Cowen and Company reiterated their outperform rating on shares of Acacia Communications, Inc. (NASDAQ:ACIA) in a report released on Monday, July 17th. Cowen and Company currently has a $57.00 target price on the technology company’s stock, down from their prior target price of $66.00.
Several other research firms have also recently issued reports on ACIA. B. Riley assumed coverage on shares of Acacia Communications in a research note on Tuesday, April 4th. They issued a neutral rating and a $60.00 target price for the company. Needham & Company LLC restated a buy rating and set a $65.00 price objective (down from $100.00) on shares of Acacia Communications in a research report on Wednesday, May 10th. Zacks Investment Research upgraded shares of Acacia Communications from a hold rating to a strong-buy rating and set a $62.00 price objective for the company 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. Finally, Northland Securities restated a buy rating and set a $50.00 price objective on shares of Acacia Communications in a research report on Friday, June 23rd. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Acacia Communications presently has an average rating of Buy and a consensus price target of $61.89.
Acacia Communications (NASDAQ ACIA) opened at 45.35 on Monday. The stock has a market capitalization of $1.75 billion, a PE ratio of 13.35 and a beta of 3.79. The company’s 50-day moving average is $42.74 and its 200 day moving average is $50.84. Acacia Communications has a 1-year low of $38.50 and a 1-year high of $128.73.
Acacia Communications (NASDAQ:ACIA) last posted its earnings results on Thursday, August 3rd. The technology company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.08. Acacia Communications had a net margin of 29.65% and a return on equity of 34.46%. The firm had revenue of $78.90 million during the quarter, compared to analysts’ expectations of $78.17 million. During the same period in the previous year, the business posted $0.77 EPS. The business’s revenue was down 32.0% compared to the same quarter last year. Equities analysts predict that Acacia Communications will post $1.90 earnings per share for the current year.
In related news, CEO Murugesan Shanmugaraj sold 8,983 shares of the company’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $48.52, for a total value of $435,855.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John Ritchie sold 2,640 shares of the stock in a transaction dated Tuesday, May 9th. The stock was sold at an average price of $47.20, for a total transaction of $124,608.00. The disclosure for this sale can be found here. Insiders sold 34,507 shares of company stock valued at $1,666,685 in the last three months.
A number of hedge funds and other institutional investors have recently made changes to their positions in ACIA. Legal & General Group Plc raised its position in shares of Acacia Communications by 319.5% in the second quarter. Legal & General Group Plc now owns 6,503 shares of the technology company’s stock valued at $269,000 after buying an additional 4,953 shares during the period. Bank of New York Mellon Corp raised its position in shares of Acacia Communications by 112.5% in the second quarter. Bank of New York Mellon Corp now owns 79,760 shares of the technology company’s stock valued at $3,307,000 after buying an additional 42,232 shares during the period. Alps Advisors Inc. raised its position in shares of Acacia Communications by 0.3% in the second quarter. Alps Advisors Inc. now owns 9,357 shares of the technology company’s stock valued at $388,000 after buying an additional 24 shares during the period. State of Wisconsin Investment Board raised its position in shares of Acacia Communications by 7.7% in the second quarter. State of Wisconsin Investment Board now owns 70,000 shares of the technology company’s stock valued at $2,903,000 after buying an additional 5,000 shares during the period. Finally, Rhumbline Advisers boosted its stake in shares of Acacia Communications by 242.7% in the second quarter. Rhumbline Advisers now owns 20,583 shares of the technology company’s stock valued at $854,000 after buying an additional 14,577 shares in the last quarter. 87.70% of the stock is owned by institutional investors.
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.
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