Acacia Communications, Inc. (ACIA) Sets New 12-Month Low After Analyst Downgrade
Acacia Communications, Inc. (NASDAQ:ACIA) shares hit a new 52-week low during mid-day trading on Friday after DA Davidson lowered their price target on the stock to $48.00. DA Davidson currently has a buy rating on the stock. Acacia Communications traded as low as $37.15 and last traded at $0.00, with a volume of shares changing hands.
ACIA has been the topic of several other reports. Needham & Company LLC restated a “buy” rating and issued a $50.00 target price on shares of Acacia Communications in a research note on Monday, October 23rd. William Blair started coverage on Acacia Communications in a research note on Tuesday. They issued a “buy” rating on the stock. Northland Securities set a $50.00 price objective on Acacia Communications and gave the company a “buy” rating in a research note on Saturday, July 22nd. Zacks Investment Research lowered Acacia Communications from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 22nd. Finally, Cowen and Company reiterated an “outperform” rating and set a $57.00 price objective (down from $66.00) on shares of Acacia Communications in a research note on Monday, July 17th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $50.50.
In other news, VP Bhupendra C. Shah sold 8,300 shares of the stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $47.81, for a total value of $396,823.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Francis J. Murphy sold 598 shares of the company’s stock in a transaction that occurred on Monday, October 23rd. The stock was 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. Insiders have sold a total of 33,843 shares of company stock valued at $1,567,441 in the last ninety days. 37.10% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of ACIA. Alps Advisors Inc. boosted its stake in Acacia Communications by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 9,357 shares of the technology company’s stock valued at $388,000 after purchasing an additional 24 shares during the last quarter. American International Group Inc. boosted its stake in Acacia Communications by 7.1% during the 1st quarter. American International Group Inc. now owns 3,225 shares of the technology company’s stock valued at $189,000 after purchasing an additional 215 shares during the last quarter. Princeton Capital Management Inc. boosted its stake in shares of Acacia Communications by 1.3% in the 2nd quarter. Princeton Capital Management Inc. now owns 29,008 shares of the technology company’s stock worth $1,203,000 after buying an additional 364 shares during the last quarter. Winfield Associates Inc. boosted its stake in shares of Acacia Communications by 6.0% in the 2nd quarter. Winfield Associates Inc. now owns 7,105 shares of the technology company’s stock worth $295,000 after buying an additional 400 shares during the last quarter. Finally, Tealwood Asset Management Inc. raised its holdings in Acacia Communications by 1.8% in the 2nd quarter. Tealwood Asset Management Inc. now owns 33,350 shares of the technology company’s stock worth $1,383,000 after purchasing an additional 575 shares during the period. Institutional investors own 82.12% of the company’s stock.
The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of 13.48, a P/E/G ratio of 1.85 and a beta of 2.85.
Acacia Communications (NASDAQ:ACIA) last issued its earnings results on Thursday, November 2nd. The technology company reported $0.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.11. The business had revenue of $105.00 million for the quarter, compared to the consensus estimate of $104.35 million. Acacia Communications had a net margin of 27.98% and a return on equity of 25.94%. The business’s quarterly revenue was down 22.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.01 earnings per share. equities analysts predict that Acacia Communications, Inc. will post 1.41 earnings per share for the current fiscal year.
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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