MKM Partners reissued their neutral rating on shares of Acacia Communications (NASDAQ:ACIA) in a report issued on Friday morning, Marketbeat Ratings reports. MKM Partners currently has a $61.00 price target on the technology company’s stock, up from their prior price target of $53.00.
A number of other equities research analysts also recently issued reports on ACIA. Needham & Company LLC reiterated a hold rating and set a $38.00 price target on shares of Acacia Communications in a research report on Friday. William Blair restated an outperform rating on shares of Acacia Communications in a research report on Wednesday, February 21st. DA Davidson downgraded Acacia Communications from a buy rating to a neutral rating and cut their price objective for the stock from $48.00 to $38.00 in a research report on Friday. Northland Securities set a $42.00 price objective on Acacia Communications and gave the stock a buy rating in a research report on Monday, January 29th. Finally, UBS Group started coverage on Acacia Communications in a research report on Wednesday, January 31st. They set a buy rating and a $50.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $46.09.
Shares of Acacia Communications (ACIA) opened at $37.05 on Friday. Acacia Communications has a 12-month low of $33.68 and a 12-month high of $61.15. The stock has a market cap of $1,476.94, a P/E ratio of 25.20, a PEG ratio of 2.03 and a beta of 1.60.
In other Acacia Communications news, CEO Murugesan Shanmugaraj sold 6,975 shares of Acacia Communications stock in a transaction that occurred on Tuesday, January 9th. The shares were sold at an average price of $38.23, for a total value of $266,654.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Benny P. Mikkelsen sold 1,900 shares of Acacia Communications stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $38.48, for a total transaction of $73,112.00. The disclosure for this sale can be found here. Insiders have sold a total of 102,088 shares of company stock valued at $3,732,358 over the last 90 days. Insiders own 37.10% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the business. Gilder Gagnon Howe & Co. LLC grew its stake in Acacia Communications by 9.2% in the 3rd quarter. Gilder Gagnon Howe & Co. LLC now owns 1,405,876 shares of the technology company’s stock worth $66,217,000 after acquiring an additional 118,621 shares during the period. Vanguard Group Inc. grew its stake in Acacia Communications by 12.3% in the 2nd quarter. Vanguard Group Inc. now owns 1,333,370 shares of the technology company’s stock worth $55,295,000 after acquiring an additional 145,531 shares during the period. BlackRock Inc. grew its stake in Acacia Communications by 2.1% in the 4th quarter. BlackRock Inc. now owns 1,172,867 shares of the technology company’s stock worth $42,492,000 after acquiring an additional 23,903 shares during the period. Amundi Pioneer Asset Management Inc. grew its stake in Acacia Communications by 7.0% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 1,125,897 shares of the technology company’s stock worth $40,791,000 after acquiring an additional 73,636 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Acacia Communications by 185.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 704,559 shares of the technology company’s stock worth $25,526,000 after acquiring an additional 457,748 shares during the period. 92.11% of the stock is owned by hedge funds and other institutional investors.
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About Acacia Communications
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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