Acacia Communications (NASDAQ:ACIA) had its price target hoisted by Rosenblatt Securities from $46.00 to $49.00 in a report published on Wednesday, Marketbeat reports. The firm currently has a buy rating on the technology company’s stock.

A number of other equities research analysts have also commented on ACIA. ValuEngine upgraded shares of Acacia Communications from a sell rating to a hold rating in a report on Wednesday, June 13th. B. Riley upped their price target on shares of Acacia Communications from $37.00 to $45.00 and gave the company a buy rating in a report on Friday, August 3rd. DA Davidson upped their price target on shares of Acacia Communications from $30.00 to $37.00 and gave the company a neutral rating in a report on Friday, August 3rd. Loop Capital reiterated a buy rating and set a $42.00 price target on shares of Acacia Communications in a report on Monday, June 11th. Finally, Bank of America upped their price target on shares of Acacia Communications from $32.00 to $37.00 and gave the company a neutral rating in a report on Monday, June 11th. One research analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $40.39.

NASDAQ:ACIA traded down $0.18 during midday trading on Wednesday, reaching $41.97. 2,380 shares of the stock traded hands, compared to its average volume of 418,480. Acacia Communications has a 12 month low of $24.72 and a 12 month high of $48.90. The firm has a market capitalization of $1.63 billion, a P/E ratio of 35.55 and a beta of 1.34.

Acacia Communications (NASDAQ:ACIA) last posted its quarterly earnings results on Thursday, August 2nd. The technology company reported ($0.08) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.08). Acacia Communications had a negative net margin of 4.30% and a positive return on equity of 2.66%. The company had revenue of $65.00 million during the quarter, compared to analyst estimates of $63.35 million. During the same period in the prior year, the business posted $0.26 EPS. The firm’s revenue was down 17.6% compared to the same quarter last year. research analysts predict that Acacia Communications will post -0.13 EPS for the current fiscal year.

In other Acacia Communications news, VP Mehrdad Givehchi sold 2,707 shares of the business’s stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $39.32, for a total transaction of $106,439.24. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Murugesan Shanmugaraj sold 2,708 shares of the business’s stock in a transaction on Tuesday, August 14th. The shares were 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. Over the last three months, insiders have sold 6,688 shares of company stock worth $259,273. Insiders own 33.20% of the company’s stock.

Institutional investors have recently modified their holdings of the business. Oppenheimer & Co. Inc. purchased a new position in Acacia Communications during the 2nd quarter valued at $336,000. Adams Street Partners LLC purchased a new stake in shares of Acacia Communications in the 1st quarter worth about $1,206,000. FMR LLC grew its position in shares of Acacia Communications by 108.0% in the 2nd quarter. FMR LLC now owns 2,692,239 shares of the technology company’s stock worth $93,718,000 after buying an additional 1,398,166 shares during the period. Guggenheim Capital LLC grew its position in shares of Acacia Communications by 250.1% in the 1st quarter. Guggenheim Capital LLC now owns 93,891 shares of the technology company’s stock worth $3,610,000 after buying an additional 67,073 shares during the period. Finally, Strs Ohio grew its position in shares of Acacia Communications by 1,656.8% in the 2nd quarter. Strs Ohio now owns 65,000 shares of the technology company’s stock worth $2,262,000 after buying an additional 61,300 shares during the period. 90.83% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for Acacia Communications (NASDAQ:ACIA)

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