Cowen and Company Reaffirms Outperform Rating for Acacia Communications, Inc. (NASDAQ:ACIA)

Cowen and Company restated their outperform rating on shares of Acacia Communications, Inc. (NASDAQ:ACIA) in a report released on Monday. Cowen and Company currently has a $57.00 price target on the technology company’s stock, down from their prior price target of $66.00.

ACIA has been the topic of a number of other reports. Zacks Investment Research upgraded shares of Acacia Communications from a hold rating to a strong-buy rating and set a $62.00 target price on the stock in a research report on Wednesday, April 26th. William Blair restated an outperform rating on shares of Acacia Communications in a research report on Monday, May 8th. Needham & Company LLC restated a buy rating and set a $50.00 target price (down from $65.00) on shares of Acacia Communications in a research report on Monday. DA Davidson initiated coverage on shares of Acacia Communications in a research report on Thursday, June 22nd. They set a buy rating and a $61.00 target price on the stock. Finally, Northland Securities restated a buy rating and set a $50.00 target price on shares of Acacia Communications in a research report on Friday, June 23rd. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $62.17.

Acacia Communications (NASDAQ ACIA) opened at 42.49 on Monday. Acacia Communications has a one year low of $38.50 and a one year high of $128.73. The firm’s 50-day moving average is $43.48 and its 200 day moving average is $51.96. The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of 12.50 and a beta of 3.81.

Acacia Communications (NASDAQ:ACIA) last released its earnings results on Tuesday, May 9th. The technology company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.34. Acacia Communications had a net margin of 30.02% and a return on equity of 43.80%. The company had revenue of $114.67 million for the quarter, compared to the consensus estimate of $112.46 million. During the same period in the prior year, the company posted $0.44 EPS. The company’s revenue was up 35.7% compared to the same quarter last year. Analysts forecast that Acacia Communications will post $1.85 EPS for the current fiscal year.

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In related news, CEO Murugesan Shanmugaraj sold 8,983 shares of the stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $48.52, for a total transaction of $435,855.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John F. Gavin sold 4,634 shares of the stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $48.54, for a total value of $224,934.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 86,169 shares of company stock valued at $4,074,841.

A number of hedge funds have recently bought and sold shares of ACIA. Wellington Management Group LLP acquired a new stake in Acacia Communications during the first quarter worth about $72,279,000. KAMES CAPITAL plc acquired a new stake in Acacia Communications during the first quarter worth about $39,317,000. Morgan Stanley boosted its stake in Acacia Communications by 303.5% in the first quarter. Morgan Stanley now owns 765,219 shares of the technology company’s stock worth $44,857,000 after buying an additional 575,574 shares during the last quarter. FMR LLC boosted its stake in Acacia Communications by 61.2% in the first quarter. FMR LLC now owns 1,332,907 shares of the technology company’s stock worth $78,135,000 after buying an additional 506,153 shares during the last quarter. Finally, Whale Rock Capital Management LLC acquired a new stake in Acacia Communications during the first quarter worth about $23,502,000. 88.28% of the stock is owned by institutional investors and hedge funds.

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.