Acacia Communications Inc. (ACIA) Earns “Outperform” Rating from Cowen and Company
Cowen and Company reissued their outperform rating on shares of Acacia Communications Inc. (NASDAQ:ACIA) in a report issued on Thursday morning. Cowen and Company currently has a $99.00 price target on the stock, up from their prior price target of $90.00.
A number of other brokerages have also issued reports on ACIA. Deutsche Bank AG upped their target price on shares of Acacia Communications from $90.00 to $125.00 and gave the company a buy rating in a research note on Friday, September 9th. Bank of America Corp. reiterated a buy rating and set a $130.00 price objective (up previously from $88.00) on shares of Acacia Communications in a research note on Sunday, September 4th. Zacks Investment Research upgraded 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 note on Tuesday, September 13th. Needham & Company LLC increased their price objective on shares of Acacia Communications from $100.00 to $125.00 and gave the stock a buy rating in a research note on Tuesday, October 11th. Finally, Goldman Sachs Group Inc. reiterated a neutral rating on shares of Acacia Communications in a research note on Wednesday, October 12th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $106.67.
Shares of Acacia Communications (NASDAQ:ACIA) opened at 67.41 on Thursday. The firm has a market capitalization of $2.52 billion and a P/E ratio of 31.01. The stock’s 50 day moving average is $86.32 and its 200-day moving average is $72.54. Acacia Communications has a 52-week low of $27.05 and a 52-week high of $128.73.
Acacia Communications (NASDAQ:ACIA) last issued its earnings results on Thursday, November 10th. The company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.15. The business had revenue of $135.30 million for the quarter, compared to analyst estimates of $130.85 million. Acacia Communications had a net margin of 22.18% and a return on equity of 69.87%. The company’s revenue for the quarter was up 106.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.29 EPS. On average, equities analysts forecast that Acacia Communications will post $3.17 earnings per share for the current fiscal year.
In other news, VP Christian J. Rasmussen sold 98,846 shares of the stock in a transaction that occurred 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John F. Gavin sold 25,501 shares of the stock in a transaction that occurred on Thursday, October 13th. The shares were sold at an average price of $96.50, for a total transaction of $2,460,846.50. The disclosure for this sale can be found here.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Matrix VIII US Management Co. LLC bought a new position in Acacia Communications during the second quarter valued at about $482,937,000. Whale Rock Capital Management LLC bought a new position in Acacia Communications during the second quarter valued at about $29,368,000. Bloom Tree Partners LLC bought a new position in Acacia Communications during the second quarter valued at about $23,964,000. Lord Abbett & CO. LLC bought a new position in Acacia Communications during the second quarter valued at about $15,132,000. Finally, Gilder Gagnon Howe & Co. LLC bought a new position in Acacia Communications during the second quarter valued at about $12,294,000. Institutional investors and hedge funds own 46.29% of the company’s stock.
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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