Needham & Company LLC Reiterates Buy Rating for Acacia Communications, Inc. (ACIA)
Acacia Communications, Inc. (NASDAQ:ACIA)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a report released on Monday. They presently have a $50.00 price target on the technology company’s stock. Needham & Company LLC’s price target suggests a potential upside of 12.23% from the stock’s previous close.
A number of other research analysts also recently issued reports on the company. 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 reissued 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. MKM Partners started coverage on Acacia Communications in a report on Tuesday, September 19th. They issued a “buy” rating and a $64.00 price target on the stock. William Blair reissued an “outperform” rating on shares of Acacia Communications in a report on Monday, July 17th. Finally, Zacks Investment Research raised Acacia Communications from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 4th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Acacia Communications presently has an average rating of “Buy” and an average price target of $53.25.
Shares of Acacia Communications (ACIA) traded down 0.85% during trading on Monday, reaching $44.55. 185,763 shares of the company traded hands. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of 15.24 and a beta of 3.27. Acacia Communications has a 12-month low of $38.50 and a 12-month high of $91.50. The company has a 50 day moving average price of $46.22 and a 200 day moving average price of $46.22.
Acacia Communications (NASDAQ:ACIA) last released its quarterly earnings results on Thursday, August 3rd. The technology company reported $0.26 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.08. The business had revenue of $78.90 million during 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 business’s quarterly revenue was down 32.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.77 EPS. On average, equities analysts predict that Acacia Communications will post $1.86 EPS for the current year.
In other Acacia Communications news, CFO John F. Gavin sold 858 shares of the company’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $44.46, for a total value of $38,146.68. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Murugesan Shanmugaraj sold 2,829 shares of the company’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $44.46, for a total value of $125,777.34. The disclosure for this sale can be found here. Insiders have sold a total of 33,245 shares of company stock worth $1,540,937 in the last 90 days. 37.10% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Alps Advisors Inc. grew its position in shares of Acacia Communications by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 9,357 shares of the technology company’s stock worth $388,000 after buying an additional 24 shares in the last quarter. American International Group Inc. grew its position in shares of Acacia Communications by 7.1% during the 1st quarter. American International Group Inc. now owns 3,225 shares of the technology company’s stock worth $189,000 after buying an additional 215 shares in the last quarter. Princeton Capital Management Inc. boosted its position in Acacia Communications by 1.3% during the second quarter. Princeton Capital Management Inc. now owns 29,008 shares of the technology company’s stock valued at $1,203,000 after purchasing an additional 364 shares in the last quarter. Winfield Associates Inc. boosted its position in Acacia Communications by 6.0% during the second quarter. Winfield Associates Inc. now owns 7,105 shares of the technology company’s stock valued at $295,000 after purchasing an additional 400 shares in the last quarter. Finally, Tealwood Asset Management Inc. boosted its position in Acacia Communications by 1.8% during the second quarter. Tealwood Asset Management Inc. now owns 33,350 shares of the technology company’s stock valued at $1,383,000 after purchasing an additional 575 shares in the last quarter. 81.84% of the stock is currently 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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