Acacia Communications Inc. (NASDAQ:ACIA) Director Peter Y. Chung sold 346,202 shares of the business’s stock in a transaction that occurred on Thursday, October 13th. The stock was sold at an average price of $96.50, for a total value of $33,408,493.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.
Acacia Communications Inc. (NASDAQ:ACIA) traded down 2.03% during midday trading on Friday, hitting $92.01. 4,377,691 shares of the stock were exchanged. Acacia Communications Inc. has a 1-year low of $27.05 and a 1-year high of $128.73. The firm’s 50-day moving average price is $107.82 and its 200 day moving average price is $72.41. The firm has a market capitalization of $3.29 billion and a P/E ratio of 61.42.
Acacia Communications (NASDAQ:ACIA) last posted its earnings results on Thursday, August 11th. The company reported $0.77 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.47. The business earned $116.20 million during the quarter, compared to analyst estimates of $57.90 million. The business’s revenue was up 101.0% on a year-over-year basis. Analysts expect that Acacia Communications Inc. will post $2.76 earnings per share for the current fiscal year.
A number of brokerages have recently issued reports on ACIA. Needham & Company LLC boosted their price objective on Acacia Communications from $65.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, August 12th. Zacks Investment Research upgraded Acacia Communications from a “hold” rating to a “strong-buy” rating and set a $122.00 price objective for the company in a report on Tuesday, September 13th. Deutsche Bank AG boosted their price objective on Acacia Communications from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, July 14th. Goldman Sachs Group Inc. restated a “neutral” rating on shares of Acacia Communications in a report on Wednesday. Finally, Bank of America Corp. restated a “buy” rating and set a $130.00 price objective (up previously from $88.00) on shares of Acacia Communications in a report on Sunday, September 4th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $99.00.
Large investors have recently bought and sold shares of the company. Kornitzer Capital Management Inc. KS acquired a new stake in Acacia Communications during the second quarter worth $6,389,000. Gilder Gagnon Howe & Co. LLC purchased a new stake in Acacia Communications during the second quarter valued at approximately $12,294,000. Bank of New York Mellon Corp purchased a new stake in Acacia Communications during the second quarter valued at approximately $615,000. California State Teachers Retirement System purchased a new stake in Acacia Communications during the second quarter valued at approximately $439,000. Finally, State of New Jersey Common Pension Fund D purchased a new stake in Acacia Communications during the second quarter valued at approximately $999,000. Institutional investors own 48.58% of the company’s stock.
About Acacia Communications
Acacia Communications, Inc is engaged in delivering coherent optical interconnect products. The Company offers its products for communications networks, relied upon by cloud infrastructure operators, and content and communication service providers. Its 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 40 to 400 gigabits per second (Gbps) for use in metro and inter-data center markets.
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