Acacia Communications (ACIA) PT Raised to $42.00

Acacia Communications (NASDAQ:ACIA) had its price objective raised by investment analysts at MKM Partners from $40.00 to $42.00 in a research note issued on Friday. The firm currently has a “neutral” rating on the technology company’s stock. MKM Partners’ target price points to a potential downside of 6.15% from the stock’s current price.

A number of other equities analysts also recently issued reports on the stock. Piper Jaffray Companies upgraded shares of Acacia Communications from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $38.00 to $46.00 in a research note on Thursday, August 23rd. Rosenblatt Securities increased their target price on shares of Acacia Communications from $46.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, September 26th. Cowen reissued a “buy” rating and set a $44.00 target price on shares of Acacia Communications in a research report on Friday, August 3rd. Bank of America cut shares of Acacia Communications from a “neutral” rating to an “underperform” rating in a research report on Friday, August 24th. They noted that the move was a valuation call. Finally, UBS Group set a $48.00 target price on shares of Acacia Communications and gave the company a “buy” rating in a research report on Friday, August 3rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the stock. Acacia Communications currently has an average rating of “Buy” and a consensus target price of $41.61.

NASDAQ ACIA opened at $44.75 on Friday. Acacia Communications has a 52-week low of $24.72 and a 52-week high of $45.31. The company has a market cap of $1.81 billion, a PE ratio of 186.46 and a beta of 1.68.

Acacia Communications (NASDAQ:ACIA) last released its quarterly earnings data on Thursday, November 1st. The technology company reported $0.23 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.19. Acacia Communications had a negative net margin of 7.68% and a positive return on equity of 2.12%. The firm had revenue of $94.80 million for the quarter, compared to the consensus estimate of $89.99 million. During the same period last year, the firm earned $0.46 earnings per share. The company’s quarterly revenue was down 9.7% on a year-over-year basis. On average, analysts predict that Acacia Communications will post -0.13 EPS for the current year.

In other Acacia Communications news, VP Mehrdad Givehchi sold 2,707 shares of the firm’s stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $39.32, for a total value of $106,439.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Murugesan Shanmugaraj sold 2,708 shares of the firm’s stock in a transaction on Tuesday, August 14th. The stock was sold at an average price of $39.32, for a total transaction of $106,478.56. The disclosure for this sale can be found here. Insiders have sold 6,674 shares of company stock valued at $262,276 in the last three months. 33.20% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. purchased a new position in shares of Acacia Communications in the second quarter worth $164,000. Janus Henderson Group PLC purchased a new position in shares of Acacia Communications in the second quarter worth $214,000. Colrain Capital LLC purchased a new position in shares of Acacia Communications in the third quarter worth $231,000. BNP Paribas Arbitrage SA raised its holdings in shares of Acacia Communications by 62.2% in the second quarter. BNP Paribas Arbitrage SA now owns 7,186 shares of the technology company’s stock worth $250,000 after buying an additional 2,755 shares during the last quarter. Finally, First Mercantile Trust Co. raised its holdings in shares of Acacia Communications by 47.8% in the second quarter. First Mercantile Trust Co. now owns 7,376 shares of the technology company’s stock worth $257,000 after buying an additional 2,386 shares during the last quarter. 85.76% of the stock is owned by institutional investors and hedge funds.

About Acacia Communications

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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