Acacia Communications, Inc. (ACIA) Forecasted to Earn Q2 2018 Earnings of $0.13 Per Share
Acacia Communications, Inc. (NASDAQ:ACIA) – Investment analysts at William Blair dropped their Q2 2018 earnings per share estimates for Acacia Communications in a report issued on Tuesday. William Blair analyst D. Netis now anticipates that the technology company will post earnings of $0.13 per share for the quarter, down from their prior estimate of $0.22. William Blair currently has a “Buy” rating on the stock. William Blair also issued estimates for Acacia Communications’ Q3 2018 earnings at $0.28 EPS.
ACIA has been the subject of a number of other reports. Needham & Company LLC restated a “buy” rating and issued a $50.00 price objective on shares of Acacia Communications in a report on Monday, October 23rd. Zacks Investment Research downgraded Acacia Communications from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 22nd. AltaCorp Capital upgraded Acacia Communications from a “neutral” rating to a “buy” rating in a report on Friday, November 3rd. B. Riley upgraded Acacia Communications from a “neutral” rating to a “buy” rating and increased their price objective for the company from $44.00 to $49.00 in a report on Friday, November 3rd. Finally, MKM Partners decreased their price objective on Acacia Communications from $64.00 to $61.00 and set a “buy” rating for the company in a report on Thursday, October 5th. One analyst has rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the stock. Acacia Communications currently has a consensus rating of “Buy” and a consensus target price of $50.50.
Acacia Communications (NASDAQ:ACIA) last announced its quarterly earnings results on Thursday, November 2nd. The technology company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.11. The company had revenue of $105.00 million during 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 25.29%. The company’s revenue for the quarter was down 22.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.01 earnings per share.
Hedge funds have recently added to or reduced their stakes in the company. State of Wisconsin Investment Board boosted its position in shares of Acacia Communications by 7.7% during the 2nd quarter. State of Wisconsin Investment Board now owns 70,000 shares of the technology company’s stock worth $2,903,000 after purchasing an additional 5,000 shares in the last quarter. Koch Industries Inc. boosted its position in shares of Acacia Communications by 9,918.7% during the 2nd quarter. Koch Industries Inc. now owns 522,678 shares of the technology company’s stock worth $510,000 after purchasing an additional 517,461 shares in the last quarter. Engineers Gate Manager LP bought a new position in shares of Acacia Communications during the 2nd quarter worth about $1,013,000. Oak Ridge Investments LLC bought a new position in shares of Acacia Communications during the 3rd quarter worth about $12,992,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Acacia Communications by 15.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,298 shares of the technology company’s stock worth $1,754,000 after purchasing an additional 5,798 shares in the last quarter. 91.48% of the stock is currently owned by institutional investors.
In other Acacia Communications news, VP Bhupendra C. Shah sold 8,300 shares of the company’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 sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Benny P. Mikkelsen sold 2,901 shares of the company’s stock in a transaction on Tuesday, November 14th. The shares were sold at an average price of $36.40, for a total transaction of $105,596.40. The disclosure for this sale can be found here. Insiders have sold 30,925 shares of company stock worth $1,313,875 in the last ninety days. Insiders own 37.10% 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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