Acacia Communications (ACIA) Price Target Raised to $42.00 at MKM Partners

Acacia Communications (NASDAQ:ACIA) had its price target boosted by MKM Partners from $40.00 to $42.00 in a report released on Friday. The brokerage currently has a neutral rating on the technology company’s stock.

Other equities research analysts have also recently issued reports about the company. Zacks Investment Research raised Acacia Communications from a hold rating to a buy rating and set a $42.00 price objective for the company in a research report on Wednesday, August 8th. Deutsche Bank increased their price objective on Acacia Communications to $45.00 and gave the company a buy rating in a research report on Monday, August 6th. Rosenblatt Securities set a $46.00 price objective on Acacia Communications and gave the company a buy rating in a research report on Sunday, August 5th. Cowen reissued a buy rating and issued a $44.00 price objective on shares of Acacia Communications in a research report on Friday, August 3rd. Finally, B. Riley increased their price objective on Acacia Communications from $37.00 to $45.00 and gave the company a buy rating in a research report on Friday, August 3rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the stock. The company has an average rating of Buy and an average price target of $41.75.

ACIA opened at $44.75 on Friday. Acacia Communications has a 1-year low of $24.72 and a 1-year high of $45.31. The company has a market capitalization of $1.81 billion, a PE ratio of 37.61 and a beta of 1.68.

Acacia Communications (NASDAQ:ACIA) last posted its quarterly earnings data on Thursday, November 1st. The technology company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.19. Acacia Communications had a positive return on equity of 2.11% and a negative net margin of 7.68%. The company had revenue of $94.80 million during the quarter, compared to analysts’ expectations of $89.99 million. During the same period in the prior year, the business earned $0.46 earnings per share. Acacia Communications’s revenue for the quarter was down 9.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Acacia Communications will post -0.13 EPS for the current fiscal year.

In related news, VP Mehrdad Givehchi sold 2,707 shares of the firm’s stock in a transaction on Tuesday, August 14th. The stock was sold at an average price of $39.32, for a total value of $106,439.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Murugesan Shanmugaraj sold 2,708 shares of the firm’s stock in a transaction on Tuesday, August 14th. The stock was sold at an average price of $39.32, for a total value of $106,478.56. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,674 shares of company stock valued at $262,276. 33.20% of the stock is owned by company insiders.

A number of hedge funds have recently modified their holdings of ACIA. Northern Trust Corp lifted its position in Acacia Communications by 4.9% in the first quarter. Northern Trust Corp now owns 219,567 shares of the technology company’s stock worth $8,445,000 after purchasing an additional 10,179 shares during the period. BlackRock Inc. lifted its holdings in shares of Acacia Communications by 3.8% during the first quarter. BlackRock Inc. now owns 1,217,694 shares of the technology company’s stock valued at $46,831,000 after acquiring an additional 44,827 shares during the period. UBS Group AG lifted its holdings in shares of Acacia Communications by 140.5% during the first quarter. UBS Group AG now owns 42,519 shares of the technology company’s stock valued at $1,635,000 after acquiring an additional 24,840 shares during the period. Guggenheim Capital LLC lifted its holdings in shares of Acacia Communications by 250.1% during the first quarter. Guggenheim Capital LLC now owns 93,891 shares of the technology company’s stock valued at $3,610,000 after acquiring an additional 67,073 shares during the period. Finally, Legal & General Group Plc lifted its holdings in shares of Acacia Communications by 32.9% during the first quarter. Legal & General Group Plc now owns 8,732 shares of the technology company’s stock valued at $336,000 after acquiring an additional 2,164 shares during the period. 86.15% of the stock is owned by hedge funds and other institutional investors.

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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