Acacia Communications, Inc. (NASDAQ:ACIA) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.22-0.35 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.74. The company issued revenue guidance of $85-95 million, compared to the consensus revenue estimate of $130.70 million.
Acacia Communications, Inc. (NASDAQ:ACIA) traded down 1.78% during midday trading on Friday, hitting $44.18. The stock had a trading volume of 485,837 shares. The firm has a market cap of $1.71 billion and a P/E ratio of 13.00. The stock has a 50-day moving average of $50.65 and a 200-day moving average of $59.50. Acacia Communications, Inc. has a 52 week low of $29.47 and a 52 week high of $128.73.
Acacia Communications (NASDAQ:ACIA) last announced its earnings results on Tuesday, May 9th. The technology company reported $0.86 earnings per share for the quarter, topping 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 firm had revenue of $114.67 million for the quarter, compared to the consensus estimate of $112.46 million. During the same quarter in the previous year, the business earned $0.44 EPS. The company’s revenue was up 35.7% compared to the same quarter last year. Analysts forecast that Acacia Communications, Inc. will post $2.19 EPS for the current fiscal year.
A number of equities research analysts recently commented on ACIA shares. B. Riley reaffirmed a neutral rating and issued a $53.50 price target on shares of Acacia Communications in a report on Monday, May 8th. Zacks Investment Research raised shares of Acacia Communications from a hold rating to a strong-buy rating and set a $62.00 target price on the stock in a report on Wednesday, April 26th. William Blair reissued an outperform rating on shares of Acacia Communications in a report on Friday, March 17th. Needham & Company LLC reaffirmed a buy rating and issued a $65.00 price target (down previously from $100.00) on shares of Acacia Communications in a report on Wednesday, May 10th. Finally, Cowen and Company reaffirmed an outperform rating and issued a $115.00 price target on shares of Acacia Communications in a report on Wednesday, February 22nd. One investment 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 stock presently has a consensus rating of Hold and a consensus target price of $64.25.
In other news, CEO Murugesan Shanmugaraj sold 14,000 shares of the company’s stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $51.71, for a total transaction of $723,940.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Bhupendra C. Shah sold 13,060 shares of the company’s stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $59.11, for a total transaction of $771,976.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 159,452 shares of company stock valued at $8,230,886.
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A hedge fund recently raised its stake in Acacia Communications stock. Schwab Charles Investment Management Inc. raised its position in shares of Acacia Communications, Inc. (NASDAQ:ACIA) by 25.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 60,429 shares of the technology company’s stock after buying an additional 12,178 shares during the period. Schwab Charles Investment Management Inc. owned 0.16% of Acacia Communications worth $3,543,000 at the end of the most recent reporting period. Institutional investors own 66.39% 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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