BlackRock Inc. increased its position in Acacia Communications, Inc. (NASDAQ:ACIA) by 45.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,774,368 shares of the technology company’s stock after acquiring an additional 556,674 shares during the period. BlackRock Inc. owned about 4.38% of Acacia Communications worth $61,767,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Amundi Pioneer Asset Management Inc. grew its holdings in Acacia Communications by 19.1% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 1,340,952 shares of the technology company’s stock valued at $51,573,000 after purchasing an additional 215,055 shares during the period. Pier Capital LLC bought a new stake in Acacia Communications during the second quarter valued at about $6,817,000. Frontier Capital Management Co. LLC grew its holdings in Acacia Communications by 51.3% during the second quarter. Frontier Capital Management Co. LLC now owns 473,419 shares of the technology company’s stock valued at $16,480,000 after purchasing an additional 160,488 shares during the period. Blair William & Co. IL bought a new stake in Acacia Communications during the first quarter valued at about $4,219,000. Finally, JPMorgan Chase & Co. grew its holdings in Acacia Communications by 69.6% during the first quarter. JPMorgan Chase & Co. now owns 201,240 shares of the technology company’s stock valued at $7,740,000 after purchasing an additional 82,569 shares during the period. 90.83% of the stock is owned by institutional investors.
NASDAQ ACIA opened at $37.60 on Friday. The stock has a market capitalization of $1.68 billion, a PE ratio of 31.60 and a beta of 1.33. Acacia Communications, Inc. has a twelve month low of $24.72 and a twelve month high of $46.59.
Acacia Communications (NASDAQ:ACIA) last released its quarterly earnings data on Thursday, August 2nd. The technology company reported ($0.08) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.08). The firm had revenue of $65.00 million during the quarter, compared to analyst estimates of $63.35 million. Acacia Communications had a positive return on equity of 2.66% and a negative net margin of 4.30%. The business’s quarterly revenue was down 17.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.26 earnings per share. On average, research analysts forecast that Acacia Communications, Inc. will post -0.13 EPS for the current year.
Several analysts have issued reports on the company. Zacks Investment Research lowered Acacia Communications from a “buy” rating to a “hold” rating in a report on Wednesday, October 3rd. B. Riley boosted their price target on Acacia Communications from $37.00 to $45.00 and gave the company a “buy” rating in a report on Friday, August 3rd. DA Davidson upped their price objective on Acacia Communications from $30.00 to $37.00 and gave the stock a “neutral” rating in a research note on Friday, August 3rd. Loop Capital upped their price objective on Acacia Communications to $44.50 and gave the stock an “in-line” rating in a research note on Friday, August 3rd. Finally, Rosenblatt Securities set a $46.00 price objective on Acacia Communications and gave the stock a “buy” rating in a research note on Sunday, August 5th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company. Acacia Communications has a consensus rating of “Hold” and an average target price of $40.39.
In related news, VP Mehrdad Givehchi sold 2,707 shares of the business’s stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $39.32, for a total value of $106,439.24. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Murugesan Shanmugaraj sold 2,708 shares of the business’s stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $39.32, for a total value of $106,478.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,683 shares of company stock valued at $260,862. Corporate insiders own 33.20% of the company’s stock.
About Acacia Communications
Acacia Communications, Inc develops, manufactures, and sells high-speed coherent optical interconnect products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific region. Its products include a series of low-power coherent digital signal processor application-specific integrated circuits and silicon photonic integrated circuits that are integrated into families of optical interconnect modules with transmission speeds ranging from 100 to 400 gigabits per second for use in long-haul, metro, and inter-data center markets.
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