AltaCorp Capital Upgrades Acacia Communications, Inc. (ACIA) to Buy
Acacia Communications, Inc. (NASDAQ:ACIA) was upgraded by research analysts at AltaCorp Capital from a “neutral” rating to a “buy” rating in a research note issued on Friday.
Other equities analysts also recently issued research reports about the stock. B. Riley reaffirmed a “neutral” rating and set a $44.50 price target on shares of Acacia Communications in a research note on Saturday, July 22nd. Needham & Company LLC reissued a “buy” rating and issued a $50.00 price objective on shares of Acacia Communications in a research report on Friday, August 4th. DA Davidson dropped their price objective on shares of Acacia Communications to $48.00 and set a “buy” rating for the company in a research report on Friday. Cowen and Company raised shares of Acacia Communications to an “outperform” rating and dropped their price objective for the stock from $55.00 to $41.00 in a research report on Friday. Finally, ValuEngine lowered shares of Acacia Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Acacia Communications presently has a consensus rating of “Buy” and a consensus price target of $50.50.
Shares of Acacia Communications (NASDAQ ACIA) traded down $6.58 on Friday, reaching $36.82. The company had a trading volume of 1,317,386 shares, compared to its average volume of 456,770. The stock has a market cap of $1.44 billion and a PE ratio of 13.48. Acacia Communications has a twelve month low of $36.75 and a twelve month high of $79.38.
Acacia Communications (NASDAQ:ACIA) last posted its quarterly earnings results on Thursday, November 2nd. The technology company reported $0.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.11. The company had revenue of $105.00 million for the quarter, compared to the consensus estimate of $104.35 million. Acacia Communications had a net margin of 27.98% and a return on equity of 25.94%. Acacia Communications’s revenue was down 22.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.01 earnings per share. equities analysts forecast that Acacia Communications will post 1.41 EPS for the current year.
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In related news, insider Francis J. Murphy sold 8,380 shares of the firm’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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Bhupendra C. Shah sold 8,300 shares of the firm’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 sold 33,843 shares of company stock valued at $1,567,441 in the last three months. Company insiders own 37.10% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in ACIA. American International Group Inc. grew its holdings 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. First Trust Advisors LP acquired a new stake in Acacia Communications during the 3rd quarter valued at $201,000. Pitcairn Co. acquired a new stake in Acacia Communications during the 3rd quarter valued at $216,000. 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 valued at $228,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky acquired a new stake in Acacia Communications during the 1st quarter valued at $234,000. 82.12% of the stock is 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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