Acacia Communications (ACIA) Coverage Initiated at Loop Capital

Analysts at Loop Capital initiated coverage on shares of Acacia Communications (NASDAQ:ACIA) in a report released on Monday, The Fly reports. The firm set a “buy” rating on the technology company’s stock.

A number of other research firms also recently issued reports on ACIA. Needham & Company LLC reaffirmed a “buy” rating and issued a $50.00 price objective on shares of Acacia Communications in a research note on Friday, November 3rd. Zacks Investment Research raised Acacia Communications from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 4th. DA Davidson reduced their price objective on Acacia Communications to $48.00 and set a “buy” rating on the stock in a research note on Friday, November 3rd. Cowen raised Acacia Communications to an “outperform” rating and reduced their price objective for the stock from $55.00 to $41.00 in a research note on Friday, November 3rd. Finally, MKM Partners reduced their price objective on Acacia Communications from $64.00 to $61.00 and set a “buy” rating on the stock in a research note on Thursday, October 5th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $50.50.

Acacia Communications (NASDAQ ACIA) traded down $1.91 during trading hours on Monday, reaching $34.34. The company’s stock had a trading volume of 538,654 shares, compared to its average volume of 322,393. Acacia Communications has a 1-year low of $34.20 and a 1-year high of $69.57. The company has a market cap of $1,350.00 and a P/E ratio of 11.60.

Acacia Communications (NASDAQ:ACIA) last released its quarterly earnings data on Thursday, November 2nd. The technology company reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.11. Acacia Communications had a return on equity of 25.29% and a net margin of 27.98%. The business had revenue of $105.00 million for the quarter, compared to the consensus estimate of $104.35 million. During the same quarter in the previous year, the company posted $1.01 EPS. The company’s revenue was down 22.4% compared to the same quarter last year. equities analysts forecast that Acacia Communications will post 1.15 earnings per share for the current fiscal year.

In other news, VP Bhupendra C. Shah sold 8,277 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $38.32, for a total transaction of $317,174.64. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO John F. Gavin sold 880 shares of the business’s stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of $36.40, for a total value of $32,032.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 69,770 shares of company stock worth $2,588,096. Corporate insiders own 37.10% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wells Fargo & Company MN increased its position in shares of Acacia Communications by 4.5% during the 2nd quarter. Wells Fargo & Company MN now owns 34,629 shares of the technology company’s stock valued at $1,436,000 after purchasing an additional 1,481 shares during the last quarter. Royal Bank of Canada increased its position in shares of Acacia Communications by 12.1% during the 2nd quarter. Royal Bank of Canada now owns 13,966 shares of the technology company’s stock valued at $579,000 after purchasing an additional 1,511 shares during the last quarter. Vantage Financial Partners Ltd. Inc. increased its position in shares of Acacia Communications by 35.8% during the 3rd quarter. Vantage Financial Partners Ltd. Inc. now owns 14,400 shares of the technology company’s stock valued at $1,058,000 after purchasing an additional 3,800 shares during the last quarter. First Trust Advisors LP bought a new position in shares of Acacia Communications during the 3rd quarter valued at approximately $201,000. Finally, Stifel Financial Corp bought a new position in shares of Acacia Communications during the 3rd quarter valued at approximately $218,000. 91.16% of the stock is currently owned by hedge funds and other institutional investors.

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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.

The Fly

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