Acacia Communications (ACIA) Downgraded by B. Riley to Neutral

Acacia Communications (NASDAQ:ACIA) was downgraded by analysts at B. Riley from a “buy” rating to a “neutral” rating in a report issued on Friday. They currently have a $50.50 price objective on the technology company’s stock, up from their previous price objective of $45.00. B. Riley’s price objective would suggest a potential upside of 7.06% from the company’s previous close.

A number of other brokerages have also commented on ACIA. Loop Capital increased their price objective on Acacia Communications to $60.00 and gave the company a “reduce” rating in a report on Thursday, December 6th. Citigroup increased their price objective on Acacia Communications to $60.00 and gave the company a “buy” rating in a report on Monday, November 5th. Deutsche Bank raised their target price on Acacia Communications from $45.00 to $60.00 and gave the company a “buy” rating in a report on Monday, November 5th. TheStreet raised Acacia Communications from a “d+” rating to a “c-” rating in a report on Monday, December 10th. Finally, Zacks Investment Research lowered Acacia Communications from a “buy” rating to a “hold” rating in a report on Wednesday, February 13th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company’s stock. Acacia Communications currently has an average rating of “Hold” and an average target price of $46.50.

Shares of NASDAQ ACIA opened at $47.17 on Friday. The stock has a market cap of $1.88 billion, a PE ratio of 39.64, a P/E/G ratio of 4.88 and a beta of 1.65. Acacia Communications has a 52 week low of $24.72 and a 52 week high of $48.29.

Acacia Communications (NASDAQ:ACIA) last issued its quarterly earnings data on Thursday, February 21st. The technology company reported $0.41 EPS for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.06. The business had revenue of $107.10 million for the quarter, compared to analyst estimates of $102.84 million. Acacia Communications had a positive return on equity of 2.11% and a negative net margin of 7.68%. The firm’s revenue for the quarter was up 23.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.27 EPS. Analysts expect that Acacia Communications will post 0.09 earnings per share for the current year.

In related news, CEO Murugesan Shanmugaraj sold 2,669 shares of the firm’s stock in a transaction that occurred on Thursday, February 14th. The stock was sold at an average price of $43.38, for a total transaction of $115,781.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John F. Gavin sold 770 shares of the firm’s stock in a transaction that occurred on Thursday, February 14th. The stock was sold at an average price of $43.38, for a total value of $33,402.60. The disclosure for this sale can be found here. Insiders sold a total of 62,831 shares of company stock valued at $2,621,230 in the last quarter. Corporate insiders own 33.20% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Acacia Communications by 19.4% during the 3rd quarter. Vanguard Group Inc. now owns 2,410,234 shares of the technology company’s stock worth $99,711,000 after buying an additional 391,574 shares during the period. Bank of New York Mellon Corp increased its holdings in Acacia Communications by 43.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 187,967 shares of the technology company’s stock valued at $6,543,000 after purchasing an additional 56,773 shares in the last quarter. Picton Mahoney Asset Management acquired a new stake in Acacia Communications during the 4th quarter valued at $2,011,000. Oppenheimer & Co. Inc. increased its holdings in Acacia Communications by 314.5% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 40,000 shares of the technology company’s stock valued at $1,655,000 after purchasing an additional 30,350 shares in the last quarter. Finally, GAM Holding AG acquired a new stake in Acacia Communications during the 3rd quarter valued at $211,000. Institutional investors and hedge funds own 75.77% of the company’s stock.

Acacia Communications Company Profile

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.

Recommended Story: What is a put option?

Analyst Recommendations for Acacia Communications (NASDAQ:ACIA)

Receive News & Ratings for Acacia Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Acacia Communications and related companies with MarketBeat.com's FREE daily email newsletter.



Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit