Murugesan Shanmugaraj Sells 108,163 Shares of Acacia Communications Inc. (ACIA) Stock
Acacia Communications Inc. (NASDAQ:ACIA) CEO Murugesan Shanmugaraj sold 108,163 shares of Acacia Communications stock in a transaction that occurred on Thursday, October 13th. The stock was sold at an average price of $96.50, for a total transaction of $10,437,729.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Shares of Acacia Communications Inc. (NASDAQ:ACIA) opened at 91.84 on Tuesday. The stock has a market cap of $3.29 billion and a P/E ratio of 61.31. Acacia Communications Inc. has a 52-week low of $27.05 and a 52-week high of $128.73. The company has a 50-day moving average of $107.11 and a 200 day moving average of $72.77.
Acacia Communications (NASDAQ:ACIA) last posted its quarterly earnings results on Thursday, August 11th. The company reported $0.77 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.47. The business earned $116.20 million during the quarter, compared to analysts’ expectations of $57.90 million. The business’s revenue for the quarter was up 101.0% compared to the same quarter last year. Equities research analysts forecast that Acacia Communications Inc. will post $2.76 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of ACIA. Matrix VIII US Management Co. LLC acquired a new position in Acacia Communications during the second quarter valued at approximately $482,937,000. Whale Rock Capital Management LLC acquired a new position in Acacia Communications during the second quarter valued at approximately $29,368,000. Bloom Tree Partners LLC acquired a new position in Acacia Communications during the second quarter valued at approximately $23,964,000. Lord Abbett & CO. LLC purchased a new stake in shares of Acacia Communications during the second quarter valued at about $15,132,000. Finally, Gilder Gagnon Howe & Co. LLC purchased a new stake in shares of Acacia Communications during the second quarter valued at about $12,294,000. Hedge funds and other institutional investors own 46.97% of the company’s stock.
ACIA has been the subject of a number of recent research reports. Bank of America Corp. reiterated a “buy” rating and issued a $130.00 price target (up previously from $88.00) on shares of Acacia Communications in a research note on Sunday, September 4th. Needham & Company LLC boosted their price objective on shares of Acacia Communications from $100.00 to $125.00 and gave the stock a “buy” rating in a research report on Tuesday, October 11th. Goldman Sachs Group Inc. restated a “neutral” rating on shares of Acacia Communications in a research report on Wednesday, October 12th. Deutsche Bank AG restated a “buy” rating and set a $125.00 price objective on shares of Acacia Communications in a research report on Wednesday, September 28th. Finally, Zacks Investment Research upgraded shares of Acacia Communications from a “hold” rating to a “strong-buy” rating and set a $122.00 price objective for the company in a research report on Tuesday, September 13th. One research 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 company currently has a consensus rating of “Buy” and a consensus price target 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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