Acacia Communications, Inc. (ACIA) Stock Rating Upgraded by B. Riley
Acacia Communications, Inc. (NASDAQ:ACIA) was upgraded by research analysts at B. Riley from a “neutral” rating to a “buy” rating in a report issued on Friday. The firm presently has a $49.00 target price on the technology company’s stock, up from their previous target price of $44.00. B. Riley’s target price would indicate a potential upside of 33.08% from the company’s current price.
Several other analysts have also recently commented on the stock. Needham & Company LLC restated a “buy” rating and set a $50.00 price objective on shares of Acacia Communications in a research note on Friday. William Blair initiated coverage on shares of Acacia Communications in a research note on Tuesday, October 31st. They set a “buy” rating for the company. MKM Partners decreased their price objective on shares of Acacia Communications from $64.00 to $61.00 and set a “buy” rating for the company in a research note on Thursday, October 5th. Zacks Investment Research upgraded shares of Acacia Communications from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 4th. Finally, Cowen and Company restated a “buy” rating and set a $55.00 price objective (down from $57.00) on shares of Acacia Communications in a research note on Friday, August 4th. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Acacia Communications presently has an average rating of “Buy” and an average price target of $50.50.
Acacia Communications (ACIA) traded down $2.28 during mid-day trading on Friday, reaching $36.82. 1,317,386 shares of the company were exchanged, compared to its average volume of 455,598. The firm has a market cap of $1,449.86, a PE ratio of 12.70, a PEG ratio of 1.74 and a beta of 2.85. Acacia Communications has a one year low of $36.75 and a one year high of $79.38.
Acacia Communications (NASDAQ:ACIA) last released its earnings results on Thursday, November 2nd. The technology company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.11. The company had revenue of $105.00 million during the quarter, compared to analysts’ expectations of $104.35 million. Acacia Communications had a net margin of 27.98% and a return on equity of 25.94%. Acacia Communications’s revenue for the quarter was down 22.4% on a year-over-year basis. During the same period last year, the business earned $1.01 EPS. sell-side analysts predict that Acacia Communications will post 1.41 EPS for the current year.
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In other news, CFO John F. Gavin sold 858 shares of Acacia Communications stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $44.46, for a total transaction of $38,146.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Francis J. Murphy sold 8,380 shares of Acacia Communications stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $48.00, for a total transaction of $402,240.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,843 shares of company stock valued at $1,567,441. Insiders own 37.10% of the company’s stock.
Several large investors have recently bought and sold shares of ACIA. Bank of New York Mellon Corp increased its holdings in shares of Acacia Communications by 6.6% during the 1st quarter. Bank of New York Mellon Corp now owns 37,528 shares of the technology company’s stock valued at $2,200,000 after purchasing an additional 2,340 shares in the last quarter. Parametric Portfolio Associates LLC purchased a new position in shares of Acacia Communications during the 1st quarter valued at approximately $391,000. American International Group Inc. increased its holdings in shares of 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 in the last quarter. Alliancebernstein L.P. increased its holdings in shares of Acacia Communications by 246.5% during the 1st quarter. Alliancebernstein L.P. now owns 14,900 shares of the technology company’s stock valued at $873,000 after purchasing an additional 10,600 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Acacia Communications by 26.5% during the 1st quarter. Vanguard Group Inc. now owns 1,187,839 shares of the technology company’s stock valued at $69,632,000 after purchasing an additional 248,963 shares in the last quarter. 82.12% of the stock is owned by hedge funds and other institutional investors.
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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