Acacia Communications Inc. (NASDAQ:ACIA) CFO John F. Gavin sold 25,501 shares of Acacia Communications stock in a transaction dated Thursday, October 13th. The shares were sold at an average price of $96.50, for a total value of $2,460,846.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
Shares of Acacia Communications Inc. (NASDAQ:ACIA) traded down 2.03% during midday trading on Friday, reaching $92.01. The company had a trading volume of 4,381,391 shares. The company’s 50 day moving average price is $107.56 and its 200 day moving average price is $72.59. Acacia Communications Inc. has a 52-week low of $27.05 and a 52-week high of $128.73. The stock has a market capitalization of $3.29 billion and a PE ratio of 61.42.
Acacia Communications (NASDAQ:ACIA) last posted its earnings results on Thursday, August 11th. The company reported $0.77 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.47. The firm had revenue of $116.20 million for the quarter, compared to analyst estimates of $57.90 million. Acacia Communications’s revenue for the quarter was up 101.0% on a year-over-year basis. Equities research analysts expect that Acacia Communications Inc. will post $2.76 earnings per share for the current year.
A number of institutional investors have recently bought and sold shares of the company. Matrix VIII US Management Co. LLC purchased a new position in Acacia Communications during the second quarter valued at about $482,937,000. Whale Rock Capital Management LLC purchased a new position in Acacia Communications during the second quarter valued at about $29,368,000. Bloom Tree Partners LLC purchased a new position in Acacia Communications during the second quarter valued at about $23,964,000. Lord Abbett & CO. LLC purchased a new position in Acacia Communications during the second quarter valued at about $15,132,000. Finally, Gilder Gagnon Howe & Co. LLC purchased a new position in Acacia Communications during the second quarter valued at about $12,294,000. 48.58% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts have issued reports on the company. Goldman Sachs Group Inc. reiterated a “neutral” rating on shares of Acacia Communications in a research note on Wednesday. Bank of America Corp. restated a “buy” rating and set a $130.00 price target (up previously from $88.00) on shares of Acacia Communications in a research note on Sunday, September 4th. Deutsche Bank AG restated a “buy” rating and set a $90.00 price target (up previously from $60.00) on shares of Acacia Communications in a research note on Monday, August 15th. Needham & Company LLC boosted their price target on Acacia Communications from $48.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, July 25th. Finally, Zacks Investment Research upgraded Acacia Communications from a “hold” rating to a “strong-buy” rating and set a $122.00 price target on the stock in a research note on Tuesday, September 13th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $99.00.
About Acacia Communications
Acacia Communications, Inc is engaged in delivering coherent optical interconnect products. The Company offers its products for communications networks, relied upon by cloud infrastructure operators, and content and communication service providers. Its 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 40 to 400 gigabits per second (Gbps) for use in metro and inter-data center markets.
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