Several other analysts have also recently commented on ACIA. Deutsche Bank AG reiterated a buy rating on shares of Acacia Communications in a research note on Wednesday, June 15th. Needham & Company LLC upped their target price on shares of Acacia Communications from $48.00 to $65.00 and gave the company a buy rating in a research report on Monday, July 25th. Bank of America Corp. restated a buy rating and set a $130.00 target price (up from $88.00) on shares of Acacia Communications in a research report on Sunday, September 4th. Finally, Zacks Investment Research upgraded shares of Acacia Communications from a hold rating to a strong-buy rating and set a $122.00 target price on the stock in a research report on Tuesday, September 13th. One 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 has a consensus rating of Buy and an average target price of $99.00.
Shares of Acacia Communications (NASDAQ:ACIA) opened at 92.01 on Wednesday. The company has a 50 day moving average price of $107.56 and a 200 day moving average price of $71.80. Acacia Communications has a 1-year low of $27.05 and a 1-year high of $128.73. The company has a market capitalization of $3.29 billion and a PE ratio of 61.42.
Acacia Communications (NASDAQ:ACIA) last announced its quarterly earnings results on Thursday, August 11th. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.30 by $0.47. The company earned $116.20 million during the quarter, compared to analysts’ expectations of $57.90 million. The company’s quarterly revenue was up 101.0% on a year-over-year basis. Equities analysts predict that Acacia Communications will post $2.76 EPS for the current fiscal year.
In related news, VP Christian J. Rasmussen sold 98,846 shares of the stock in a transaction dated Thursday, October 13th. The shares were sold at an average price of $96.50, for a total value of $9,538,639.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Matrix Partners Viii L. P sold 1,445,307 shares of the stock in a transaction dated Thursday, October 13th. The stock was sold at an average price of $96.50, for a total transaction of $139,472,125.50. Following the completion of the sale, the insider now directly owns 10,646,247 shares in the company, valued at $1,027,362,835.50. The disclosure for this sale can be found here.
A number of hedge funds have recently bought and sold shares of ACIA. Webster Bank N. A. purchased a new stake in Acacia Communications during the third quarter worth $239,000. Macquarie Group Ltd. bought a new position in shares of Acacia Communications during the second quarter worth approximately $5,055,000. CI Global Investments Inc. bought a new position in shares of Acacia Communications during the second quarter worth approximately $899,000. Schwab Charles Investment Management Inc. bought a new position in shares of Acacia Communications during the second quarter worth approximately $515,000. Finally, Metropolitan Life Insurance Co. NY bought a new position in shares of Acacia Communications during the second quarter worth approximately $255,000. 46.97% of the stock is currently owned by institutional investors.
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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