John F. Gavin Sells 25,501 Shares of Acacia Communications Inc. (ACIA) Stock
Acacia Communications Inc. (NASDAQ:ACIA) CFO John F. Gavin sold 25,501 shares of the stock in a transaction dated Thursday, October 13th. The shares were sold at an average price of $96.50, for a total value of $2,460,846.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Shares of Acacia Communications Inc. (NASDAQ:ACIA) opened at 91.84 on Tuesday. Acacia Communications Inc. has a 52 week low of $27.05 and a 52 week high of $128.73. The firm has a market cap of $3.29 billion and a PE ratio of 61.31. The firm has a 50-day moving average price of $107.11 and a 200-day moving average price of $72.77.
Acacia Communications (NASDAQ:ACIA) last released its earnings results on Thursday, August 11th. The company reported $0.77 earnings per share for the quarter, beating 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. Acacia Communications’s revenue 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.
Several large investors have recently added to or reduced their stakes in ACIA. Cim LLC bought a new stake in Acacia Communications during the third quarter worth $467,000. Webster Bank N. A. bought a new stake in Acacia Communications during the third quarter worth $239,000. Macquarie Group Ltd. bought a new stake in Acacia Communications during the second quarter worth $5,055,000. CI Global Investments Inc. bought a new stake in Acacia Communications during the second quarter worth $899,000. Finally, Schwab Charles Investment Management Inc. bought a new stake in Acacia Communications during the second quarter worth $515,000. 46.97% of the stock is owned by institutional investors.
Several equities research analysts recently commented on ACIA shares. Deutsche Bank AG raised their target price on Acacia Communications from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, July 14th. Needham & Company LLC raised their target price on Acacia Communications from $48.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, July 25th. Bank of America Corp. reaffirmed a “buy” rating and set a $130.00 target price (up previously from $88.00) on shares of Acacia Communications in a research note on Sunday, September 4th. Zacks Investment Research raised Acacia Communications from a “hold” rating to a “strong-buy” rating and set a $122.00 target price for the company in a research note on Tuesday, September 13th. Finally, Goldman Sachs Group Inc. reaffirmed a “neutral” rating on shares of Acacia Communications in a research note on Wednesday, October 12th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $99.00.
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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