Cowen and Company Upgrades Acacia Communications, Inc. (ACIA) to “Outperform”
Acacia Communications, Inc. (NASDAQ:ACIA) was upgraded by Cowen and Company to an “outperform” rating in a research report issued to clients and investors on Friday, The Fly reports. The firm currently has a $41.00 target price on the technology company’s stock, down from their previous target price of $55.00.
Other analysts have also issued research reports about the stock. Northland Securities set a $50.00 price objective on shares of Acacia Communications and gave the company a “buy” rating in a research note on Saturday, July 22nd. Needham & Company LLC reiterated a “buy” rating and issued a $50.00 price objective (down previously from $65.00) on shares of Acacia Communications in a research note on Monday, July 17th. MKM Partners initiated coverage on shares of Acacia Communications in a research note on Tuesday, September 19th. They issued a “buy” rating and a $64.00 price objective for the company. William Blair initiated coverage on shares of Acacia Communications in a research note on Tuesday. They issued a “buy” rating for the company. Finally, B. Riley upgraded shares of Acacia Communications from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $44.00 to $49.00 in a research note on Friday. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $52.13.
Acacia Communications (NASDAQ:ACIA) last released its quarterly earnings data on Wednesday, November 8th. The technology company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.11. The company had revenue of $105.00 million during the quarter, compared to analyst estimates of $104.35 million. Acacia Communications had a net margin of 29.65% and a return on equity of 34.46%. Acacia Communications’s revenue for the quarter was down 22.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.01 EPS.
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In other Acacia Communications news, insider Francis J. Murphy sold 8,380 shares of the business’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $48.00, for a total transaction of $402,240.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Bhupendra C. Shah sold 8,300 shares of the business’s stock in a transaction on Monday, October 2nd. The shares were 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 a total of 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 company insiders.
A number of hedge funds have recently made changes to their positions in ACIA. Bank of New York Mellon Corp increased its stake in Acacia Communications by 6.6% during the 1st quarter. Bank of New York Mellon Corp now owns 37,528 shares of the technology company’s stock valued at $2,200,000 after purchasing an additional 2,340 shares in the last quarter. Parametric Portfolio Associates LLC bought a new stake in Acacia Communications during the 1st quarter valued at $391,000. American International Group Inc. increased its stake 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 valued at $189,000 after purchasing an additional 215 shares in the last quarter. Alliancebernstein L.P. increased its stake in Acacia Communications by 246.5% during the 1st quarter. Alliancebernstein L.P. now owns 14,900 shares of the technology company’s stock valued at $873,000 after purchasing an additional 10,600 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Acacia Communications by 26.5% during the 1st quarter. Vanguard Group Inc. now owns 1,187,839 shares of the technology company’s stock valued at $69,632,000 after purchasing an additional 248,963 shares in 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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