Morgan Stanley downgraded shares of Acacia Communications (NASDAQ:ACIA) from an equal weight rating to an underweight rating in a report issued on Friday morning, Marketbeat Ratings reports. Morgan Stanley currently has $37.00 target price on the technology company’s stock.
ACIA has been the topic of several other research reports. William Blair restated an outperform rating on shares of Acacia Communications in a report on Wednesday, February 21st. MKM Partners restated a neutral rating and issued a $61.00 target price (up previously from $53.00) on shares of Acacia Communications in a report on Friday, February 23rd. Needham & Company LLC restated a hold rating and issued a $38.00 target price on shares of Acacia Communications in a report on Friday, February 23rd. UBS Group initiated coverage on shares of Acacia Communications in a report on Wednesday, January 31st. They issued a buy rating and a $50.00 target price on the stock. Finally, DA Davidson cut shares of Acacia Communications from a buy rating to a neutral rating and cut their target price for the stock from $48.00 to $38.00 in a report on Friday, February 23rd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company’s stock. Acacia Communications has a consensus rating of Hold and an average price target of $46.09.
Acacia Communications (ACIA) opened at $44.84 on Friday. The company has a market cap of $1,790.00 and a P/E ratio of 26.85. Acacia Communications has a one year low of $33.68 and a one year high of $61.15.
In related news, CFO John F. Gavin sold 16,000 shares of Acacia Communications stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $38.66, for a total value of $618,560.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Murugesan Shanmugaraj sold 6,975 shares of Acacia Communications stock in a transaction on Tuesday, January 9th. The shares were sold at an average price of $38.23, for a total transaction of $266,654.25. The disclosure for this sale can be found here. In the last quarter, insiders sold 130,871 shares of company stock worth $4,854,241. 37.10% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in ACIA. Northern Trust Corp boosted its holdings in Acacia Communications by 174.3% in the second quarter. Northern Trust Corp now owns 203,061 shares of the technology company’s stock valued at $8,422,000 after acquiring an additional 129,031 shares in the last quarter. Parametric Portfolio Associates LLC boosted its holdings in Acacia Communications by 175.4% in the second quarter. Parametric Portfolio Associates LLC now owns 18,350 shares of the technology company’s stock valued at $761,000 after acquiring an additional 11,687 shares in the last quarter. Voya Investment Management LLC bought a new stake in Acacia Communications in the second quarter valued at $347,000. Royal Bank of Canada boosted its holdings in Acacia Communications by 12.1% in the second quarter. Royal Bank of Canada now owns 13,966 shares of the technology company’s stock valued at $579,000 after acquiring an additional 1,511 shares in the last quarter. Finally, State Street Corp boosted its holdings in Acacia Communications by 199.1% in the second quarter. State Street Corp now owns 357,946 shares of the technology company’s stock valued at $14,844,000 after acquiring an additional 238,270 shares in the last quarter. Institutional investors and hedge funds own 89.22% of the company’s stock.
TRADEMARK VIOLATION WARNING: “Acacia Communications (ACIA) Stock Rating Lowered by Morgan Stanley” was first published by Ticker Report and is owned by of Ticker Report. If you are reading this story on another website, it was illegally stolen and reposted in violation of US and international copyright legislation. The correct version of this story can be accessed at https://www.tickerreport.com/banking-finance/3258721/acacia-communications-acia-stock-rating-lowered-by-morgan-stanley.html.
Acacia Communications Company Profile
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.
Receive News & Ratings for Acacia Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Acacia Communications and related companies with MarketBeat.com's FREE daily email newsletter.