Acacia Communications, Inc. (NASDAQ:ACIA)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a research note issued to investors on Friday.

The analysts wrote, “Acacia reported 2Q17 results and issued 3Q17 guidance in-line with its July 14 Pre-Release. Order activity at ACIA’s largest Chinese NEM partner is increasing as some national backbone expansion projects that had been delayed in 1Q17 started shipping late in 2Q17. Acacia has also seen order activity among its DCI customer base increase as well, with the largest gains coming from a direct hyperscale customer that is migrating to Acacia’s AC400 module. In addition to better order activity, Acacia’s new CFP2 ACO and CFP2 DCO products remain on track and should account for greater than 10% of sales in 2H17.””

ACIA has been the topic of several other reports. Morgan Stanley downgraded Acacia Communications from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $70.00 to $45.00 in a report on Thursday, May 11th. Northland Securities set a $50.00 price target on Acacia Communications and gave the stock a “buy” rating in a report on Saturday, July 22nd. Cowen and Company reiterated an “outperform” rating and issued a $57.00 price target (down from $66.00) on shares of Acacia Communications in a report on Monday, July 17th. B. Riley reiterated a “neutral” rating and issued a $44.00 price target on shares of Acacia Communications in a report on Friday. Finally, William Blair reiterated a “buy” rating on shares of Acacia Communications in a report on Thursday, June 15th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $61.89.

Shares of Acacia Communications (ACIA) traded up 0.29% during midday trading on Friday, hitting $45.35. The stock had a trading volume of 1,541,309 shares. The company has a market cap of $1.75 billion, a PE ratio of 13.35 and a beta of 3.79. The company’s 50 day moving average is $42.74 and its 200 day moving average is $50.84. Acacia Communications has a 52-week low of $38.50 and a 52-week high of $128.73.

Acacia Communications (NASDAQ:ACIA) last issued its quarterly earnings results on Thursday, August 3rd. The technology company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.08. Acacia Communications had a return on equity of 43.80% and a net margin of 30.02%. The firm had revenue of $78.90 million for the quarter, compared to the consensus estimate of $78.17 million. During the same period in the prior year, the business posted $0.77 earnings per share. The company’s revenue for the quarter was down 32.0% on a year-over-year basis. On average, analysts anticipate that Acacia Communications will post $1.90 earnings per share for the current year.

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In other Acacia Communications news, VP Christian J. Rasmussen sold 10,060 shares of the firm’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $48.52, for a total transaction of $488,111.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director John Ritchie sold 2,640 shares of the firm’s stock in a transaction on Tuesday, May 9th. The stock was sold at an average price of $47.20, for a total value of $124,608.00. The disclosure for this sale can be found here. Insiders have sold a total of 34,507 shares of company stock worth $1,666,685 over the last 90 days.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. purchased a new position in Acacia Communications during the fourth quarter valued at approximately $266,000. State Street Corp increased its position in Acacia Communications by 181.7% in the fourth quarter. State Street Corp now owns 206,284 shares of the technology company’s stock valued at $12,736,000 after buying an additional 133,065 shares during the last quarter. GSA Capital Partners LLP purchased a new position in Acacia Communications during the fourth quarter valued at approximately $209,000. Guggenheim Capital LLC increased its position in Acacia Communications by 66.3% in the fourth quarter. Guggenheim Capital LLC now owns 13,038 shares of the technology company’s stock valued at $805,000 after buying an additional 5,200 shares during the last quarter. Finally, Teachers Advisors LLC increased its position in Acacia Communications by 1,179.3% in the fourth quarter. Teachers Advisors LLC now owns 104,927 shares of the technology company’s stock valued at $6,479,000 after buying an additional 96,725 shares during the last quarter. Institutional investors own 88.35% of the company’s stock.

About Acacia Communications

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.

Analyst Recommendations for Acacia Communications (NASDAQ:ACIA)

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