Zacks Investment Research downgraded shares of Acacia Communications, Inc. (NASDAQ:ACIA) from a hold rating to a strong sell rating in a report published on Tuesday morning.
According to Zacks, “Acacia Communications, Inc. designs, develops, manufactures and markets communication equipments. The Company offers coherent optical interconnect products for cloud infrastructure operators and content and communication service providers. It operates primarily in the Americas, Europe, the Middle East, Africa and the Asia Pacific region. Acacia Communications, Inc. is headquartered in Maynard, Massachusetts. “
Several other analysts have also weighed in on ACIA. B. Riley reissued a neutral rating and issued a $53.50 target price on shares of Acacia Communications in a report on Monday, May 8th. Needham & Company LLC reaffirmed a buy rating and set a $50.00 price objective on shares of Acacia Communications in a research note on Friday, August 4th. Cowen and Company reaffirmed an outperform rating and set a $57.00 price objective on shares of Acacia Communications in a research note on Monday, July 24th. Deutsche Bank AG set a $60.00 price objective on Acacia Communications and gave the company a buy rating in a research note on Wednesday, May 10th. Finally, ValuEngine lowered Acacia Communications from a buy rating to a hold rating in a research note on Tuesday, July 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of Buy and a consensus target price of $61.89.
Acacia Communications (ACIA) opened at 48.22 on Tuesday. Acacia Communications has a 52-week low of $38.50 and a 52-week high of $128.73. The company has a market capitalization of $1.89 billion, a price-to-earnings ratio of 16.49 and a beta of 3.79. The firm has a 50 day moving average of $43.58 and a 200-day moving average of $49.12.
Acacia Communications (NASDAQ:ACIA) last posted its earnings results on Thursday, August 3rd. The technology company reported $0.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.08. The company had revenue of $78.90 million for the quarter, compared to analyst estimates of $78.17 million. Acacia Communications had a return on equity of 34.46% and a net margin of 29.65%. Acacia Communications’s revenue was down 32.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.77 earnings per share. Equities analysts expect that Acacia Communications will post $1.88 EPS for the current year.
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In related news, CEO Murugesan Shanmugaraj sold 2,829 shares of the stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $44.46, for a total transaction of $125,777.34. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Francis J. Murphy sold 8,380 shares of the stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $48.00, for a total value of $402,240.00. The disclosure for this sale can be found here. Insiders have sold 16,089 shares of company stock worth $743,683 over the last quarter.
Institutional investors have recently added to or reduced their stakes in the company. Dumont & Blake Investment Advisors LLC increased its position in Acacia Communications by 38.9% in the first quarter. Dumont & Blake Investment Advisors LLC now owns 5,000 shares of the technology company’s stock valued at $293,000 after buying an additional 1,400 shares during the period. Bank of New York Mellon Corp increased its position in Acacia Communications by 6.6% in the first quarter. Bank of New York Mellon Corp now owns 37,528 shares of the technology company’s stock worth $2,200,000 after buying an additional 2,340 shares during the period. Boston Partners purchased a new position in Acacia Communications during the first quarter worth approximately $5,462,000. Carl Domino Inc purchased a new position in Acacia Communications during the first quarter worth approximately $264,000. Finally, Trellus Management Company LLC increased its position in Acacia Communications by 48.9% in the first quarter. Trellus Management Company LLC now owns 15,220 shares of the technology company’s stock worth $892,000 after buying an additional 5,000 shares during the period. Hedge funds and other institutional investors own 86.54% of the company’s stock.
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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