Insider Selling: Acacia Communications Inc. (ACIA) VP Sells 98,846 Shares of Stock
Acacia Communications Inc. (NASDAQ:ACIA) VP Christian J. Rasmussen sold 98,846 shares of Acacia Communications stock in a transaction dated Thursday, October 13th. The stock was sold at an average price of $96.50, for a total transaction of $9,538,639.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Acacia Communications Inc. (NASDAQ:ACIA) traded down 2.03% during trading on Friday, hitting $92.01. 4,381,391 shares of the stock traded hands. The firm has a 50-day moving average price of $107.56 and a 200 day moving average price of $72.59. The company has a market cap of $3.29 billion and a P/E ratio of 61.42. Acacia Communications Inc. has a 52-week low of $27.05 and a 52-week high of $128.73.
Acacia Communications (NASDAQ:ACIA) last issued its quarterly earnings results on Thursday, August 11th. The company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.47. The company earned $116.20 million during the quarter, compared to the consensus estimate of $57.90 million. The business’s revenue was up 101.0% compared to the same quarter last year. On average, equities analysts expect that Acacia Communications Inc. will post $2.76 EPS for the current year.
ACIA has been the topic of several research reports. Deutsche Bank AG reaffirmed a “buy” rating and issued a $90.00 price objective (up previously from $60.00) on shares of Acacia Communications in a research report on Monday, August 15th. Bank of America Corp. reaffirmed a “buy” rating and issued a $130.00 price objective (up previously from $88.00) on shares of Acacia Communications in a research report on Sunday, September 4th. Zacks Investment Research raised shares of Acacia Communications from a “hold” rating to a “strong-buy” rating and set a $122.00 price objective on the stock in a research report on Tuesday, September 13th. Needham & Company LLC lifted their price objective on shares of Acacia Communications from $48.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, July 25th. Finally, Goldman Sachs Group Inc. reaffirmed a “neutral” rating on shares of Acacia Communications in a research report on Wednesday. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Acacia Communications presently has a consensus rating of “Buy” and a consensus target price of $99.00.
Hedge funds have recently modified their holdings of the company. Webster Bank N. A. bought a new stake in shares of Acacia Communications during the third quarter worth about $239,000. Macquarie Group Ltd. bought a new stake in shares of Acacia Communications during the second quarter worth about $5,055,000. CI Global Investments Inc. bought a new stake in shares of Acacia Communications during the second quarter worth about $899,000. Schwab Charles Investment Management Inc. bought a new stake in shares of Acacia Communications during the second quarter worth about $515,000. Finally, Metropolitan Life Insurance Co. NY bought a new stake in shares of Acacia Communications during the second quarter worth about $255,000. Institutional investors own 48.58% of the company’s stock.
Acacia Communications Company Profile
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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