Magnetar Financial LLC acquired a new stake in Acacia Communications, Inc. (NASDAQ:ACIA) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 5,048 shares of the technology company’s stock, valued at approximately $238,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of ACIA. First Trust Advisors LP purchased a new position in Acacia Communications in the third quarter valued at $201,000. Pitcairn Co. purchased a new position in Acacia Communications in the third quarter valued at $216,000. Stifel Financial Corp purchased a new position in Acacia Communications in the third quarter valued at $218,000. Commonwealth Equity Services Inc purchased a new position in Acacia Communications in the third quarter valued at $232,000. Finally, Thompson Davis & CO. Inc. boosted its holdings in Acacia Communications by 4,100.0% in the third quarter. Thompson Davis & CO. Inc. now owns 5,250 shares of the technology company’s stock valued at $247,000 after purchasing an additional 5,125 shares during the period. 91.49% of the stock is owned by institutional investors and hedge funds.
In other news, insider Benny P. Mikkelsen sold 2,901 shares of the business’s stock in a transaction dated Tuesday, November 14th. The stock was sold at an average price of $36.40, for a total value of $105,596.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Bhupendra C. Shah sold 8,277 shares of the business’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $38.32, for a total value of $317,174.64. The disclosure for this sale can be found here. Insiders have sold a total of 22,625 shares of company stock valued at $943,778 over the last ninety days. 37.10% of the stock is owned by company insiders.
Acacia Communications (NASDAQ:ACIA) last announced its quarterly earnings results on Thursday, November 2nd. The technology company reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.11. The company had revenue of $105.00 million during the quarter, compared to the consensus estimate of $104.35 million. Acacia Communications had a return on equity of 25.29% and a net margin of 27.98%. Acacia Communications’s revenue for the quarter was down 22.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.01 EPS. analysts predict that Acacia Communications, Inc. will post 1.15 EPS for the current year.
A number of research firms recently issued reports on ACIA. Cowen upgraded Acacia Communications to an “outperform” rating and decreased their target price for the company from $55.00 to $41.00 in a report on Friday, November 3rd. Zacks Investment Research upgraded Acacia Communications from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 4th. AltaCorp Capital upgraded Acacia Communications from a “neutral” rating to a “buy” rating in a report on Friday, November 3rd. MKM Partners started coverage on Acacia Communications in a report on Tuesday, September 19th. They set a “buy” rating and a $64.00 price target for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price target on shares of Acacia Communications in a report on Friday, November 3rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $50.50.
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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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