Morgan Stanley lowered shares of Acacia Communications, Inc. (NASDAQ:ACIA) from an overweight rating to an equal weight rating in a research report sent to investors on Thursday, May 11th, MarketBeat.com reports. The firm currently has $45.00 price target on the technology company’s stock, down from their prior price target of $70.00.
Other research analysts have also issued research reports about the stock. B. Riley began coverage on shares of Acacia Communications in a research note on Monday, April 10th. They set a neutral rating and a $60.00 price objective for the company. Cowen and Company reduced their price objective on shares of Acacia Communications from $75.00 to $66.00 and set an outperform rating for the company in a research note on Wednesday, May 10th. Zacks Investment Research lowered shares of Acacia Communications from a hold rating to a sell rating in a research note on Wednesday, May 10th. Needham & Company LLC restated a buy rating and set a $65.00 price target (down previously from $100.00) on shares of Acacia Communications in a research note on Wednesday, May 10th. Finally, William Blair restated an outperform rating on shares of Acacia Communications in a research note on Friday, February 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. Acacia Communications currently has an average rating of Hold and an average price target of $67.86.
Shares of Acacia Communications (NASDAQ:ACIA) opened at 45.08 on Thursday. Acacia Communications has a 12-month low of $32.92 and a 12-month high of $128.73. The stock’s 50 day moving average is $46.62 and its 200-day moving average is $56.09. The stock has a market capitalization of $1.74 billion and a price-to-earnings ratio of 13.27.
Acacia Communications (NASDAQ:ACIA) last posted its quarterly earnings data on Tuesday, May 9th. The technology company reported $0.86 EPS for the quarter, topping the consensus estimate of $0.52 by $0.34. The firm had revenue of $114.67 million during the quarter, compared to analyst estimates of $112.46 million. Acacia Communications had a net margin of 30.02% and a return on equity of 43.80%. Acacia Communications’s revenue was up 35.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.44 EPS. On average, analysts expect that Acacia Communications will post $2.19 earnings per share for the current year.
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In related news, CFO John F. Gavin sold 4,634 shares of the stock in a transaction on Monday, May 15th. The shares were sold at an average price of $48.54, for a total transaction of $224,934.36. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Benny P. Mikkelsen sold 25,842 shares of the stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $59.16, for a total transaction of $1,528,812.72. The disclosure for this sale can be found here. Insiders have sold 145,452 shares of company stock worth $7,506,946 over the last three months.
Several institutional investors have recently bought and sold shares of the company. Credit Agricole S A acquired a new position in Acacia Communications during the fourth quarter valued at $972,000. Dynamic Technology Lab Private Ltd increased its position in Acacia Communications by 81.5% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 4,373 shares of the technology company’s stock valued at $270,000 after buying an additional 1,963 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new position in Acacia Communications during the fourth quarter valued at $1,235,000. FMR LLC increased its position in Acacia Communications by 145.3% in the fourth quarter. FMR LLC now owns 826,754 shares of the technology company’s stock valued at $51,052,000 after buying an additional 489,703 shares in the last quarter. Finally, FNY Partners Fund LP acquired a new position in Acacia Communications during the fourth quarter valued at $124,000. 90.16% of the stock is currently 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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