1.3% in the second quarter. Princeton Capital Management Inc. now owns 29,008 shares of the technology company’s stock worth $1,203,000 after purchasing an additional 364 shares during the period. Winfield Associates Inc. lifted its position in Acacia Communications by 6.0% in the second quarter. Winfield Associates Inc. now owns 7,105 shares of the technology company’s stock worth $295,000 after purchasing an additional 400 shares during the period. Finally, Tealwood Asset Management Inc. lifted its position in Acacia Communications by 1.8% in the second quarter. Tealwood Asset Management Inc. now owns 33,350 shares of the technology company’s stock worth $1,383,000 after purchasing an additional 575 shares during the period. Hedge funds and other institutional investors own 81.86% of the company’s stock.

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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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