Acacia Communications Inc. (NASDAQ:ACIA) had its price target increased by Needham & Company LLC from $100.00 to $125.00 in a research report sent to investors on Tuesday morning. They currently have a buy rating on the stock.
Several other equities analysts have also recently weighed in on the company. Deutsche Bank AG raised their price objective on Acacia Communications from $90.00 to $125.00 and gave the company a buy rating in a research note on Friday, September 9th. Zacks Investment Research upgraded Acacia Communications from a hold rating to a strong-buy rating and set a $122.00 target price on the stock in a research note on Tuesday, September 13th. Finally, Bank of America Corp. reiterated a buy rating and set a $130.00 target price (up from $88.00) on shares of Acacia Communications in a research note on Sunday, September 4th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $99.00.
Shares of Acacia Communications (NASDAQ:ACIA) traded up 1.4302% during trading on Tuesday, hitting $91.4799. 684,318 shares of the company’s stock were exchanged. Acacia Communications has a 1-year low of $27.05 and a 1-year high of $128.73. The stock’s 50-day moving average price is $108.70 and its 200-day moving average price is $71.23. The stock has a market cap of $3.28 billion and a PE ratio of 61.0680.
Acacia Communications (NASDAQ:ACIA) last issued its quarterly earnings data on Thursday, August 11th. The company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.47. The company had revenue of $116.20 million for the quarter, compared to the consensus estimate of $57.90 million. The business’s revenue was up 101.0% on a year-over-year basis. On average, equities analysts expect that Acacia Communications will post $2.76 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Kornitzer Capital Management Inc. KS bought a new position in Acacia Communications during the second quarter worth $6,389,000. Gilder Gagnon Howe & Co. LLC acquired a new position in shares of Acacia Communications during the second quarter valued at approximately $12,294,000. Bank of New York Mellon Corp acquired a new position in shares of Acacia Communications during the second quarter valued at approximately $615,000. California State Teachers Retirement System acquired a new position in shares of Acacia Communications during the second quarter valued at approximately $439,000. Finally, State of New Jersey Common Pension Fund D acquired a new position in shares of Acacia Communications during the second quarter valued at approximately $999,000. 48.58% of the stock is owned by institutional investors and hedge funds.
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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