Acacia Communications, Inc. (ACIA) Sees Significant Decline in Short Interest

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Acacia Communications, Inc. (NASDAQ:ACIA) saw a large decline in short interest in the month of March. As of March 29th, there was short interest totalling 1,554,835 shares, a decline of 26.8% from the March 15th total of 2,125,098 shares. Approximately 4.2% of the shares of the company are short sold. Based on an average daily trading volume, of 1,186,037 shares, the short-interest ratio is currently 1.3 days.

Shares of ACIA stock opened at $61.04 on Tuesday. The firm has a market capitalization of $2.50 billion, a P/E ratio of 406.93, a P/E/G ratio of 3.63 and a beta of 1.77. Acacia Communications has a one year low of $24.72 and a one year high of $62.00.

Acacia Communications (NASDAQ:ACIA) last announced its quarterly earnings results on Thursday, February 21st. The technology company reported $0.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.06. The business had revenue of $107.10 million for the quarter, compared to analyst estimates of $102.84 million. Acacia Communications had a return on equity of 3.02% and a net margin of 1.45%. Acacia Communications’s quarterly revenue was up 23.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.27 EPS. Equities analysts forecast that Acacia Communications will post 0.88 earnings per share for the current year.

In other news, VP Mehrdad Givehchi sold 1,808 shares of Acacia Communications stock in a transaction that occurred on Monday, February 4th. The stock was sold at an average price of $42.34, for a total transaction of $76,550.72. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO John F. Gavin sold 2,752 shares of Acacia Communications stock in a transaction that occurred on Monday, February 4th. The stock was sold at an average price of $42.34, for a total value of $116,519.68. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,524,770 shares of company stock worth $79,978,162. Company insiders own 33.20% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Acacia Communications by 19.4% in the third quarter. Vanguard Group Inc. now owns 2,410,234 shares of the technology company’s stock worth $99,711,000 after purchasing an additional 391,574 shares in the last quarter. Vanguard Group Inc boosted its stake in Acacia Communications by 19.4% in the third quarter. Vanguard Group Inc now owns 2,410,234 shares of the technology company’s stock worth $99,711,000 after purchasing an additional 391,574 shares in the last quarter. BlackRock Inc. boosted its stake in Acacia Communications by 2.4% in the fourth quarter. BlackRock Inc. now owns 2,000,266 shares of the technology company’s stock worth $76,011,000 after purchasing an additional 46,913 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Acacia Communications by 330.0% in the third quarter. Bank of New York Mellon Corp now owns 808,169 shares of the technology company’s stock worth $33,434,000 after purchasing an additional 620,202 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in Acacia Communications by 354.2% in the fourth quarter. Millennium Management LLC now owns 639,280 shares of the technology company’s stock worth $24,293,000 after purchasing an additional 498,540 shares in the last quarter. 80.24% of the stock is currently owned by institutional investors and hedge funds.

Several brokerages have recently weighed in on ACIA. Zacks Investment Research raised Acacia Communications from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a report on Thursday, February 28th. ValuEngine raised Acacia Communications from a “buy” rating to a “strong-buy” rating in a report on Monday, April 1st. Piper Jaffray Companies lifted their price objective on Acacia Communications from $59.00 to $68.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. UBS Group lifted their price objective on Acacia Communications to $64.00 and gave the stock a “buy” rating in a report on Thursday, March 28th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Acacia Communications in a report on Friday, February 22nd. Three investment analysts have rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $53.82.

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Acacia Communications Company Profile

Acacia Communications, Inc develops, manufactures, and sells high-speed coherent optical interconnect products in the United States, China, Germany, Thailand, and internationally. The company offers embedded and pluggable module products consisting of optical interconnect modules with transmission speeds ranging from 100 to 1,200 gigabits per second for use in long-haul, metro, and inter-data center markets.

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