Acacia Communications, Inc. (ACIA) Receives $50.50 Consensus Price Target from Analysts
Acacia Communications, Inc. (NASDAQ:ACIA) has earned a consensus recommendation of “Buy” from the twelve brokerages that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and nine have given a buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $50.50.
ACIA has been the subject of several recent research reports. Zacks Investment Research upgraded Acacia Communications from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 4th. Needham & Company LLC restated a “buy” rating and set a $50.00 target price on shares of Acacia Communications in a research note on Friday, November 3rd. B. Riley restated a “neutral” rating and set a $44.00 target price on shares of Acacia Communications in a research note on Wednesday, August 9th. Cowen and Company restated an “outperform” rating and set a $57.00 target price on shares of Acacia Communications in a research note on Monday, July 24th. Finally, DA Davidson decreased their target price on Acacia Communications to $48.00 and set a “buy” rating for the company in a research note on Friday, November 3rd.
Shares of Acacia Communications (NASDAQ ACIA) traded down $0.05 on Monday, hitting $37.55. The stock had a trading volume of 516,215 shares, compared to its average volume of 1,079,447. The stock has a market cap of $1,480.00 and a PE ratio of 12.28. Acacia Communications has a fifty-two week low of $35.36 and a fifty-two week high of $79.38.
Acacia Communications (NASDAQ:ACIA) last announced its quarterly earnings data on Thursday, November 2nd. The technology company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.11. The business had revenue of $105.00 million during the quarter, compared to analysts’ expectations of $104.35 million. Acacia Communications had a return on equity of 25.29% and a net margin of 27.98%. The business’s quarterly revenue was down 22.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.01 EPS. equities analysts forecast that Acacia Communications will post 1.15 earnings per share for the current fiscal year.
In other Acacia Communications news, CFO John F. Gavin sold 880 shares of Acacia Communications stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $36.40, for a total transaction of $32,032.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Francis J. Murphy sold 833 shares of Acacia Communications stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $48.00, for a total value of $39,984.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,481 shares of company stock valued at $1,036,684. 37.10% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in ACIA. Bank of New York Mellon Corp increased its position in Acacia Communications by 6.6% during the first quarter. Bank of New York Mellon Corp now owns 37,528 shares of the technology company’s stock worth $2,200,000 after buying an additional 2,340 shares during the period. Parametric Portfolio Associates LLC acquired a new position in Acacia Communications during the first quarter worth approximately $391,000. American International Group Inc. increased its position in Acacia Communications by 7.1% during 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 period. Alliancebernstein L.P. increased its position in Acacia Communications by 246.5% during the first quarter. Alliancebernstein L.P. now owns 14,900 shares of the technology company’s stock worth $873,000 after buying an additional 10,600 shares during the period. Finally, Vanguard Group Inc. increased its position in Acacia Communications by 26.5% during the first quarter. Vanguard Group Inc. now owns 1,187,839 shares of the technology company’s stock worth $69,632,000 after buying an additional 248,963 shares during the period. 84.32% of the stock is currently owned by institutional investors.
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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