Acacia Communications’ (ACIA) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Acacia Communications, Inc. (NASDAQ:ACIA) in a report issued on Wednesday, May 10th. They currently have a $65.00 target price on the technology company’s stock, down from their prior target price of $100.00.

A number of other equities research analysts also recently commented on the company. William Blair reiterated an outperform rating on shares of Acacia Communications in a research report on Friday, March 17th. Zacks Investment Research upgraded Acacia Communications from a hold rating to a strong-buy rating and set a $62.00 target price for the company in a report on Wednesday, April 26th. Morgan Stanley upgraded Acacia Communications from an equal weight rating to an overweight rating and increased their target price for the company from $54.99 to $80.00 in a report on Thursday, February 2nd. They noted that the move was a valuation call. Cowen and Company restated an outperform rating and issued a $115.00 target price on shares of Acacia Communications in a report on Wednesday, February 22nd. Finally, B. Riley started coverage on Acacia Communications in a report on Monday, April 10th. They issued a neutral rating and a $60.00 target price for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. The company has an average rating of Hold and an average target price of $64.25.

Acacia Communications (NASDAQ:ACIA) traded down 1.78% on Wednesday, hitting $44.18. 485,837 shares of the stock traded hands. The stock has a 50 day moving average of $50.65 and a 200 day moving average of $59.50. Acacia Communications has a 52 week low of $29.47 and a 52 week high of $128.73. The firm has a market capitalization of $1.71 billion and a PE ratio of 13.00.

Acacia Communications (NASDAQ:ACIA) last announced its quarterly earnings data on Tuesday, May 9th. The technology company reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.34. Acacia Communications had a return on equity of 69.87% and a net margin of 22.18%. The company had revenue of $114.67 million during the quarter, compared to the consensus estimate of $112.46 million. During the same quarter in the prior year, the firm earned $0.44 EPS. The company’s quarterly revenue was up 35.7% compared to the same quarter last year. Equities research analysts anticipate that Acacia Communications will post $2.19 earnings per share for the current year.

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In related news, CTO Benny P. Mikkelsen sold 25,842 shares of the stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $59.16, for a total transaction of $1,528,812.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John Ritchie sold 2,640 shares of the stock in a transaction on Tuesday, May 9th. The stock was sold at an average price of $47.20, for a total value of $124,608.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 159,452 shares of company stock valued at $8,230,886.

Institutional investors have recently bought and sold shares of the company. Winfield Associates Inc. increased its position in Acacia Communications by 115.0% in the third quarter. Winfield Associates Inc. now owns 2,150 shares of the technology company’s stock valued at $222,000 after buying an additional 1,150 shares during the last quarter. BlackRock Group LTD acquired a new position in Acacia Communications during the third quarter valued at approximately $3,865,000. Two Sigma Securities LLC acquired a new position in Acacia Communications during the third quarter valued at approximately $481,000. 1832 Asset Management L.P. acquired a new position in Acacia Communications during the third quarter valued at approximately $50,990,000. Finally, Commonwealth Venture GP Partners IV LLC acquired a new position in Acacia Communications during the fourth quarter valued at approximately $330,419,000. 66.39% of the stock is currently owned by hedge funds and other 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.

12 Month Chart for NASDAQ:ACIA

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