Acacia Communications, Inc. (ACIA) Given Consensus Recommendation of “Buy” by Brokerages
Acacia Communications, Inc. (NASDAQ:ACIA) has earned a consensus rating of “Buy” from the twelve research firms that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have given a hold recommendation and nine have given a buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $50.50.
ACIA has been the subject of a number of research reports. Needham & Company LLC reissued a “buy” rating and set a $50.00 price target on shares of Acacia Communications in a research note on Friday, November 3rd. Zacks Investment Research raised Acacia Communications from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 4th. DA Davidson dropped their price target on Acacia Communications to $48.00 and set a “buy” rating for the company in a research note on Friday, November 3rd. Cowen raised Acacia Communications to an “outperform” rating and dropped their price target for the company from $55.00 to $41.00 in a research note on Friday, November 3rd. Finally, MKM Partners initiated coverage on Acacia Communications in a research note on Tuesday, September 19th. They set a “buy” rating and a $64.00 price target for the company.
In other Acacia Communications news, VP Bhupendra C. Shah sold 8,277 shares of the company’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $38.32, for a total transaction of $317,174.64. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Francis J. Murphy sold 598 shares of the company’s stock in a transaction that occurred on Monday, October 23rd. The shares were sold at an average price of $44.32, for a total value of $26,503.36. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 22,625 shares of company stock worth $943,778. Company insiders own 37.10% of the company’s stock.
A number of hedge funds have recently modified their holdings of ACIA. Alps Advisors Inc. raised its holdings in shares of Acacia Communications by 0.3% in the second quarter. Alps Advisors Inc. now owns 9,357 shares of the technology company’s stock worth $388,000 after buying an additional 24 shares during the period. Wells Fargo & Company MN raised its holdings in shares of Acacia Communications by 4.5% in the second quarter. Wells Fargo & Company MN now owns 34,629 shares of the technology company’s stock worth $1,436,000 after buying an additional 1,481 shares during the period. Royal Bank of Canada raised its holdings in shares of Acacia Communications by 12.1% in the second quarter. Royal Bank of Canada now owns 13,966 shares of the technology company’s stock worth $579,000 after buying an additional 1,511 shares during the period. Vantage Financial Partners Ltd. Inc. raised its holdings in shares of Acacia Communications by 35.8% in the third quarter. Vantage Financial Partners Ltd. Inc. now owns 14,400 shares of the technology company’s stock worth $1,058,000 after buying an additional 3,800 shares during the period. Finally, Teachers Retirement System of The State of Kentucky purchased a new stake in shares of Acacia Communications in the first quarter worth approximately $234,000. Institutional investors and hedge funds own 91.49% of the company’s stock.
Acacia Communications (NASDAQ ACIA) traded up $0.88 during midday trading on Friday, hitting $40.54. The stock had a trading volume of 408,260 shares, compared to its average volume of 1,033,126. The company has a market capitalization of $1,560.00 and a price-to-earnings ratio of 14.43. Acacia Communications has a 1 year low of $35.36 and a 1 year high of $69.97.
Acacia Communications (NASDAQ:ACIA) last released its quarterly earnings data on Thursday, November 2nd. The technology company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.11. The firm had revenue of $105.00 million during the quarter, compared to analyst estimates of $104.35 million. Acacia Communications had a return on equity of 25.29% and a net margin of 27.98%. The business’s quarterly revenue was down 22.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.01 earnings per share. research analysts forecast that Acacia Communications will post 1.15 earnings per share for the current year.
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Acacia Communications Company Profile
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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