Acacia Communications (NASDAQ:ACIA) had its target price raised by stock analysts at Bank of America from $32.00 to $37.00 in a research note issued on Monday. The brokerage currently has a “neutral” rating on the technology company’s stock. Bank of America’s price target points to a potential upside of 7.84% from the stock’s previous close.
ACIA has been the topic of several other reports. William Blair reissued an “outperform” rating on shares of Acacia Communications in a research note on Wednesday, February 21st. Northland Securities reissued a “buy” rating and issued a $50.00 price target on shares of Acacia Communications in a research note on Monday, March 19th. Morgan Stanley raised Acacia Communications from an “underweight” rating to an “equal” rating and set a $30.00 target price on the stock in a research report on Friday, April 27th. They noted that the move was a valuation call. MKM Partners reaffirmed a “neutral” rating and set a $61.00 target price (up from $53.00) on shares of Acacia Communications in a research report on Friday, February 23rd. Finally, Deutsche Bank lowered their target price on Acacia Communications to $35.00 and set a “buy” rating on the stock in a research report on Tuesday, April 17th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $34.38.
Acacia Communications traded up $0.38, hitting $34.31, during trading on Monday, according to Marketbeat.com. The company’s stock had a trading volume of 9,596 shares, compared to its average volume of 1,175,736. Acacia Communications has a twelve month low of $24.72 and a twelve month high of $50.10. The firm has a market cap of $1.36 billion, a PE ratio of 28.83 and a beta of 1.25.
Acacia Communications (NASDAQ:ACIA) last issued its quarterly earnings results on Thursday, May 3rd. The technology company reported $0.10 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.04. Acacia Communications had a positive return on equity of 4.95% and a negative net margin of 1.83%. The firm had revenue of $72.90 million for the quarter, compared to analyst estimates of $71.23 million. During the same period in the previous year, the firm earned $0.77 earnings per share. The company’s revenue was down 36.4% compared to the same quarter last year. equities research analysts expect that Acacia Communications will post -0.37 EPS for the current fiscal year.
In related news, VP Bhupendra C. Shah sold 3,903 shares of Acacia Communications stock in a transaction that occurred on Monday, May 14th. The stock was sold at an average price of $35.94, for a total transaction of $140,273.82. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Murugesan Shanmugaraj sold 23,225 shares of Acacia Communications stock in a transaction that occurred on Thursday, March 15th. The shares were sold at an average price of $43.60, for a total value of $1,012,610.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 71,011 shares of company stock worth $2,799,872. 33.20% of the stock is owned by corporate insiders.
Several hedge funds have recently bought and sold shares of ACIA. Adams Street Partners LLC bought a new stake in shares of Acacia Communications in the first quarter worth $1,206,000. Legal & General Group Plc lifted its position in shares of Acacia Communications by 32.9% in the first quarter. Legal & General Group Plc now owns 8,732 shares of the technology company’s stock worth $336,000 after buying an additional 2,164 shares in the last quarter. Amundi Pioneer Asset Management Inc. lifted its position in shares of Acacia Communications by 19.1% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 1,340,952 shares of the technology company’s stock worth $51,573,000 after buying an additional 215,055 shares in the last quarter. Guggenheim Capital LLC lifted its position in shares of Acacia Communications by 250.1% in the first quarter. Guggenheim Capital LLC now owns 93,891 shares of the technology company’s stock worth $3,610,000 after buying an additional 67,073 shares in the last quarter. Finally, Blair William & Co. IL purchased a new stake in shares of Acacia Communications in the first quarter worth about $4,219,000. Hedge funds and other institutional investors own 89.89% of the company’s stock.
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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