Hanson & Doremus Investment Management purchased a new position in Acacia Communications, Inc. (NASDAQ:ACIA) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 6,545 shares of the technology company’s stock, valued at approximately $271,000.
A number of other hedge funds have also added to or reduced their stakes in ACIA. Russell Investments Group Ltd. acquired a new stake in Acacia Communications during the fourth quarter valued at approximately $266,000. State Street Corp raised its stake in Acacia Communications by 181.7% in the fourth quarter. State Street Corp now owns 206,284 shares of the technology company’s stock valued at $12,736,000 after buying an additional 133,065 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in Acacia Communications during the fourth quarter valued at approximately $209,000. Guggenheim Capital LLC increased its stake in shares of Acacia Communications by 66.3% in the fourth quarter. Guggenheim Capital LLC now owns 13,038 shares of the technology company’s stock valued at $805,000 after buying an additional 5,200 shares during the period. Finally, Teachers Advisors LLC increased its stake in shares of Acacia Communications by 1,179.3% in the fourth quarter. Teachers Advisors LLC now owns 104,927 shares of the technology company’s stock valued at $6,479,000 after buying an additional 96,725 shares during the period. 87.70% of the stock is owned by institutional investors and hedge funds.
Shares of Acacia Communications, Inc. (NASDAQ:ACIA) traded up 1.95% during trading on Friday, reaching $43.83. 330,299 shares of the company were exchanged. The firm’s 50 day moving average price is $43.05 and its 200 day moving average price is $50.14. The company has a market capitalization of $1.72 billion, a PE ratio of 14.99 and a beta of 3.79. Acacia Communications, Inc. has a one year low of $38.50 and a one year high of $128.73.
Acacia Communications (NASDAQ:ACIA) last announced 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 return on equity of 34.46% and a net margin of 29.65%. The firm had revenue of $78.90 million during the quarter, compared to analyst estimates of $78.17 million. During the same period last year, the firm posted $0.77 EPS. The business’s revenue was down 32.0% compared to the same quarter last year. Equities research analysts forecast that Acacia Communications, Inc. will post $1.88 earnings per share for the current fiscal year.
Several research analysts have weighed in on the stock. B. Riley reiterated a “neutral” rating and issued a $47.00 price objective on shares of Acacia Communications in a research note on Saturday, May 13th. Needham & Company LLC restated a “buy” rating and set a $50.00 price target on shares of Acacia Communications in a research note on Friday, August 4th. Cowen and Company lowered their target price on shares of Acacia Communications from $75.00 to $66.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 10th. Deutsche Bank AG set a $60.00 target price on shares of Acacia Communications and gave the company a “buy” rating in a research note on Wednesday, May 10th. Finally, William Blair reissued a “buy” rating on shares of Acacia Communications in a report on Thursday, June 15th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $61.89.
In other news, VP Christian J. Rasmussen sold 10,060 shares of Acacia Communications stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $48.52, for a total transaction of $488,111.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John F. Gavin sold 4,634 shares of Acacia Communications stock in a transaction dated Monday, May 15th. The shares were 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. Insiders have sold a total of 40,247 shares of company stock valued at $1,944,317 in the last ninety days.
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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