Acacia Communications, Inc. (NASDAQ:ACIA) has received an average rating of “Buy” from the seventeen analysts that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $44.65.
ACIA has been the topic of a number of research reports. Loop Capital increased their price objective on shares of Acacia Communications to $44.50 and gave the stock an “in-line” rating in a research note on Friday, August 3rd. UBS Group set a $48.00 price objective on shares of Acacia Communications and gave the stock a “buy” rating in a research note on Friday, August 3rd. DA Davidson increased their price objective on shares of Acacia Communications from $30.00 to $37.00 and gave the stock a “neutral” rating in a research note on Friday, August 3rd. B. Riley increased their price objective on shares of Acacia Communications from $37.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, August 3rd. Finally, Cowen reiterated a “buy” rating and issued a $44.00 price objective on shares of Acacia Communications in a research note on Friday, August 3rd.
Shares of NASDAQ ACIA traded up $1.37 during midday trading on Monday, reaching $46.12. The company had a trading volume of 1,430,293 shares, compared to its average volume of 759,911. The stock has a market cap of $1.81 billion, a P/E ratio of 38.76 and a beta of 1.68. Acacia Communications has a 1 year low of $24.72 and a 1 year high of $47.26.
Acacia Communications (NASDAQ:ACIA) last posted its quarterly earnings results on Thursday, November 1st. The technology company reported $0.23 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.19. The business had revenue of $94.80 million during the quarter, compared to analysts’ expectations of $89.99 million. Acacia Communications had a negative net margin of 7.68% and a positive return on equity of 2.11%. The business’s quarterly revenue was down 9.7% on a year-over-year basis. During the same quarter last year, the company posted $0.46 earnings per share. On average, sell-side analysts forecast that Acacia Communications will post -0.13 earnings per share for the current year.
In related news, VP Mehrdad Givehchi sold 2,707 shares of the firm’s stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $39.32, for a total transaction of $106,439.24. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Murugesan Shanmugaraj sold 2,708 shares of the firm’s stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $39.32, for a total transaction of $106,478.56. The disclosure for this sale can be found here. Insiders sold 6,674 shares of company stock worth $262,276 in the last quarter. Company insiders own 33.20% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. acquired a new stake in Acacia Communications during the second quarter valued at $164,000. Janus Henderson Group PLC acquired a new stake in Acacia Communications during the second quarter valued at $214,000. Colrain Capital LLC acquired a new stake in Acacia Communications during the third quarter valued at $231,000. BNP Paribas Arbitrage SA grew its position in Acacia Communications by 62.2% during the second quarter. BNP Paribas Arbitrage SA now owns 7,186 shares of the technology company’s stock valued at $250,000 after buying an additional 2,755 shares during the period. Finally, First Mercantile Trust Co. grew its position in Acacia Communications by 47.8% during the second quarter. First Mercantile Trust Co. now owns 7,376 shares of the technology company’s stock valued at $257,000 after buying an additional 2,386 shares during the period. Institutional investors own 86.15% of the company’s stock.
About Acacia Communications
Acacia Communications, Inc develops, manufactures, and sells high-speed coherent optical interconnect products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific region. Its products include a series of low-power coherent digital signal processor application-specific integrated circuits and silicon photonic integrated circuits that are integrated into families of optical interconnect modules with transmission speeds ranging from 100 to 400 gigabits per second for use in long-haul, metro, and inter-data center markets.
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