Acacia Communications, Inc. (ACIA) Announces Earnings Results
Acacia Communications, Inc. (NASDAQ:ACIA) posted its earnings results on Thursday. The technology company reported $0.46 EPS for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.11, Bloomberg Earnings reports. Acacia Communications had a net margin of 27.98% and a return on equity of 25.94%. The company had revenue of $105.00 million for the quarter, compared to analysts’ expectations of $104.35 million. During the same quarter in the prior year, the company posted $1.01 earnings per share. Acacia Communications’s revenue for the quarter was down 22.4% compared to the same quarter last year. Acacia Communications updated its Q4 guidance to $0.19-0.36 EPS.
Shares of Acacia Communications (NASDAQ:ACIA) traded down $6.59 on Friday, hitting $36.81. 1,042,845 shares of the stock traded hands, compared to its average volume of 455,598. The firm has a market cap of $1.54 billion, a price-to-earnings ratio of 13.48, a PEG ratio of 1.85 and a beta of 2.85.
In related news, VP Bhupendra C. Shah sold 8,300 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $44.59, for a total transaction of $370,097.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Francis J. Murphy sold 598 shares of the company’s stock in a transaction that occurred on Monday, October 23rd. The stock was sold at an average price of $44.32, for a total transaction of $26,503.36. The disclosure for this sale can be found here. Insiders have sold 33,843 shares of company stock worth $1,567,441 over the last 90 days. Insiders own 37.10% of the company’s stock.
A number of research firms have commented on ACIA. Needham & Company LLC reaffirmed a “buy” rating and issued a $50.00 target price on shares of Acacia Communications in a research report on Monday, October 23rd. William Blair started coverage on shares of Acacia Communications in a research report on Tuesday. They set a “buy” rating on the stock. Northland Securities set a $50.00 price target on shares of Acacia Communications and gave the stock a “buy” rating in a research report on Saturday, July 22nd. Zacks Investment Research cut shares of Acacia Communications from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 22nd. Finally, Cowen and Company reissued an “outperform” rating and set a $57.00 price target (down previously from $66.00) on shares of Acacia Communications in a research report on Monday, July 17th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $50.50.
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Acacia Communications Company Profile
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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