Acacia Communications Inc. (NASDAQ:ACIA) VP Christian J. Rasmussen sold 98,846 shares of Acacia Communications stock in a transaction on Thursday, October 13th. The shares were sold at an average price of $96.50, for a total transaction of $9,538,639.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Shares of Acacia Communications Inc. (NASDAQ:ACIA) opened at 92.01 on Monday. The firm’s 50 day moving average is $107.56 and its 200 day moving average is $71.80. The stock has a market capitalization of $3.29 billion and a price-to-earnings ratio of 61.42. Acacia Communications Inc. has a 12 month low of $27.05 and a 12 month high of $128.73.
Acacia Communications (NASDAQ:ACIA) last posted its quarterly 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 firm had revenue of $116.20 million for the quarter, compared to analysts’ expectations of $57.90 million. The firm’s revenue was up 101.0% on a year-over-year basis. On average, equities analysts predict that Acacia Communications Inc. will post $2.76 earnings per share for the current fiscal year.
ACIA has been the topic of a number of analyst reports. Bank of America Corp. reiterated a “buy” rating and issued a $130.00 price objective (up from $88.00) on shares of Acacia Communications in a research report on Sunday, September 4th. Needham & Company LLC lifted their price objective on shares of Acacia Communications from $100.00 to $125.00 and gave the company a “buy” rating in a research report on Tuesday, October 11th. Goldman Sachs Group Inc. reiterated a “neutral” rating on shares of Acacia Communications in a research report on Wednesday, October 12th. Deutsche Bank AG reiterated a “buy” rating and issued a $125.00 price objective on shares of Acacia Communications in a research report on Wednesday, September 28th. Finally, Zacks Investment Research upgraded shares of Acacia Communications from a “hold” rating to a “strong-buy” rating and set a $122.00 price objective on the stock in a research report on Tuesday, September 13th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $99.00.
Several hedge funds and other institutional investors have recently modified their holdings of ACIA. Webster Bank N. A. bought a new position in shares of Acacia Communications during the third quarter worth approximately $239,000. American International Group Inc. bought a new position in shares of Acacia Communications during the second quarter worth approximately $120,000. Rhumbline Advisers bought a new position in shares of Acacia Communications during the second quarter worth approximately $201,000. Cubist Systematic Strategies LLC bought a new position in shares of Acacia Communications during the second quarter worth approximately $229,000. Finally, Panagora Asset Management Inc. bought a new position in shares of Acacia Communications during the second quarter worth approximately $254,000. 46.97% of the stock is currently owned by institutional investors and hedge funds.
Acacia Communications Company Profile
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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