Zacks: Analysts Anticipate Acacia Communications, Inc. (ACIA) Will Announce Quarterly Sales of $63.63 Million

Wall Street brokerages predict that Acacia Communications, Inc. (NASDAQ:ACIA) will announce $63.63 million in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have issued estimates for Acacia Communications’ earnings, with the lowest sales estimate coming in at $63.00 million and the highest estimate coming in at $66.52 million. Acacia Communications posted sales of $78.90 million during the same quarter last year, which suggests a negative year-over-year growth rate of 19.4%. The company is expected to announce its next quarterly earnings results on Thursday, November 1st.

On average, analysts expect that Acacia Communications will report full year sales of $314.69 million for the current fiscal year, with estimates ranging from $296.00 million to $327.90 million. For the next financial year, analysts forecast that the business will report sales of $380.28 million per share, with estimates ranging from $314.00 million to $430.10 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Acacia Communications.

Acacia Communications (NASDAQ:ACIA) last announced its quarterly earnings results on Thursday, August 2nd. The technology company reported ($0.08) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.08). Acacia Communications had a negative net margin of 4.30% and a positive return on equity of 2.66%. The firm had revenue of $65.00 million during the quarter, compared to the consensus estimate of $63.35 million. During the same period last year, the firm earned $0.26 EPS. The business’s quarterly revenue was down 17.6% compared to the same quarter last year.

A number of research firms have recently issued reports on ACIA. Cowen reaffirmed a “buy” rating and set a $44.00 price objective on shares of Acacia Communications in a report on Friday, August 3rd. Rosenblatt Securities set a $46.00 price objective on shares of Acacia Communications and gave the stock a “buy” rating in a report on Sunday, August 5th. Deutsche Bank lifted their price objective on shares of Acacia Communications to $45.00 and gave the stock a “buy” rating in a report on Monday, August 6th. Zacks Investment Research raised shares of Acacia Communications from a “hold” rating to a “buy” rating and set a $42.00 price objective for the company in a report on Wednesday. Finally, ValuEngine raised shares of Acacia Communications from a “sell” rating to a “hold” rating in a report on Wednesday, June 13th. Eight equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $38.75.

In other Acacia Communications news, CFO John F. Gavin sold 3,712 shares of the business’s stock in a transaction on Monday, May 14th. The shares were sold at an average price of $35.94, for a total value of $133,409.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Murugesan Shanmugaraj sold 6,706 shares of the business’s stock in a transaction on Monday, May 14th. The stock was sold at an average price of $35.94, for a total transaction of $241,013.64. The disclosure for this sale can be found here. Insiders sold 20,234 shares of company stock valued at $725,700 over the last three months. 33.20% of the stock is currently owned by insiders.

Institutional investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. purchased a new position in shares of Acacia Communications in the second quarter valued at about $164,000. First Mercantile Trust Co. purchased a new position in shares of Acacia Communications in the first quarter valued at about $192,000. Janus Henderson Group PLC purchased a new position in shares of Acacia Communications in the second quarter valued at about $214,000. BNP Paribas Arbitrage SA increased its position in shares of Acacia Communications by 62.2% in the second quarter. BNP Paribas Arbitrage SA now owns 7,186 shares of the technology company’s stock valued at $250,000 after acquiring an additional 2,755 shares during the period. Finally, FNY Investment Advisers LLC purchased a new position in shares of Acacia Communications in the second quarter valued at about $278,000. 86.69% of the stock is owned by institutional investors and hedge funds.

Shares of Acacia Communications traded up $0.27, reaching $38.81, during mid-day trading on Tuesday, according to MarketBeat. 637,352 shares of the company were exchanged, compared to its average volume of 735,220. Acacia Communications has a 52 week low of $24.72 and a 52 week high of $50.10. The company has a market capitalization of $1.56 billion, a P/E ratio of 32.61 and a beta of 0.94.

About Acacia Communications

Acacia Communications, Inc develops, manufactures, and sells high-speed coherent optical interconnect products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific region. Its products include a series of low-power coherent digital signal processor application-specific integrated circuits and silicon photonic integrated circuits that are integrated into families of optical interconnect modules with transmission speeds ranging from 100 to 400 gigabits per second for use in long-haul, metro, and inter-data center markets.

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