Rosenblatt Securities set a $51.00 target price on Acacia Communications (NASDAQ:ACIA) in a research note released on Saturday. The brokerage currently has a buy rating on the technology company’s stock.
A number of other equities analysts have also recently weighed in on the stock. Piper Jaffray Companies raised shares of Acacia Communications from a neutral rating to an overweight rating and upped their price objective for the company from $38.00 to $46.00 in a research report on Thursday, August 23rd. 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. Bank of America cut shares of Acacia Communications from a neutral rating to an underperform rating in a research report on Friday, August 24th. They noted that the move was a valuation call. UBS Group set a $48.00 price objective on shares of Acacia Communications and gave the company a buy rating in a research report on Friday, August 3rd. Finally, Zacks Investment Research raised shares of 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. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company. The stock has an average rating of Buy and an average price target of $43.97.
Shares of Acacia Communications stock opened at $46.12 on Friday. Acacia Communications has a twelve month low of $24.72 and a twelve month high of $47.26. The firm has a market cap of $1.81 billion, a P/E ratio of 38.76 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 analysts’ consensus estimates of $0.04 by $0.19. The company had revenue of $94.80 million during the quarter, compared to analysts’ expectations of $89.99 million. Acacia Communications had a negative net margin of 7.68% and a positive return on equity of 2.11%. The firm’s revenue for the quarter was down 9.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.46 EPS. As a group, analysts anticipate that Acacia Communications will post -0.13 earnings per share for the current year.
In other news, CEO Murugesan Shanmugaraj sold 2,708 shares of the company’s stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $39.32, for a total value of $106,478.56. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Mehrdad Givehchi sold 2,707 shares of the company’s stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $39.32, for a total transaction of $106,439.24. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,674 shares of company stock worth $262,276. Company insiders own 33.20% of the company’s stock.
Several institutional investors have recently modified their holdings of ACIA. FMR LLC raised its stake 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 valued at $93,718,000 after purchasing an additional 1,398,166 shares in the last quarter. BlackRock Inc. raised 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 purchasing an additional 556,674 shares in the last quarter. Pier Capital LLC acquired a new stake in shares of Acacia Communications in the 2nd quarter valued at about $6,817,000. Frontier Capital Management Co. LLC raised its stake in Acacia Communications by 51.3% during the second quarter. Frontier Capital Management Co. LLC now owns 473,419 shares of the technology company’s stock worth $16,480,000 after acquiring an additional 160,488 shares during the period. Finally, Disciplined Growth Investors Inc. MN acquired a new stake in Acacia Communications during the second quarter worth about $5,278,000. Institutional investors and hedge funds own 86.15% 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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