Acacia Communications Inc. (ACIA) Earns “Neutral” Rating from Goldman Sachs Group Inc.
Acacia Communications Inc. (NASDAQ:ACIA)‘s stock had its “neutral” rating reaffirmed by analysts at Goldman Sachs Group Inc. in a report released on Wednesday.
ACIA has been the topic of several other reports. Deutsche Bank AG reaffirmed a “buy” rating and set a $90.00 price objective (up from $60.00) on shares of Acacia Communications in a research report on Monday, August 15th. Bank of America Corp. reaffirmed a “buy” rating and set a $130.00 price objective (up from $88.00) on shares of Acacia Communications in a research report on Sunday, September 4th. Zacks Investment Research raised Acacia Communications from a “hold” rating to a “strong-buy” rating and set a $122.00 price objective on the stock in a research report on Tuesday, September 13th. Finally, Needham & Company LLC increased their price objective on Acacia Communications from $48.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, July 25th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Acacia Communications has a consensus rating of “Buy” and a consensus target price of $99.00.
Shares of Acacia Communications (NASDAQ:ACIA) traded down 1.92% during midday trading on Wednesday, hitting $88.46. The stock had a trading volume of 1,891,271 shares. Acacia Communications has a 12 month low of $27.05 and a 12 month high of $128.73. The stock’s 50 day moving average price is $108.69 and its 200 day moving average price is $72.04. The firm has a market cap of $3.17 billion and a price-to-earnings ratio of 59.05.
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Acacia Communications (NASDAQ:ACIA) last released its earnings results on Thursday, August 11th. The company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.47. The company earned $116.20 million during the quarter, compared to analysts’ expectations of $57.90 million. Acacia Communications’s quarterly revenue was up 101.0% compared to the same quarter last year. On average, equities analysts forecast that Acacia Communications will post $2.76 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Matrix VIII US Management Co. LLC purchased a new position in shares of Acacia Communications during the second quarter valued at about $482,937,000. Whale Rock Capital Management LLC purchased a new position in shares of Acacia Communications during the second quarter valued at about $29,368,000. Bloom Tree Partners LLC purchased a new position in shares of Acacia Communications during the second quarter valued at about $23,964,000. Lord Abbett & CO. LLC purchased a new position in shares of Acacia Communications during the second quarter valued at about $15,132,000. Finally, Gilder Gagnon Howe & Co. LLC purchased a new position in shares of Acacia Communications during the second quarter valued at about $12,294,000. 48.58% of the stock is currently owned by institutional investors and hedge funds.
About Acacia Communications
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.
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