Acacia Communications, Inc. (NASDAQ:ACIA) Director Stan J. Reiss sold 30,000 shares of Acacia Communications stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $53.51, for a total transaction of $1,605,300.00. Following the completion of the transaction, the director now owns 216,583 shares in the company, valued at approximately $11,589,356.33. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Shares of ACIA stock traded up $0.72 during mid-day trading on Friday, reaching $54.17. The stock had a trading volume of 1,189,791 shares, compared to its average volume of 728,380. Acacia Communications, Inc. has a 52-week low of $24.72 and a 52-week high of $57.53. The stock has a market capitalization of $2.18 billion, a price-to-earnings ratio of 361.13, a PEG ratio of 3.47 and a beta of 1.76.
Acacia Communications (NASDAQ:ACIA) last released its quarterly earnings data on Thursday, February 21st. The technology company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.06. Acacia Communications had a net margin of 1.45% and a return on equity of 3.02%. The firm had revenue of $107.10 million for the quarter, compared to analysts’ expectations of $102.84 million. During the same quarter in the previous year, the company earned $0.27 earnings per share. The company’s revenue for the quarter was up 23.7% compared to the same quarter last year. On average, research analysts expect that Acacia Communications, Inc. will post 0.85 EPS for the current fiscal year.
ACIA has been the topic of a number of analyst reports. MKM Partners lifted their target price on shares of Acacia Communications to $60.00 and gave the stock a “neutral” rating in a research report on Monday, February 25th. TheStreet upgraded shares of Acacia Communications from a “d+” rating to a “c-” rating in a research report on Monday, December 10th. Piper Jaffray Companies upgraded shares of Acacia Communications to an “overweight” rating and set a $59.00 price objective on the stock in a research report on Friday, February 22nd. Loop Capital boosted their price objective on shares of Acacia Communications to $60.00 and gave the company a “reduce” rating in a research report on Thursday, December 6th. Finally, DA Davidson boosted their price objective on shares of Acacia Communications to $46.00 and gave the company a “neutral” rating in a research report on Monday, February 25th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the stock. Acacia Communications has a consensus rating of “Hold” and an average target price of $51.25.
Hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its stake in shares of Acacia Communications by 43.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 187,967 shares of the technology company’s stock valued at $6,543,000 after purchasing an additional 56,773 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Acacia Communications by 319.0% during the 3rd quarter. Wells Fargo & Company MN now owns 54,297 shares of the technology company’s stock valued at $2,247,000 after purchasing an additional 41,339 shares in the last quarter. Eagle Asset Management Inc. boosted its stake in shares of Acacia Communications by 24.4% during the 3rd quarter. Eagle Asset Management Inc. now owns 299,077 shares of the technology company’s stock valued at $12,372,000 after purchasing an additional 58,617 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of Acacia Communications by 116.8% during the 3rd quarter. Janus Henderson Group PLC now owns 13,307 shares of the technology company’s stock valued at $551,000 after purchasing an additional 7,168 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Acacia Communications by 31.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 6,240 shares of the technology company’s stock valued at $258,000 after purchasing an additional 1,500 shares in the last quarter. Hedge funds and other institutional investors own 79.56% of the company’s stock.
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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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