Acacia Communications Inc. (ACIA) Announces Earnings Results, Beats Estimates By $0.15 EPS
Acacia Communications Inc. (NASDAQ:ACIA) announced its earnings results on Thursday. The company reported $1.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.15. The company had revenue of $135.30 million for the quarter, compared to the consensus estimate of $130.85 million. During the same period last year, the firm posted $0.29 EPS. The company’s revenue was up 106.8% compared to the same quarter last year. Acacia Communications updated its Q4 guidance to $0.85-0.92 EPS.
Shares of Acacia Communications (NASDAQ:ACIA) opened at 71.68 on Friday. Acacia Communications has a one year low of $27.05 and a one year high of $128.73. The firm has a 50-day moving average of $89.03 and a 200 day moving average of $73.28. The company has a market cap of $2.57 billion and a price-to-earnings ratio of 47.85.
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 on Thursday, October 13th. The stock was sold at an average price of $96.50, for a total transaction of $139,472,125.50. Following the completion of the sale, the insider now owns 10,646,247 shares of the company’s stock, valued at approximately $1,027,362,835.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Christian J. Rasmussen sold 98,846 shares of the firm’s stock in a transaction on 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.
A number of large investors have recently made changes to their positions in the stock. SG Americas Securities LLC acquired a new stake in shares of Acacia Communications during the third quarter valued at about $191,000. Macguire Cheswick & Tuttle Investment Counsel LLC acquired a new stake in shares of Acacia Communications during the third quarter valued at about $207,000. Winfield Associates Inc. increased its stake in shares of Acacia Communications by 115.0% in the third quarter. Winfield Associates Inc. now owns 2,150 shares of the company’s stock valued at $222,000 after buying an additional 1,150 shares in the last quarter. Brighton Jones LLC acquired a new stake in shares of Acacia Communications during the third quarter valued at about $233,000. Finally, Webster Bank N. A. acquired a new stake in shares of Acacia Communications during the third quarter valued at about $239,000. 46.96% of the stock is owned by institutional investors and hedge funds.
A number of brokerages recently issued reports on ACIA. William Blair reaffirmed an “outperform” rating on shares of Acacia Communications in a research report on Tuesday. Goldman Sachs Group Inc. reaffirmed a “neutral” rating on shares of Acacia Communications in a research report on Wednesday, October 12th. 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 report on Sunday, September 4th. Deutsche Bank AG reaffirmed a “buy” rating and set a $90.00 target price (up previously from $60.00) on shares of Acacia Communications in a research report on Monday, August 15th. Finally, Cowen and Company reaffirmed an “outperform” rating and set a $99.00 target price (up previously from $90.00) on shares of Acacia Communications in a research report on Thursday. 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 stock. The company currently has an average rating of “Buy” and a consensus price target of $106.67.
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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