Acacia Communications Inc. (NASDAQ:ACIA) CEO Murugesan Shanmugaraj sold 108,163 shares of Acacia Communications stock in a transaction dated Thursday, October 13th. The shares were sold at an average price of $96.50, for a total transaction of $10,437,729.50. The sale was disclosed in a filing with the SEC, which is accessible through this link.
Acacia Communications Inc. (NASDAQ:ACIA) opened at 91.84 on Tuesday. The firm has a market capitalization of $3.29 billion and a price-to-earnings ratio of 61.31. The company’s 50-day moving average price is $107.11 and its 200-day moving average price is $72.77. Acacia Communications Inc. has a 12-month low of $27.05 and a 12-month high of $128.73.
Acacia Communications (NASDAQ:ACIA) last announced its quarterly earnings results on Thursday, August 11th. The company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.47. The company earned $116.20 million during the quarter, compared to the consensus estimate of $57.90 million. The company’s revenue for the quarter was up 101.0% compared to the same quarter last year. Equities analysts expect that Acacia Communications Inc. will post $2.76 EPS for the current fiscal year.
A number of hedge funds have recently made changes to their positions in the stock. American International Group Inc. bought a new stake in shares of Acacia Communications during the second quarter worth $120,000. Rhumbline Advisers bought a new stake in shares of Acacia Communications during the second quarter worth $201,000. Cubist Systematic Strategies LLC bought a new stake in shares of Acacia Communications during the second quarter worth $229,000. Webster Bank N. A. bought a new stake in shares of Acacia Communications during the third quarter worth $239,000. Finally, Panagora Asset Management Inc. bought a new stake in shares of Acacia Communications during the second quarter worth $254,000. Hedge funds and other institutional investors own 46.97% of the company’s stock.
A number of equities research analysts recently weighed in on ACIA shares. Deutsche Bank AG lifted their price objective on shares of Acacia Communications from $90.00 to $125.00 and gave the company a “buy” rating in a research note on Friday, September 9th. Bank of America Corp. restated a “buy” rating and set a $130.00 price objective (up from $88.00) on shares of Acacia Communications in a research note on Sunday, September 4th. Needham & Company LLC lifted their price objective on shares of Acacia Communications from $65.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, August 12th. Goldman Sachs Group Inc. reaffirmed a “neutral” rating on shares of Acacia Communications in a report on Wednesday, October 12th. Finally, Zacks Investment Research raised Acacia Communications from a “hold” rating to a “strong-buy” rating and set a $122.00 target price on the stock in a report on Tuesday, September 13th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Acacia Communications currently has an average rating of “Buy” and an average price target of $99.00.
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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