Acacia Communications (NASDAQ:ACIA) issued its quarterly earnings results on Thursday. The technology company reported $0.23 EPS for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.19, Morningstar.com reports. The business had revenue of $94.80 million for the quarter, compared to analyst estimates of $89.99 million. Acacia Communications had a positive return on equity of 2.66% and a negative net margin of 4.30%. Acacia Communications’s quarterly revenue was down 9.7% compared to the same quarter last year. During the same period last year, the company posted $0.46 earnings per share. Acacia Communications updated its Q4 guidance to $0.30-0.40 EPS.
Shares of NASDAQ ACIA traded up $7.00 during mid-day trading on Friday, hitting $43.48. The company had a trading volume of 1,757,008 shares, compared to its average volume of 469,756. The stock has a market cap of $1.39 billion, a PE ratio of 36.54 and a beta of 1.33. Acacia Communications has a 1 year low of $24.72 and a 1 year high of $45.31.
A number of brokerages recently commented on ACIA. Zacks Investment Research lowered Acacia Communications from a “buy” rating to a “hold” rating in a research note on Wednesday, October 3rd. B. Riley boosted their target price on Acacia Communications from $37.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, August 3rd. Rosenblatt Securities set a $46.00 target price on Acacia Communications and gave the company a “buy” rating in a research note on Sunday, August 5th. DA Davidson boosted their target price on Acacia Communications from $30.00 to $37.00 and gave the company a “neutral” rating in a research note on Friday, August 3rd. Finally, Cowen restated a “buy” rating and issued a $44.00 target price on shares of Acacia Communications in a research note on Friday, August 3rd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company’s stock. Acacia Communications presently has a consensus rating of “Hold” and an average target price of $40.39.
In other news, CEO Murugesan Shanmugaraj sold 2,708 shares of the company’s stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $39.32, for a total value of $106,478.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Mehrdad Givehchi sold 2,707 shares of the company’s stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $39.32, for a total value of $106,439.24. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,674 shares of company stock valued at $262,276. 33.20% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. FMR LLC boosted its holdings in shares of Acacia Communications by 108.0% in the 2nd quarter. FMR LLC now owns 2,692,239 shares of the technology company’s stock worth $93,718,000 after purchasing an additional 1,398,166 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Acacia Communications by 45.7% in the 2nd quarter. BlackRock Inc. now owns 1,774,368 shares of the technology company’s stock valued at $61,767,000 after acquiring an additional 556,674 shares during the last quarter. Frontier Capital Management Co. LLC lifted its stake in shares of Acacia Communications by 51.3% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 473,419 shares of the technology company’s stock valued at $16,480,000 after acquiring an additional 160,488 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Acacia Communications by 37.9% in the 2nd quarter. Northern Trust Corp now owns 302,728 shares of the technology company’s stock valued at $10,537,000 after acquiring an additional 83,161 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in shares of Acacia Communications by 50.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 285,352 shares of the technology company’s stock valued at $11,806,000 after acquiring an additional 96,016 shares during the last quarter. Hedge funds and other institutional investors own 85.76% of the company’s stock.
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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