Acacia Communications’ (ACIA) Outperform Rating Reiterated at William Blair
Other equities research analysts have also issued reports about the company. Deutsche Bank AG increased their price target on Acacia Communications from $90.00 to $125.00 and gave the company a buy rating in a research report on Friday, September 9th. Bank of America Corp. restated a buy rating and issued a $130.00 price objective (up previously from $88.00) on shares of Acacia Communications in a research note on Sunday, September 4th. Needham & Company LLC upped their price objective on Acacia Communications from $65.00 to $100.00 and gave the company a buy rating in a research note on Friday, August 12th. Goldman Sachs Group Inc. restated a neutral rating on shares of Acacia Communications in a research note on Wednesday, October 12th. Finally, Zacks Investment Research upgraded Acacia Communications from a hold rating to a strong-buy rating and set a $122.00 price objective for the company in a research note on Tuesday, September 13th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $106.67.
Shares of Acacia Communications (NASDAQ:ACIA) opened at 71.68 on Tuesday. The company has a 50 day moving average of $89.03 and a 200-day moving average of $73.28. Acacia Communications has a 12 month low of $27.05 and a 12 month high of $128.73. The firm has a market capitalization of $2.57 billion and a P/E ratio of 47.85.
Acacia Communications (NASDAQ:ACIA) last released its quarterly earnings results on Thursday, November 10th. The company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.15. The company earned $135.30 million during the quarter, compared to analysts’ expectations of $130.85 million. The company’s quarterly revenue was up 106.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.29 earnings per share. Analysts predict that Acacia Communications will post $2.84 EPS for the current year.
In other Acacia Communications news, major shareholder Matrix Partners Viii L. P sold 1,445,307 shares of the firm’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 $139,472,125.50. Following the sale, the insider now owns 10,646,247 shares of the company’s stock, valued at approximately $1,027,362,835.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Christian J. Rasmussen sold 98,846 shares of the firm’s stock in a transaction dated Thursday, October 13th. The shares were sold at an average price of $96.50, for a total value of $9,538,639.00. The disclosure for this sale can be found here.
Hedge funds have recently added to or reduced their stakes in the stock. Matrix VIII US Management Co. LLC acquired a new stake in Acacia Communications during the second quarter valued at $482,937,000. Whale Rock Capital Management LLC acquired a new stake in Acacia Communications during the second quarter valued at $29,368,000. Bloom Tree Partners LLC acquired a new stake in Acacia Communications during the second quarter valued at $23,964,000. Lord Abbett & CO. LLC acquired a new stake in Acacia Communications during the second quarter valued at $15,132,000. Finally, Gilder Gagnon Howe & Co. LLC acquired a new stake in Acacia Communications during the second quarter valued at $12,294,000. 46.96% of the stock is currently owned by hedge funds and other 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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