Acacia Communications, Inc. (NASDAQ:ACIA)’s share price shot up 8.4% on Wednesday . The stock traded as high as $119.81 and last traded at $118.49, with a volume of 1,733,918 shares changing hands. The stock had previously closed at $109.28.

Several research firms recently weighed in on ACIA. Goldman Sachs Group Inc. began coverage on shares of Acacia Communications in a research report on Tuesday, June 7th. They set a “neutral” rating and a $39.00 price target for the company. Cowen and Company started coverage on shares of Acacia Communications in a report on Tuesday, June 7th. They set an “outperform” rating and a $53.00 price objective on the stock. Needham & Company LLC started coverage on shares of Acacia Communications in a report on Tuesday, June 7th. They set a “buy” rating and a $48.00 price objective on the stock. Bank of America Corp. started coverage on shares of Acacia Communications in a report on Tuesday, June 7th. They set a “buy” rating and a $44.00 price objective on the stock. Finally, Deutsche Bank AG started coverage on shares of Acacia Communications in a report on Tuesday, June 7th. They set a “buy” rating and a $50.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $94.83.

The company’s 50 day moving average is $101.80 and its 200-day moving average is $66.09. The firm has a market cap of $4.24 billion and a price-to-earnings ratio of 79.10.

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Acacia Communications (NASDAQ:ACIA) last posted its quarterly earnings results on Thursday, August 11th. The company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.47. The company earned $116.20 million during the quarter, compared to analysts’ expectations of $57.90 million. The firm’s revenue was up 101.0% on a year-over-year basis. On average, analysts anticipate that Acacia Communications, Inc. will post $2.69 EPS for the current year.

Several institutional investors have recently bought and sold shares of the company. Macquarie Group Ltd. bought a new position in Acacia Communications during the second quarter valued at about $5,055,000. CI Global Investments Inc. bought a new position in Acacia Communications during the second quarter valued at about $899,000. Schwab Charles Investment Management Inc. bought a new position in Acacia Communications during the second quarter valued at about $515,000. Metropolitan Life Insurance Co. NY bought a new position in Acacia Communications during the second quarter valued at about $255,000. Finally, Whale Rock Capital Management LLC bought a new position in Acacia Communications during the second quarter valued at about $29,368,000.

Acacia Communications Company Profile

Acacia Communications, Inc is engaged in delivering coherent optical interconnect products. The Company offers its products for communications networks, relied upon by cloud infrastructure operators, and content and communication service providers. Its products include a series of low-power coherent digital signal processor application-specific integrated circuits (DSP ASICs) and silicon photonic integrated circuits (silicon PICs), which it has integrated into families of optical interconnect modules with transmission speeds ranging from 40 to 400 gigabits per second (Gbps) for use in metro and inter-data center markets.

5 Day Chart for NASDAQ:ACIA

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