Goldman Sachs Group Inc. Reiterates “Neutral” Rating for Acacia Communications Inc. (ACIA)
Acacia Communications Inc. (NASDAQ:ACIA)‘s stock had its “neutral” rating reiterated by analysts at Goldman Sachs Group Inc. in a research note issued on Wednesday.
Several other equities research analysts also recently commented on ACIA. Deutsche Bank AG reiterated a “buy” rating on shares of Acacia Communications in a research report on Wednesday, June 15th. Needham & Company LLC boosted their price target on shares of Acacia Communications from $48.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, July 25th. Bank of America Corp. restated a “buy” rating and issued a $130.00 price target (up previously from $88.00) on shares of Acacia Communications in a research report on Sunday, September 4th. Finally, Zacks Investment Research upgraded shares of Acacia Communications from a “hold” rating to a “strong-buy” rating and set a $122.00 price target on the stock in a research report on Tuesday, September 13th. 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 has a consensus rating of “Buy” and a consensus target price of $99.00.
Acacia Communications (NASDAQ:ACIA) traded down 1.92% during trading on Wednesday, reaching $88.46. 1,891,271 shares of the company’s stock were exchanged. Acacia Communications has a 52-week low of $27.05 and a 52-week 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 P/E 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, beating the consensus estimate of $0.30 by $0.47. The firm earned $116.20 million during the quarter, compared to the consensus estimate of $57.90 million. Acacia Communications’s quarterly revenue was up 101.0% on a year-over-year basis. Equities research analysts anticipate that Acacia Communications will post $2.76 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently modified their holdings of the company. Macquarie Group Ltd. purchased a new position in shares of Acacia Communications during the second quarter worth about $5,055,000. CI Global Investments Inc. purchased a new position in shares of Acacia Communications during the second quarter worth about $899,000. Schwab Charles Investment Management Inc. purchased a new position in shares of Acacia Communications during the second quarter worth about $515,000. Metropolitan Life Insurance Co. NY purchased a new position in shares of Acacia Communications during the second quarter worth about $255,000. Finally, Whale Rock Capital Management LLC purchased a new position in shares of Acacia Communications during the second quarter worth about $29,368,000. Hedge funds and other institutional investors own 48.58% of the company’s stock.
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.
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