Acacia Communications, Inc. (ACIA) PT Lowered to $61.00 at MKM Partners
Acacia Communications, Inc. (NASDAQ:ACIA) had its price objective decreased by MKM Partners from $64.00 to $61.00 in a research report sent to investors on Thursday morning. MKM Partners currently has a buy rating on the technology company’s stock.
A number of other research analysts also recently commented on the company. Zacks Investment Research raised Acacia Communications from a strong sell rating to a hold rating in a report on Wednesday. B. Riley reissued a neutral rating and issued a $44.00 price target on shares of Acacia Communications in a report on Wednesday, August 9th. Cowen and Company reissued a buy rating and issued a $55.00 price target (down previously from $57.00) on shares of Acacia Communications in a report on Friday, August 4th. Needham & Company LLC reissued a buy rating and issued a $50.00 price target on shares of Acacia Communications in a report on Friday, August 4th. Finally, Northland Securities set a $50.00 price target on Acacia Communications and gave the company a buy rating in a report on Saturday, July 22nd. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $53.25.
Shares of Acacia Communications (ACIA) opened at 48.02 on Thursday. Acacia Communications has a 12 month low of $44.00 and a 12 month high of $101.66. The firm has a market cap of $1.88 billion, a price-to-earnings ratio of 16.42 and a beta of 3.27. The stock’s 50 day moving average price is $46.47 and its 200 day moving average price is $46.47.
Acacia Communications (NASDAQ:ACIA) last issued its quarterly earnings results on Thursday, August 3rd. The technology company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.08. The firm had revenue of $78.90 million during the quarter, compared to the consensus estimate of $78.17 million. Acacia Communications had a return on equity of 34.46% and a net margin of 29.65%. Acacia Communications’s revenue for the quarter was down 32.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.77 earnings per share. Equities research analysts predict that Acacia Communications will post $1.86 earnings per share for the current fiscal year.
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In other Acacia Communications news, insider Francis J. Murphy sold 833 shares of the company’s stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $48.00, for a total transaction of $39,984.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Murugesan Shanmugaraj sold 2,829 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $44.46, for a total value of $125,777.34. The disclosure for this sale can be found here. Insiders have sold 33,655 shares of company stock worth $1,558,760 in the last 90 days. 37.10% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in ACIA. Wellington Management Group LLP acquired a new stake in Acacia Communications during the first quarter valued at approximately $72,279,000. Capital Research Global Investors raised its stake in Acacia Communications by 47.6% during the second quarter. Capital Research Global Investors now owns 3,351,605 shares of the technology company’s stock valued at $138,991,000 after buying an additional 1,080,126 shares in the last quarter. Morgan Stanley raised its stake in Acacia Communications by 303.5% during the first quarter. Morgan Stanley now owns 765,219 shares of the technology company’s stock valued at $44,857,000 after buying an additional 575,574 shares in the last quarter. Koch Industries Inc. raised its stake in Acacia Communications by 9,918.7% during the second quarter. Koch Industries Inc. now owns 522,678 shares of the technology company’s stock valued at $510,000 after buying an additional 517,461 shares in the last quarter. Finally, FMR LLC raised its stake in Acacia Communications by 61.2% during the first quarter. FMR LLC now owns 1,332,907 shares of the technology company’s stock valued at $78,135,000 after buying an additional 506,153 shares in the last quarter. Hedge funds and other institutional investors own 81.84% of the company’s stock.
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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