Acacia Communications Inc. (ACIA) Given New $125.00 Price Target at Needham & Company LLC
Acacia Communications Inc. (NASDAQ:ACIA) had its price target boosted by Needham & Company LLC from $100.00 to $125.00 in a report released on Tuesday. The brokerage currently has a buy rating on the stock.
Several other research firms have also issued reports on ACIA. Deutsche Bank AG restated a buy rating and issued a $90.00 price target (up from $60.00) on shares of Acacia Communications in a research report on Monday, August 15th. Bank of America Corp. restated a buy rating and issued a $130.00 price target (up from $88.00) on shares of Acacia Communications in a research report on Sunday, September 4th. Finally, Zacks Investment Research upgraded shares of Acacia Communications from a hold rating to a strong-buy rating and set a $122.00 price target on the stock in a research report on Tuesday, September 13th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $99.00.
Acacia Communications (NASDAQ:ACIA) traded up 1.4302% during trading on Tuesday, reaching $91.4799. 684,318 shares of the company’s stock were exchanged. The company’s 50-day moving average is $108.70 and its 200-day moving average is $71.23. Acacia Communications has a 1-year low of $27.05 and a 1-year high of $128.73. The company has a market capitalization of $3.28 billion and a PE ratio of 61.0680.
Acacia Communications (NASDAQ:ACIA) last posted its earnings results on Thursday, August 11th. The company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.47. The firm earned $116.20 million during the quarter, compared to analyst estimates of $57.90 million. The company’s revenue was up 101.0% on a year-over-year basis. Equities research analysts expect that Acacia Communications will post $2.76 earnings per share for the current fiscal year.
Several institutional investors have recently made changes to their positions in the company. Matrix VIII US Management Co. LLC bought a new position in shares of Acacia Communications during the second quarter worth $482,937,000. Whale Rock Capital Management LLC bought a new position in shares of Acacia Communications during the second quarter worth $29,368,000. Bloom Tree Partners LLC bought a new position in shares of Acacia Communications during the second quarter worth $23,964,000. Lord Abbett & CO. LLC bought a new position in shares of Acacia Communications during the second quarter worth $15,132,000. Finally, Gilder Gagnon Howe & Co. LLC bought a new position in shares of Acacia Communications during the second quarter worth $12,294,000. 48.58% of the stock is owned by institutional investors.
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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