Equities analysts expect Acacia Communications, Inc. (NASDAQ:ACIA) to post $0.09 earnings per share (EPS) for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Acacia Communications’ earnings. Acacia Communications reported earnings per share of $0.43 in the same quarter last year, which would suggest a negative year over year growth rate of 79.1%. The company is expected to report its next quarterly earnings report after the market closes on Thursday, August 3rd.
On average, analysts expect that Acacia Communications will report full year earnings of $1.53 per share for the current financial year. For the next year, analysts anticipate that the firm will report earnings of $2.58 per share. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Acacia Communications.
Acacia Communications (NASDAQ:ACIA) last released its quarterly earnings results on Tuesday, May 9th. The technology company reported $0.86 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.34. The company had revenue of $114.67 million during the quarter, compared to analysts’ expectations of $112.46 million. Acacia Communications had a net margin of 30.02% and a return on equity of 43.80%. The business’s quarterly revenue was up 35.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.44 earnings per share.
Several analysts have recently commented on the stock. B. Riley assumed coverage on shares of Acacia Communications in a research report on Tuesday, April 4th. They set a “neutral” rating and a $60.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $65.00 price objective (down previously from $100.00) on shares of Acacia Communications in a research report on Wednesday, May 10th. 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 report on Wednesday, May 10th. Zacks Investment Research raised shares of Acacia Communications from a “hold” rating to a “strong-buy” rating and set a $62.00 price target for the company in a research report on Wednesday, April 26th. Finally, William Blair reissued an “outperform” rating on shares of Acacia Communications in a research report on Monday, May 8th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $62.17.
In related news, CEO Murugesan Shanmugaraj sold 8,983 shares of Acacia Communications stock in a transaction on Monday, May 15th. The shares were sold at an average price of $48.52, for a total value of $435,855.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Ritchie sold 2,640 shares of Acacia Communications stock in a transaction on Tuesday, May 9th. The shares were sold at an average price of $47.20, for a total transaction of $124,608.00. The disclosure for this sale can be found here. In the last three months, insiders sold 34,507 shares of company stock valued at $1,666,685.
A number of hedge funds have recently bought and sold shares of ACIA. Wellington Management Group LLP bought a new position in shares of Acacia Communications during the first quarter valued at $72,279,000. KAMES CAPITAL plc bought a new position in shares of Acacia Communications during the first quarter valued at $39,317,000. Morgan Stanley boosted its position in shares of Acacia Communications by 303.5% in the first quarter. Morgan Stanley now owns 765,219 shares of the technology company’s stock valued at $44,857,000 after buying an additional 575,574 shares during the period. FMR LLC boosted its position in shares of Acacia Communications by 61.2% in the first quarter. FMR LLC now owns 1,332,907 shares of the technology company’s stock valued at $78,135,000 after buying an additional 506,153 shares during the period. Finally, Whale Rock Capital Management LLC bought a new position in shares of Acacia Communications during the first quarter valued at $23,502,000. 88.35% of the stock is owned by institutional investors and hedge funds.
Shares of Acacia Communications (NASDAQ:ACIA) opened at 43.77 on Friday. The company has a market cap of $1.69 billion, a price-to-earnings ratio of 12.88 and a beta of 3.85. The stock has a 50 day moving average of $42.71 and a 200-day moving average of $50.95. Acacia Communications has a 12 month low of $38.50 and a 12 month high of $128.73.
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About Acacia Communications
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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