Acacia Communications Inc. (ACIA) Director Sells $33,408,493.00 in Stock
Acacia Communications Inc. (NASDAQ:ACIA) Director Peter Y. Chung sold 346,202 shares of the company’s stock in a transaction dated Thursday, October 13th. The stock was sold at an average price of $96.50, for a total value of $33,408,493.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.
Shares of Acacia Communications Inc. (NASDAQ:ACIA) traded down 2.03% during mid-day trading on Friday, reaching $92.01. The company had a trading volume of 4,377,691 shares. Acacia Communications Inc. has a 12 month low of $27.05 and a 12 month high of $128.73. The firm’s 50-day moving average is $107.82 and its 200 day moving average is $72.41. The company has a market capitalization of $3.29 billion and a price-to-earnings ratio of 61.42.
Acacia Communications (NASDAQ:ACIA) last released its quarterly earnings results on Thursday, August 11th. The company reported $0.77 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.47. The firm earned $116.20 million during the quarter, compared to analyst estimates of $57.90 million. Acacia Communications’s revenue for the quarter was up 101.0% on a year-over-year basis. On average, equities research analysts predict that Acacia Communications Inc. will post $2.76 earnings per share for the current year.
Hedge funds have recently added to or reduced their stakes in the stock. Matrix VIII US Management Co. LLC purchased a new stake in Acacia Communications during the second quarter valued at about $482,937,000. Whale Rock Capital Management LLC purchased a new stake in Acacia Communications during the second quarter valued at about $29,368,000. Bloom Tree Partners LLC purchased a new stake in Acacia Communications during the second quarter valued at about $23,964,000. Lord Abbett & CO. LLC purchased a new stake in Acacia Communications during the second quarter valued at about $15,132,000. Finally, Gilder Gagnon Howe & Co. LLC purchased a new stake in Acacia Communications during the second quarter valued at about $12,294,000. 48.58% of the stock is currently owned by hedge funds and other institutional investors.
ACIA has been the subject of several recent analyst reports. Deutsche Bank AG upped their price target on Acacia Communications from $90.00 to $125.00 and gave the stock a “buy” rating in a research note on Friday, September 9th. Needham & Company LLC upped their price target on Acacia Communications from $65.00 to $100.00 and gave the stock a “buy” rating in a research note 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 target for the company in a research note on Tuesday, September 13th. Bank of America Corp. reiterated a “buy” rating and set a $130.00 price target (up previously from $88.00) on shares of Acacia Communications in a research note on Sunday, September 4th. Finally, Goldman Sachs Group Inc. reiterated a “neutral” rating on shares of Acacia Communications in a research note on Wednesday. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $99.00.
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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