Zacks Investment Research upgraded shares of Acacia Communications, Inc. (NASDAQ:ACIA) from a strong sell rating to a hold rating in a research note issued to investors on Wednesday morning.

According to Zacks, “Acacia Communications, Inc. designs, develops, manufactures and markets communication equipments. The Company offers coherent optical interconnect products for cloud infrastructure operators and content and communication service providers. It operates primarily in the Americas, Europe, the Middle East, Africa and the Asia Pacific region. Acacia Communications, Inc. is headquartered in Maynard, Massachusetts. “

A number of other equities research analysts have also recently commented on the stock. William Blair restated a buy rating on shares of Acacia Communications in a report on Thursday, June 15th. Northland Securities set a $50.00 price target on shares of Acacia Communications and gave the stock a buy rating in a report on Saturday, July 22nd. Cowen and Company restated an outperform rating and issued a $57.00 price target (down from $66.00) on shares of Acacia Communications in a report on Monday, July 17th. DA Davidson initiated coverage on shares of Acacia Communications in a report on Thursday, June 22nd. They issued a buy rating and a $61.00 price target for the company. Finally, MKM Partners initiated coverage on shares of Acacia Communications in a report on Tuesday, September 19th. They issued a buy rating and a $64.00 price target for the company. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Acacia Communications has an average rating of Buy and a consensus target price of $53.25.

Acacia Communications (NASDAQ:ACIA) opened at 48.02 on Wednesday. The company has a 50-day moving average of $46.47 and a 200-day moving average of $46.47. Acacia Communications has a 52 week low of $44.00 and a 52 week high of $101.66. The firm has a market capitalization of $1.88 billion, a price-to-earnings ratio of 16.42 and a beta of 3.27.

Acacia Communications (NASDAQ:ACIA) last posted its quarterly earnings results on Thursday, August 3rd. The technology company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.08. The business had revenue of $78.90 million during the quarter, compared to analysts’ expectations of $78.17 million. Acacia Communications had a net margin of 29.65% and a return on equity of 34.46%. The business’s quarterly revenue was down 32.0% on a year-over-year basis. During the same period last year, the company posted $0.77 earnings per share. On average, equities analysts forecast that Acacia Communications will post $1.86 earnings per share for the current fiscal year.

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In other news, CFO John F. Gavin sold 858 shares of Acacia Communications stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $44.46, for a total transaction of $38,146.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Murugesan Shanmugaraj sold 2,829 shares of Acacia Communications stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $44.46, for a total transaction of $125,777.34. The disclosure for this sale can be found here. Insiders have sold 33,655 shares of company stock valued at $1,558,760 over the last quarter. Corporate insiders own 37.10% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Capital Research Global Investors boosted its holdings in Acacia Communications by 47.6% during the second quarter. Capital Research Global Investors now owns 3,351,605 shares of the technology company’s stock worth $138,991,000 after purchasing an additional 1,080,126 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Acacia Communications by 12.3% during the second quarter. Vanguard Group Inc. now owns 1,333,370 shares of the technology company’s stock worth $55,295,000 after purchasing an additional 145,531 shares during the last quarter. FMR LLC boosted its holdings in Acacia Communications by 61.2% during the first quarter. FMR LLC now owns 1,332,907 shares of the technology company’s stock worth $78,135,000 after purchasing an additional 506,153 shares during the last quarter. Gilder Gagnon Howe & Co. LLC boosted its holdings in Acacia Communications by 8.9% during 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 purchasing an additional 105,690 shares during the last quarter. Finally, Wellington Management Group LLP purchased a new position in Acacia Communications during the first quarter worth about $72,279,000. Hedge funds and other institutional investors own 81.84% of the company’s stock.

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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Analyst Recommendations for Acacia Communications (NASDAQ:ACIA)

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