Acacia Communications, Inc. (ACIA) Upgraded to “Hold” at Zacks Investment Research
Acacia Communications, Inc. (NASDAQ:ACIA) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Acacia Communications, Inc. designs, develops, manufactures and markets communication equipments. The Company offers coherent optical interconnect products for cloud infrastructure operators and content and communication service providers. It operates primarily in the Americas, Europe, the Middle East, Africa and the Asia Pacific region. Acacia Communications, Inc. is headquartered in Maynard, Massachusetts. “
Several other equities research analysts have also commented on ACIA. William Blair restated a “buy” rating on shares of Acacia Communications in a research report on Thursday, June 15th. DA Davidson initiated coverage on shares of Acacia Communications in a research report on Thursday, June 22nd. They set a “buy” rating and a $61.00 target price on the stock. Northland Securities restated a “buy” rating and set a $50.00 target price on shares of Acacia Communications in a research report on Friday, June 23rd. ValuEngine lowered shares of Acacia Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. Finally, B. Riley restated a “neutral” rating and set a $44.50 target price on shares of Acacia Communications in a research report on Monday, July 17th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $53.63.
Acacia Communications (NASDAQ:ACIA) traded down 1.66% during trading on Wednesday, reaching $47.46. 392,236 shares of the company’s stock were exchanged. Acacia Communications has a 52 week low of $44.00 and a 52 week high of $113.30. The stock has a 50-day moving average price of $46.39 and a 200 day moving average price of $46.39. The firm has a market capitalization of $1.86 billion, a price-to-earnings ratio of 16.23 and a beta of 3.27.
Acacia Communications (NASDAQ:ACIA) last issued its earnings results on Thursday, August 3rd. The technology company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.18 by $0.08. The company had revenue of $78.90 million for the quarter, compared to analyst estimates of $78.17 million. Acacia Communications had a net margin of 5.91% and a return on equity of 3.88%. The business’s revenue was down 32.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.77 EPS. Equities research analysts forecast that Acacia Communications will post $1.88 earnings per share for the current fiscal year.
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In other news, VP Bhupendra C. Shah sold 8,300 shares of Acacia Communications stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $47.81, for a total transaction of $396,823.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Christian J. Rasmussen sold 3,307 shares of Acacia Communications stock in a transaction on Monday, August 14th. The stock was sold at an average price of $44.46, for a total value of $147,029.22. The disclosure for this sale can be found here. Insiders have sold a total of 33,655 shares of company stock valued at $1,558,760 in the last ninety days. Corporate insiders own 37.10% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Lazard Asset Management LLC acquired a new position in shares of Acacia Communications during the 1st quarter worth $2,196,000. Grandeur Peak Global Advisors LLC acquired a new position in shares of Acacia Communications during the 1st quarter worth $497,000. Deane Retirement Strategies Inc. raised its stake in shares of Acacia Communications by 6.9% during the 2nd quarter. Deane Retirement Strategies Inc. now owns 28,732 shares of the technology company’s stock worth $1,192,000 after buying an additional 1,865 shares during the last quarter. Credit Agricole S A raised its stake in shares of Acacia Communications by 102.2% during the 1st quarter. Credit Agricole S A now owns 31,850 shares of the technology company’s stock worth $1,866,000 after buying an additional 16,100 shares during the last quarter. Finally, Koshinski Asset Management Inc. raised its stake in shares of Acacia Communications by 75.2% during the 2nd quarter. Koshinski Asset Management Inc. now owns 6,150 shares of the technology company’s stock worth $255,000 after buying an additional 2,640 shares during the last quarter. 81.84% of the stock is owned by institutional investors and hedge funds.
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.
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