Acacia Communications, Inc. (ACIA) Lifted to “Buy” at B. Riley
Acacia Communications, Inc. (NASDAQ:ACIA) was upgraded by B. Riley from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Friday. The firm currently has a $49.00 target price on the technology company’s stock, up from their prior target price of $44.00.
Other analysts also recently issued research reports about the stock. MKM Partners initiated coverage on shares of Acacia Communications in a report on Tuesday, September 19th. They set a “buy” rating and a $64.00 target price for the company. Cowen and Company reaffirmed a “buy” rating and set a $55.00 target price (down previously from $57.00) on shares of Acacia Communications in a report on Friday, August 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 target price on shares of Acacia Communications in a report on Friday, August 4th. Northland Securities set a $50.00 target price on shares of Acacia Communications and gave the stock a “buy” rating in a report on Saturday, July 22nd. Finally, William Blair initiated coverage on shares of Acacia Communications in a report on Tuesday. They issued a “buy” rating for the company. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $53.88.
Acacia Communications (NASDAQ:ACIA) last announced its quarterly earnings data on Wednesday, November 8th. The technology company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.11. Acacia Communications had a net margin of 29.65% and a return on equity of 34.46%. The company had revenue of $105.00 million during the quarter, compared to the consensus estimate of $104.35 million. During the same quarter last year, the firm posted $1.01 EPS. The company’s quarterly revenue was down 22.4% on a year-over-year basis.
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In related news, insider Francis J. Murphy sold 598 shares of the company’s stock in a transaction that occurred on Monday, October 23rd. The shares were sold at an average price of $44.32, for a total transaction of $26,503.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Christian J. Rasmussen sold 3,307 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $44.46, for a total transaction of $147,029.22. The disclosure for this sale can be found here. Insiders sold a total of 33,843 shares of company stock valued at $1,567,441 over the last 90 days. Corporate insiders own 37.10% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. American International Group Inc. increased its position in 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 purchasing an additional 215 shares in the last quarter. Teachers Retirement System of The State of Kentucky acquired a new position in Acacia Communications during the 1st quarter worth approximately $234,000. First Trust Advisors LP acquired a new position in Acacia Communications during the 3rd quarter worth approximately $201,000. Thompson Davis & CO. Inc. grew its holdings in Acacia Communications by 4,100.0% during the 3rd quarter. Thompson Davis & CO. Inc. now owns 5,250 shares of the technology company’s stock worth $247,000 after acquiring an additional 5,125 shares during the last quarter. Finally, Carl Domino Inc grew its holdings in Acacia Communications by 22.2% during the 2nd quarter. Carl Domino Inc now owns 5,500 shares of the technology company’s stock worth $228,000 after acquiring an additional 1,000 shares during the last quarter. Institutional investors and hedge funds own 82.12% of the company’s stock.
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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