Acacia Communications, Inc. (ACIA) Price Target Cut to $61.00
Acacia Communications, Inc. (NASDAQ:ACIA) had its price objective dropped by MKM Partners from $64.00 to $61.00 in a report released on Thursday. The firm presently has a “buy” rating on the technology company’s stock. MKM Partners’ price target indicates a potential upside of 28.53% from the stock’s current price.
Several other research firms have also commented on ACIA. Zacks Investment Research upgraded shares of Acacia Communications from a “strong sell” rating to a “hold” rating in a research report on Wednesday. B. Riley reiterated a “neutral” rating and set a $44.00 price objective on shares of Acacia Communications in a research report on Wednesday, August 9th. Cowen and Company reiterated a “buy” rating and set a $55.00 price objective (down previously from $57.00) on shares of Acacia Communications in a research report on Friday, August 4th. William Blair reiterated a “buy” rating on shares of Acacia Communications in a research report on Thursday, June 15th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $50.00 price objective on shares of Acacia Communications in a research report on Friday, August 4th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $53.25.
Acacia Communications (NASDAQ:ACIA) traded down 2.40% during mid-day trading on Thursday, reaching $46.32. 631,098 shares of the company’s stock traded hands. The stock has a market capitalization of $1.82 billion, a PE ratio of 15.84 and a beta of 3.27. The stock has a 50-day moving average price of $46.39 and a 200-day moving average price of $46.39. Acacia Communications has a 12-month low of $44.00 and a 12-month high of $113.30.
Acacia Communications (NASDAQ:ACIA) last released its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.26 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.08. Acacia Communications had a net margin of 29.65% and a return on equity of 34.46%. The business had revenue of $78.90 million during the quarter, compared to analyst estimates of $78.17 million. During the same quarter last year, the business earned $0.77 earnings per share. Acacia Communications’s quarterly revenue was down 32.0% compared to the same quarter last year. Equities research analysts expect that Acacia Communications will post $1.88 EPS for the current year.
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In other news, VP Christian J. Rasmussen sold 3,307 shares of the firm’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $44.46, for a total value of $147,029.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Bhupendra C. Shah sold 8,300 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $47.81, for a total transaction of $396,823.00. The disclosure for this sale can be found here. Insiders sold a total of 33,655 shares of company stock valued at $1,558,760 in the last 90 days. Company insiders own 37.10% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Lazard Asset Management LLC bought a new stake in Acacia Communications during the 1st quarter valued at about $2,196,000. Grandeur Peak Global Advisors LLC bought a new stake in Acacia Communications during the 1st quarter valued at about $497,000. Deane Retirement Strategies Inc. lifted its holdings in Acacia Communications by 6.9% during the 2nd quarter. Deane Retirement Strategies Inc. now owns 28,732 shares of the technology company’s stock valued at $1,192,000 after buying an additional 1,865 shares in the last quarter. Credit Agricole S A lifted its holdings in Acacia Communications by 102.2% during the 1st quarter. Credit Agricole S A now owns 31,850 shares of the technology company’s stock valued at $1,866,000 after buying an additional 16,100 shares in the last quarter. Finally, Koshinski Asset Management Inc. lifted its holdings in Acacia Communications by 75.2% during the 2nd quarter. Koshinski Asset Management Inc. now owns 6,150 shares of the technology company’s stock valued at $255,000 after buying an additional 2,640 shares in the last quarter. Institutional investors own 81.84% 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.
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