Acacia Communications (ACIA) Shares Down 2.1% on Analyst Downgrade

Acacia Communications (NASDAQ:ACIA) shares were down 2.1% on Tuesday after Deutsche Bank lowered their price target on the stock to $35.00. Deutsche Bank currently has a buy rating on the stock. Acacia Communications traded as low as $24.72 and last traded at $26.18. Approximately 3,143,812 shares changed hands during trading, an increase of 338% from the average daily volume of 717,000 shares. The stock had previously closed at $25.63.

A number of other research analysts have also recently commented on the stock. Piper Jaffray started coverage on shares of Acacia Communications in a research report on Tuesday, February 13th. They set an “overweight” rating and a $43.00 target price on the stock. Loop Capital started coverage on shares of Acacia Communications in a research report on Monday, January 29th. They set a “buy” rating and a $50.00 target price on the stock. William Blair reissued an “outperform” rating on shares of Acacia Communications in a research report on Wednesday, February 21st. Needham & Company LLC reissued a “hold” rating and set a $38.00 target price on shares of Acacia Communications in a research report on Friday, February 23rd. Finally, Northland Securities reissued a “buy” rating and set a $50.00 target price on shares of Acacia Communications in a research report on Monday, March 19th. Two analysts have rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $41.36.

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In related news, CTO Benny P. Mikkelsen sold 1,900 shares of Acacia Communications stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $38.48, for a total value of $73,112.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Murugesan Shanmugaraj sold 1,898 shares of Acacia Communications stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $38.48, for a total transaction of $73,035.04. The disclosure for this sale can be found here. In the last 90 days, insiders sold 141,791 shares of company stock valued at $5,533,982. Insiders own 33.20% of the company’s stock.

Several large investors have recently modified their holdings of the stock. Stifel Financial Corp bought a new stake in Acacia Communications during the third quarter valued at $218,000. Quantitative Systematic Strategies LLC bought a new position in shares of Acacia Communications during the fourth quarter worth about $201,000. Teacher Retirement System of Texas bought a new position in shares of Acacia Communications during the fourth quarter worth about $219,000. Stone Ridge Asset Management LLC bought a new position in shares of Acacia Communications during the fourth quarter worth about $239,000. Finally, Pitcairn Co. grew its position in shares of Acacia Communications by 61.8% during the fourth quarter. Pitcairn Co. now owns 7,430 shares of the technology company’s stock worth $269,000 after acquiring an additional 2,839 shares during the last quarter. Institutional investors and hedge funds own 62.10% of the company’s stock.

The stock has a market capitalization of $1,603.73, a P/E ratio of 21.92, a PEG ratio of 6.97 and a beta of 0.88.

Acacia Communications (NASDAQ:ACIA) last released its quarterly earnings results on Thursday, February 22nd. The technology company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.25 by $0.02. The business had revenue of $86.60 million during the quarter, compared to analyst estimates of $88.41 million. Acacia Communications had a net margin of 10.00% and a return on equity of 12.40%. The company’s quarterly revenue was down 39.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.94 earnings per share. equities analysts anticipate that Acacia Communications will post 0.28 earnings per share for the current year.

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Acacia Communications Company Profile

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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