Analysts Expect Acacia Communications, Inc. (ACIA) Will Post Quarterly Sales of $105.19 Million
Equities research analysts forecast that Acacia Communications, Inc. (NASDAQ:ACIA) will announce $105.19 million in sales for the current quarter, according to Zacks. Five analysts have issued estimates for Acacia Communications’ earnings. The lowest sales estimate is $102.50 million and the highest is $110.33 million. Acacia Communications reported sales of $135.30 million in the same quarter last year, which would suggest a negative year over year growth rate of 22.3%. The business is expected to report its next earnings results on Thursday, November 9th.
According to Zacks, analysts expect that Acacia Communications will report full-year sales of $105.19 million for the current financial year, with estimates ranging from $408.66 million to $425.39 million. For the next financial year, analysts forecast that the company will report sales of $513.42 million per share, with estimates ranging from $507.00 million to $525.00 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that that provide coverage for Acacia Communications.
Acacia Communications (NASDAQ:ACIA) last issued its quarterly earnings data on Thursday, August 3rd. The technology company reported $0.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.08. The business had revenue of $78.90 million for the quarter, compared to the consensus estimate of $78.17 million. Acacia Communications had a return on equity of 34.46% and a net margin of 29.65%. The firm’s revenue was down 32.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.77 EPS.
A number of research firms have recently issued reports on ACIA. B. Riley reissued a “neutral” rating and set a $44.00 price objective on shares of Acacia Communications in a research report on Friday, August 4th. MKM Partners cut their price objective on shares of Acacia Communications from $64.00 to $61.00 and set a “buy” rating on the stock in a research report on Thursday, October 5th. Zacks Investment Research raised shares of Acacia Communications from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 4th. Needham & Company LLC reissued a “buy” rating and set a $50.00 price objective on shares of Acacia Communications in a research report on Friday, August 4th. Finally, Cowen and Company reissued an “outperform” rating and set a $57.00 price objective on shares of Acacia Communications in a research report on Monday, July 24th. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $53.25.
In related news, VP Bhupendra C. Shah sold 8,300 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $47.81, for a total value of $396,823.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Francis J. Murphy sold 8,380 shares of the company’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $48.00, for a total transaction of $402,240.00. The disclosure for this sale can be found here. Insiders sold a total of 33,655 shares of company stock worth $1,558,760 in the last 90 days. 37.10% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Koch Industries Inc. raised its holdings in shares of Acacia Communications by 9,918.7% in the 2nd quarter. Koch Industries Inc. now owns 522,678 shares of the technology company’s stock worth $510,000 after acquiring an additional 517,461 shares during the last quarter. California State Teachers Retirement System raised its holdings in shares of Acacia Communications by 218.9% in the 2nd quarter. California State Teachers Retirement System now owns 32,780 shares of the technology company’s stock worth $1,359,000 after acquiring an additional 22,500 shares during the last quarter. State Street Corp raised its holdings in shares of Acacia Communications by 199.1% in the 2nd quarter. State Street Corp now owns 357,946 shares of the technology company’s stock worth $14,844,000 after acquiring an additional 238,270 shares during the last quarter. Royal Bank of Canada raised its holdings in shares of Acacia Communications by 12.1% in the 2nd quarter. Royal Bank of Canada now owns 13,966 shares of the technology company’s stock worth $579,000 after acquiring an additional 1,511 shares during the last quarter. Finally, Capital Research Global Investors raised its holdings in shares of Acacia Communications by 47.6% in the 2nd quarter. Capital Research Global Investors now owns 3,351,605 shares of the technology company’s stock worth $138,991,000 after acquiring an additional 1,080,126 shares during the last quarter. Institutional investors own 81.84% of the company’s stock.
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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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