Equities research analysts forecast that Acacia Communications, Inc. (NASDAQ:ACIA) will report sales of $63.63 million for the current quarter, according to Zacks Investment Research. Six analysts have made estimates for Acacia Communications’ earnings, with the highest sales estimate coming in at $66.52 million and the lowest estimate coming in at $63.00 million. Acacia Communications reported sales of $78.90 million during the same quarter last year, which would suggest a negative year over year growth rate of 19.4%. The business is scheduled to report its next quarterly earnings results on Thursday, August 2nd.
According to Zacks, analysts expect that Acacia Communications will report full year sales of $287.33 million for the current financial year, with estimates ranging from $274.10 million to $301.17 million. For the next year, analysts forecast that the firm will report sales of $341.26 million per share, with estimates ranging from $300.00 million to $390.00 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Acacia Communications.
Acacia Communications (NASDAQ:ACIA) last posted its quarterly earnings results on Thursday, May 3rd. The technology company reported $0.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.04. The business had revenue of $72.90 million during the quarter, compared to analyst estimates of $71.23 million. Acacia Communications had a negative net margin of 1.83% and a positive return on equity of 4.95%. The company’s quarterly revenue was down 36.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.77 EPS.
ACIA has been the topic of several recent research reports. William Blair reiterated an “outperform” rating on shares of Acacia Communications in a research report on Wednesday, February 21st. Northland Securities reiterated a “buy” rating and issued a $50.00 price objective on shares of Acacia Communications in a research report on Monday, March 19th. Morgan Stanley upgraded shares of Acacia Communications from an “underweight” rating to an “equal” rating and set a $30.00 price objective on the stock in a research report on Friday, April 27th. They noted that the move was a valuation call. Bank of America downgraded shares of Acacia Communications from a “buy” rating to a “neutral” rating in a research report on Tuesday, April 17th. Finally, MKM Partners reiterated a “neutral” rating and issued a $61.00 price objective (up from $53.00) on shares of Acacia Communications in a research report on Friday, February 23rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $35.15.
In other Acacia Communications news, CEO Murugesan Shanmugaraj sold 6,706 shares of the business’s stock in a transaction dated Monday, May 14th. The shares were sold at an average price of $35.94, for a total transaction of $241,013.64. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO John F. Gavin sold 3,712 shares of the business’s stock in a transaction dated Monday, May 14th. The stock was sold at an average price of $35.94, for a total transaction of $133,409.28. The disclosure for this sale can be found here. Insiders have sold a total of 41,223 shares of company stock worth $1,511,223 over the last 90 days. 33.20% of the stock is owned by insiders.
Several hedge funds have recently added to or reduced their stakes in the business. Guggenheim Capital LLC raised its position in shares of Acacia Communications by 6.4% during the 4th quarter. Guggenheim Capital LLC now owns 26,818 shares of the technology company’s stock worth $973,000 after buying an additional 1,622 shares in the last quarter. Swiss National Bank raised its holdings in shares of Acacia Communications by 6.6% in the 1st quarter. Swiss National Bank now owns 30,800 shares of the technology company’s stock worth $1,185,000 after purchasing an additional 1,900 shares in the last quarter. New York State Common Retirement Fund raised its holdings in shares of Acacia Communications by 10.6% in the 1st quarter. New York State Common Retirement Fund now owns 21,900 shares of the technology company’s stock worth $842,000 after purchasing an additional 2,100 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of Acacia Communications by 32.9% in the 1st quarter. Legal & General Group Plc now owns 8,732 shares of the technology company’s stock worth $336,000 after purchasing an additional 2,164 shares in the last quarter. Finally, Eagle Asset Management Inc. raised its holdings in shares of Acacia Communications by 1.3% in the 1st quarter. Eagle Asset Management Inc. now owns 178,258 shares of the technology company’s stock worth $6,855,000 after purchasing an additional 2,259 shares in the last quarter. Institutional investors own 89.87% of the company’s stock.
NASDAQ:ACIA traded down $1.32 during mid-day trading on Friday, hitting $33.94. The stock had a trading volume of 511,911 shares, compared to its average volume of 891,186. The company has a market cap of $1.40 billion, a PE ratio of 28.52 and a beta of 1.25. Acacia Communications has a 52 week low of $24.72 and a 52 week high of $50.10.
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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