BlackRock Inc. boosted its position in shares of Acacia Communications (NASDAQ:ACIA) by 2.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 1,172,867 shares of the technology company’s stock after acquiring an additional 23,903 shares during the quarter. BlackRock Inc.’s holdings in Acacia Communications were worth $42,492,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Acacia Communications by 185.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 704,559 shares of the technology company’s stock worth $25,526,000 after acquiring an additional 457,748 shares during the period. Schroder Investment Management Group lifted its position in Acacia Communications by 7.9% during the 4th quarter. Schroder Investment Management Group now owns 306,047 shares of the technology company’s stock worth $11,088,000 after acquiring an additional 22,494 shares during the period. Nationwide Fund Advisors lifted its position in Acacia Communications by 4.4% during the 3rd quarter. Nationwide Fund Advisors now owns 157,530 shares of the technology company’s stock worth $7,420,000 after acquiring an additional 6,618 shares during the period. Bank of New York Mellon Corp lifted its position in Acacia Communications by 38.6% during the 4th quarter. Bank of New York Mellon Corp now owns 126,481 shares of the technology company’s stock worth $4,583,000 after acquiring an additional 35,195 shares during the period. Finally, CWM LLC purchased a new position in shares of Acacia Communications during the 4th quarter valued at about $3,599,000. 62.41% of the stock is owned by institutional investors.
NASDAQ ACIA opened at $35.89 on Monday. Acacia Communications has a fifty-two week low of $33.68 and a fifty-two week high of $57.78. The stock has a market cap of $1,430.68, a price-to-earnings ratio of 30.16, a P/E/G ratio of 6.25 and a beta of 0.88.
Acacia Communications (NASDAQ:ACIA) last announced its quarterly earnings results on Thursday, February 22nd. The technology company reported $0.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.02. Acacia Communications had a return on equity of 12.40% and a net margin of 10.00%. The firm had revenue of $86.60 million during the quarter, compared to analyst estimates of $88.41 million. During the same quarter in the previous year, the business earned $0.94 EPS. Acacia Communications’s revenue for the quarter was down 39.2% compared to the same quarter last year. equities research analysts expect that Acacia Communications will post 0.28 earnings per share for the current fiscal year.
In related news, CEO Murugesan Shanmugaraj sold 6,975 shares of Acacia Communications stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $38.23, for a total value of $266,654.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Bhupendra C. Shah sold 893 shares of Acacia Communications stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $38.48, for a total value of $34,362.64. The disclosure for this sale can be found here. In the last 90 days, insiders sold 148,470 shares of company stock valued at $5,789,972. 37.10% of the stock is owned by company insiders.
ACIA has been the subject of a number of recent research reports. Piper Jaffray initiated coverage on Acacia Communications in a research note on Tuesday, February 13th. They set an “overweight” rating and a $43.00 price objective for the company. Loop Capital initiated coverage on Acacia Communications in a research note on Monday, January 29th. They set a “buy” rating and a $50.00 price objective for the company. William Blair reiterated an “outperform” rating on shares of Acacia Communications in a research note on Wednesday, February 21st. Needham & Company LLC reiterated a “hold” rating and set a $38.00 price objective on shares of Acacia Communications in a research note on Friday, February 23rd. Finally, Morgan Stanley lowered Acacia Communications from an “equal weight” rating to an “underweight” rating and set a $37.00 price objective for the company. in a research note on Friday, March 9th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company’s stock. Acacia Communications has a consensus rating of “Hold” and a consensus target price of $46.82.
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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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