Acacia Communications (ACIA) Now Covered by Piper Jaffray Companies

Research analysts at Piper Jaffray Companies began coverage on shares of Acacia Communications (NASDAQ:ACIA) in a research note issued to investors on Tuesday, The Fly reports. The brokerage set an “overweight” rating on the technology company’s stock.

Other equities research analysts also recently issued research reports about the stock. B. Riley raised shares of Acacia Communications from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $44.00 to $49.00 in a research report on Friday, November 3rd. Needham & Company LLC reissued a “buy” rating and set a $50.00 price objective on shares of Acacia Communications in a research report on Friday, November 3rd. William Blair initiated coverage on shares of Acacia Communications in a research report on Tuesday, October 31st. They set a “buy” rating for the company. UBS Group initiated coverage on shares of Acacia Communications in a research report on Wednesday, January 31st. They set a “buy” rating and a $50.00 price objective for the company. Finally, Northland Securities set a $42.00 price objective on shares of Acacia Communications and gave the stock a “buy” rating in a research report on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $49.60.

Shares of Acacia Communications (NASDAQ ACIA) traded down $0.39 during trading hours on Tuesday, reaching $38.54. 185,900 shares of the company’s stock traded hands, compared to its average volume of 375,073. Acacia Communications has a 1 year low of $34.20 and a 1 year high of $69.57. The company has a market capitalization of $1,490.00 and a P/E ratio of 13.02.

In related news, VP Christian J. Rasmussen sold 32,000 shares of the stock in a transaction on Monday, January 29th. The shares were sold at an average price of $35.05, for a total transaction of $1,121,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Mehrdad Givehchi sold 48,722 shares of the stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $36.80, for a total transaction of $1,792,969.60. The disclosure for this sale can be found here. Insiders have sold 96,758 shares of company stock valued at $3,527,259 in the last 90 days. 37.10% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its holdings in Acacia Communications by 14.5% during the third quarter. Bank of New York Mellon Corp now owns 91,286 shares of the technology company’s stock worth $4,300,000 after purchasing an additional 11,526 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in Acacia Communications during the third quarter worth $3,358,000. Ameriprise Financial Inc. acquired a new position in Acacia Communications during the third quarter worth $4,386,000. Oak Ridge Investments LLC acquired a new position in Acacia Communications during the third quarter worth $12,992,000. Finally, California State Teachers Retirement System boosted its holdings in Acacia Communications by 218.9% during the second quarter. California State Teachers Retirement System now owns 32,780 shares of the technology company’s stock worth $1,359,000 after purchasing an additional 22,500 shares during the last quarter. Institutional investors and hedge funds own 91.48% of the company’s stock.

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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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