Acacia Communications (ACIA) Cut to Neutral at Bank of America

Acacia Communications (NASDAQ:ACIA) was downgraded by equities research analysts at Bank of America from a “buy” rating to a “neutral” rating in a report released on Tuesday, The Fly reports.

A number of other equities analysts also recently commented on ACIA. Loop Capital initiated coverage on shares of Acacia Communications in a research note on Monday, January 29th. They set a “buy” rating and a $50.00 target price for the company. Northland Securities set a $42.00 target price on shares of Acacia Communications and gave the stock a “buy” rating in a research note on Monday, January 29th. UBS initiated coverage on shares of Acacia Communications in a research note on Wednesday, January 31st. They set a “buy” rating and a $50.00 target price for the company. Piper Jaffray initiated coverage on shares of Acacia Communications in a research note on Tuesday, February 13th. They set an “overweight” rating and a $43.00 target price for the company. Finally, William Blair reiterated an “outperform” rating on shares of Acacia Communications in a research note on Wednesday, February 21st. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $41.36.

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Shares of ACIA stock opened at $25.63 on Tuesday. The firm has a market cap of $1,603.73, a P/E ratio of 21.54, a PEG ratio of 6.97 and a beta of 0.88. Acacia Communications has a 12 month low of $24.72 and a 12 month high of $55.21.

Acacia Communications (NASDAQ:ACIA) last issued its earnings results on Thursday, February 22nd. The technology company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.02. The firm had revenue of $86.60 million during the quarter, compared to the consensus estimate of $88.41 million. Acacia Communications had a net margin of 10.00% and a return on equity of 12.40%. The company’s revenue was down 39.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.94 earnings per share. analysts expect that Acacia Communications will post 0.28 EPS for the current year.

In related news, CTO Benny P. Mikkelsen sold 1,900 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $38.48, for a total value of $73,112.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Bhupendra C. Shah sold 893 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $38.48, for a total transaction of $34,362.64. The disclosure for this sale can be found here. Over the last three months, insiders sold 141,791 shares of company stock valued at $5,533,982. 33.20% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in ACIA. Bank of New York Mellon Corp raised its holdings in shares of Acacia Communications by 14.5% in the third quarter. Bank of New York Mellon Corp now owns 91,286 shares of the technology company’s stock valued at $4,300,000 after buying an additional 11,526 shares during the last quarter. Ameriprise Financial Inc. purchased a new stake in shares of Acacia Communications in the third quarter valued at about $4,386,000. Wells Fargo & Company MN raised its holdings in shares of Acacia Communications by 5.3% in the third quarter. Wells Fargo & Company MN now owns 36,468 shares of the technology company’s stock valued at $1,717,000 after buying an additional 1,839 shares during the last quarter. Dimensional Fund Advisors LP purchased a new stake in shares of Acacia Communications in the third quarter valued at about $1,857,000. Finally, Stifel Financial Corp purchased a new stake in shares of Acacia Communications in the third quarter valued at about $218,000. 62.10% of the stock is owned by hedge funds and other institutional investors.

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Acacia Communications Company Profile

Acacia Communications, Inc develops, manufactures, and sells high-speed coherent optical interconnect products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific region. Its products include a series of low-power coherent digital signal processor application-specific integrated circuits and silicon photonic integrated circuits that are integrated into families of optical interconnect modules with transmission speeds ranging from 100 to 400 gigabits per second for use in long-haul, metro, and inter-data center markets.

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