Acacia Communications’ (ACIA) “Neutral” Rating Reiterated at B. Riley
Acacia Communications, Inc. (NASDAQ:ACIA)‘s stock had its “neutral” rating restated by investment analysts at B. Riley in a research note issued to investors on Monday. They currently have a $44.50 price objective on the technology company’s stock. B. Riley’s price target points to a potential upside of 14.10% from the company’s previous close.
ACIA has been the subject of several other research reports. Zacks Investment Research raised Acacia Communications from a “hold” rating to a “strong-buy” rating and set a $62.00 target price for the company in a research note on Wednesday, April 26th. William Blair reiterated an “outperform” rating on shares of Acacia Communications in a research report on Monday, May 8th. DA Davidson started coverage on Acacia Communications in a research report on Thursday, June 22nd. They issued a “buy” rating and a $61.00 price target for the company. Northland Securities reiterated a “buy” rating and issued a $50.00 price target on shares of Acacia Communications in a research report on Friday, June 23rd. Finally, Morgan Stanley lowered Acacia Communications from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $70.00 to $45.00 in a research report on Thursday, May 11th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Acacia Communications has an average rating of “Buy” and an average target price of $64.83.
Shares of Acacia Communications (NASDAQ ACIA) opened at 39.00 on Monday. The stock has a market capitalization of $1.51 billion, a price-to-earnings ratio of 11.48 and a beta of 3.85. Acacia Communications has a 52-week low of $38.75 and a 52-week high of $128.73. The company has a 50 day moving average of $45.72 and a 200 day moving average of $54.39.
Acacia Communications (NASDAQ:ACIA) last announced its earnings results on Tuesday, May 9th. The technology company reported $0.86 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.34. Acacia Communications had a return on equity of 43.80% and a net margin of 30.02%. The business had revenue of $114.67 million during the quarter, compared to analysts’ expectations of $112.46 million. During the same quarter last year, the business posted $0.44 earnings per share. The company’s quarterly revenue was up 35.7% on a year-over-year basis. Analysts predict that Acacia Communications will post $1.97 EPS for the current fiscal year.
In related news, CFO John F. Gavin sold 4,634 shares of the stock in a transaction on Monday, May 15th. The stock was sold at an average price of $48.54, for a total value of $224,934.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Benny P. Mikkelsen sold 25,842 shares of the stock in a transaction on Monday, May 1st. The shares were sold at an average price of $46.54, for a total value of $1,202,686.68. The disclosure for this sale can be found here. Insiders sold a total of 86,169 shares of company stock valued at $4,074,841 in the last quarter.
Several institutional investors have recently added to or reduced their stakes in the stock. Deane Retirement Strategies Inc. bought a new position in Acacia Communications during the first quarter worth $1,573,000. FIL Ltd acquired a new stake in shares of Acacia Communications during the first quarter worth approximately $13,205,000. Gilder Gagnon Howe & Co. LLC acquired a new stake in shares of Acacia Communications during the second quarter worth approximately $12,294,000. Macquarie Group Ltd. acquired a new stake in shares of Acacia Communications during the second quarter worth approximately $5,055,000. Finally, Geneva Advisors LLC boosted its stake in shares of Acacia Communications by 164.2% in the third quarter. Geneva Advisors LLC now owns 19,285 shares of the technology company’s stock worth $1,992,000 after buying an additional 11,985 shares during the period. Institutional investors and hedge funds own 88.28% of the company’s stock.
Acacia Communications Company Profile
Acacia Communications, Inc provides high-speed coherent interconnect products. The Company’s 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 100 to 400 gigabits per second (Gbps) for use in long-haul, metro and inter-data center markets.
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