Acacia Communications Inc. (NASDAQ:ACIA) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Wednesday. The brokerage currently has a $86.00 target price on the stock. Zacks Investment Research’s target price indicates a potential upside of 16.01% from the stock’s previous close.

According to Zacks, “Acacia Communications, Inc. designs, develops, manufactures and markets communication equipments. The Company offers coherent optical interconnect products for cloud infrastructure operators and content and communication service providers. It operates primarily in the Americas, Europe, the Middle East, Africa and the Asia Pacific region. Acacia Communications, Inc. is headquartered in Maynard, Massachusetts. “

Several other research analysts also recently commented on the stock. Needham & Company LLC lifted their target price on shares of Acacia Communications from $48.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, July 25th. Deutsche Bank AG reiterated a “buy” rating and issued a $90.00 target price (up previously from $60.00) on shares of Acacia Communications in a report on Monday, August 15th. Bank of America Corp. reiterated a “buy” rating and issued a $130.00 target price (up previously from $88.00) on shares of Acacia Communications in a report on Sunday, September 4th. Goldman Sachs Group Inc. reiterated a “neutral” rating on shares of Acacia Communications in a report on Wednesday, October 12th. Finally, William Blair initiated coverage on shares of Acacia Communications in a report on Monday, October 31st. They issued an “outperform” rating on the stock. 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’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $100.67.

Analyst Recommendations for Acacia Communications (NASDAQ:ACIA)

Acacia Communications (NASDAQ:ACIA) opened at 74.13 on Wednesday. The firm has a 50-day moving average of $83.81 and a 200-day moving average of $73.26. Acacia Communications has a one year low of $27.05 and a one year high of $128.73. The company has a market cap of $2.77 billion and a PE ratio of 34.10.

Acacia Communications (NASDAQ:ACIA) last released its quarterly earnings results on Thursday, November 10th. The company reported $1.01 earnings per share 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 the consensus estimate of $130.85 million. Acacia Communications had a net margin of 22.18% and a return on equity of 69.87%. Acacia Communications’s revenue for the quarter was up 106.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.29 EPS. On average, analysts predict that Acacia Communications will post $3.16 EPS for the current year.

In other news, VP Christian J. Rasmussen sold 98,846 shares of the business’s stock in a transaction dated Thursday, October 13th. The shares were sold at an average price of $96.50, for a total transaction of $9,538,639.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO John F. Gavin sold 25,501 shares of the business’s stock in a transaction dated Thursday, October 13th. The stock was 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 company. Kornitzer Capital Management Inc. KS acquired a new stake in shares of Acacia Communications during the second quarter valued at $6,389,000. Gilder Gagnon Howe & Co. LLC acquired a new stake in shares of Acacia Communications during the second quarter valued at $12,294,000. Bank of New York Mellon Corp acquired a new stake in shares of Acacia Communications during the second quarter valued at $615,000. California State Teachers Retirement System acquired a new stake in shares of Acacia Communications during the second quarter valued at $439,000. Finally, State of New Jersey Common Pension Fund D acquired a new stake in shares of Acacia Communications during the second quarter valued at $999,000. Institutional investors 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.

5 Day Chart for NASDAQ:ACIA

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