Acacia Communications, Inc. (ACIA) Issues Q4 Earnings Guidance
Acacia Communications, Inc. (NASDAQ:ACIA) issued an update on its fourth quarter earnings guidance on Thursday morning. The company provided EPS guidance of $0.19-0.36 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.47. The company issued revenue guidance of $83-93 million, compared to the consensus revenue estimate of $113.09 million.
Acacia Communications (NASDAQ:ACIA) last announced its earnings results 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. The company had revenue of $78.90 million during the quarter, compared to the consensus estimate of $78.17 million. Acacia Communications had a net margin of 29.65% and a return on equity of 34.46%. The firm’s revenue for the quarter was down 32.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.77 earnings per share.
A number of analysts recently issued reports on ACIA shares. Cowen and Company restated a buy rating and set a $55.00 price objective (down previously from $57.00) on shares of Acacia Communications in a report on Friday, August 4th. Needham & Company LLC restated a buy rating and set a $50.00 price objective on shares of Acacia Communications in a report on Friday, August 4th. Northland Securities set a $50.00 price objective on shares of Acacia Communications and gave the stock a buy rating in a report on Saturday, July 22nd. MKM Partners started coverage on shares of Acacia Communications in a report on Tuesday, September 19th. They set a buy rating and a $64.00 price objective for the company. Finally, William Blair started coverage on shares of Acacia Communications in a report on Tuesday. They set a buy rating for the company. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Acacia Communications presently has an average rating of Buy and a consensus price target of $53.25.
In related news, insider Francis J. Murphy sold 8,380 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $48.00, for a total transaction of $402,240.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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 have sold 33,843 shares of company stock valued at $1,567,441 in the last 90 days. 37.10% of the stock is currently owned by corporate insiders.
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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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