Acacia Communications Inc. (ACIA) Updates Q3 Earnings Guidance
Acacia Communications Inc. (NASDAQ:ACIA) issued an update on its third quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of $0.83-0.90 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.75.
Shares of Acacia Communications Inc. (NASDAQ:ACIA) traded up 12.03% during midday trading on Wednesday, reaching $114.27. The company’s stock had a trading volume of 3,407,135 shares. The firm’s 50 day moving average is $110.47 and its 200 day moving average is $70.56. Acacia Communications Inc. has a 52 week low of $27.05 and a 52 week high of $128.73. The firm has a market capitalization of $4.09 billion and a price-to-earnings ratio of 76.28.
Acacia Communications (NASDAQ:ACIA) last posted its quarterly earnings data on Thursday, August 11th. The company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.47. The business had revenue of $116.20 million for the quarter, compared to analyst estimates of $57.90 million. The business’s revenue for the quarter was up 101.0% compared to the same quarter last year. Equities analysts forecast that Acacia Communications Inc. will post $2.72 EPS for the current fiscal year.
ACIA has been the topic of several analyst reports. Deutsche Bank AG raised their price objective on Acacia Communications from $90.00 to $125.00 and gave the stock a buy rating in a report on Friday, September 9th. Needham & Company LLC raised their price objective on Acacia Communications from $65.00 to $100.00 and gave the stock a buy rating in a report on Friday, August 12th. Zacks Investment Research upgraded Acacia Communications from a hold rating to a strong-buy rating and set a $122.00 price objective on the stock in a report on Tuesday, September 13th. Finally, Bank of America Corp. restated a buy rating and set a $130.00 price objective (up previously from $88.00) on shares of Acacia Communications in a report on Sunday, September 4th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $94.83.
A number of hedge funds and other institutional investors have recently modified their holdings of ACIA. Vanguard Group Inc. purchased a new position in shares of Acacia Communications during the second quarter worth $2,482,000. BlackRock Investment Management LLC bought a new position in shares of Acacia Communications during the second quarter worth approximately $777,000. BlackRock Fund Advisors bought a new position in shares of Acacia Communications during the second quarter worth approximately $4,910,000. BlackRock Institutional Trust Company N.A. bought a new position in shares of Acacia Communications during the second quarter worth approximately $1,731,000. Finally, Engineers Gate Manager LP bought a new position in shares of Acacia Communications during the second quarter worth approximately $1,514,000. Hedge funds and other institutional investors own 48.58% of the company’s stock.
About Acacia Communications
Acacia Communications, Inc is engaged in delivering coherent optical interconnect products. The Company offers its products for communications networks, relied upon by cloud infrastructure operators, and content and communication service providers. Its 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 40 to 400 gigabits per second (Gbps) for use in metro and inter-data center markets.
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