Acacia Communications, Inc. (ACIA) Expected to Post Quarterly Sales of $91.79 Million
Wall Street brokerages predict that Acacia Communications, Inc. (NASDAQ:ACIA) will announce sales of $91.79 million for the current quarter, Zacks Investment Research reports. Five analysts have provided estimates for Acacia Communications’ earnings, with estimates ranging from $90.00 million to $98.78 million. Acacia Communications posted sales of $116.19 million in the same quarter last year, which suggests a negative year over year growth rate of 21%. The business is expected to announce its next earnings results on Thursday, August 10th.
According to Zacks, analysts expect that Acacia Communications will report full year sales of $91.79 million for the current fiscal year, with estimates ranging from $418.34 million to $454.09 million. For the next fiscal year, analysts anticipate that the firm will post sales of $529.32 million per share, with estimates ranging from $517.39 million to $538.00 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow Acacia Communications.
Acacia Communications (NASDAQ:ACIA) last released its quarterly earnings data on Tuesday, May 9th. The technology company reported $0.86 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.34. Acacia Communications had a net margin of 30.02% and a return on equity of 43.80%. The firm had revenue of $114.67 million for the quarter, compared to the consensus estimate of $112.46 million. During the same period in the previous year, the company earned $0.44 earnings per share. The company’s quarterly revenue was up 35.7% on a year-over-year basis.
Several equities research analysts recently weighed in on the company. B. Riley reissued a “neutral” rating and issued a $47.00 price objective on shares of Acacia Communications in a report on Saturday, May 13th. Cowen and Company decreased their price objective on Acacia Communications from $75.00 to $66.00 and set an “outperform” rating for the company in a report on Wednesday, May 10th. ValuEngine lowered Acacia Communications from a “buy” rating to a “hold” rating in a report on Tuesday. Deutsche Bank AG set a $60.00 price objective on Acacia Communications and gave the stock a “buy” rating in a report on Wednesday, May 10th. Finally, William Blair reissued a “buy” rating on shares of Acacia Communications in a report on Thursday, June 15th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Acacia Communications currently has an average rating of “Buy” and an average price target of $65.11.
In other Acacia Communications news, VP Mehrdad Givehchi sold 25,830 shares of Acacia Communications stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $46.54, for a total transaction of $1,202,128.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John F. Gavin sold 17,817 shares of Acacia Communications stock in a transaction dated Monday, April 17th. The shares were sold at an average price of $54.52, for a total value of $971,382.84. The disclosure for this sale can be found here. Insiders have sold a total of 103,986 shares of company stock valued at $5,046,224 in the last ninety days.
A number of hedge funds and other institutional investors have recently bought and sold shares of ACIA. American International Group Inc. raised its position in Acacia Communications by 7.1% in the first quarter. American International Group Inc. now owns 3,225 shares of the technology company’s stock worth $189,000 after buying an additional 215 shares during the last quarter. GSA Capital Partners LLP acquired a new stake in shares of Acacia Communications during the fourth quarter worth about $209,000. First American Bank acquired a new stake in shares of Acacia Communications during the first quarter worth about $203,000. Koshinski Asset Management Inc. acquired a new stake in shares of Acacia Communications during the first quarter worth about $206,000. Finally, Teachers Retirement System of The State of Kentucky acquired a new stake in shares of Acacia Communications during the first quarter worth about $234,000. 89.96% of the stock is owned by institutional investors and hedge funds.
Acacia Communications (ACIA) traded up 0.75% during trading on Friday, hitting $41.66. 556,367 shares of the company’s stock traded hands. Acacia Communications has a 52-week low of $39.51 and a 52-week high of $128.73. The company’s 50 day moving average price is $45.72 and its 200 day moving average price is $54.39. The company has a market cap of $1.61 billion, a PE ratio of 12.26 and a beta of 3.81. Acacia Communications also saw unusually large options trading on Monday. Investors acquired 2,684 put options on the stock. This is an increase of approximately 435% compared to the average daily volume of 502 put options.
About Acacia Communications
Acacia Communications, Inc provides high-speed coherent interconnect products. The Company’s 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 100 to 400 gigabits per second (Gbps) for use in long-haul, metro and inter-data center markets.
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