Zacks Investment Research cut shares of Acacia Communications, Inc. (NASDAQ:ACIA) from a hold rating to a strong sell rating in a research report report published on Wednesday, November 8th.
According to Zacks, “Acacia Communications, Inc. designs, develops, manufactures and markets communication equipments. The Company offers coherent optical interconnect products for cloud infrastructure operators and content and communication service providers. It operates primarily in the Americas, Europe, the Middle East, Africa and the Asia Pacific region. Acacia Communications, Inc. is headquartered in Maynard, Massachusetts. “
ACIA has been the topic of several other research reports. Needham & Company LLC reiterated a buy rating and issued a $50.00 target price on shares of Acacia Communications in a research note on Monday, October 23rd. William Blair began coverage on Acacia Communications in a research note on Tuesday, October 31st. They issued a buy rating on the stock. Northland Securities set a $50.00 target price on Acacia Communications and gave the company a buy rating in a research note on Saturday, July 22nd. AltaCorp Capital upgraded Acacia Communications from a neutral rating to a buy rating in a research note on Friday, November 3rd. Finally, B. Riley restated a neutral rating and set a $44.00 price target on shares of Acacia Communications in a research note on Friday, August 4th. One analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $50.50.
Acacia Communications (NASDAQ:ACIA) last posted its earnings results on Thursday, November 2nd. The technology company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.11. Acacia Communications had a return on equity of 25.29% and a net margin of 27.98%. The company had revenue of $105.00 million for the quarter, compared to analyst estimates of $104.35 million. During the same quarter in the previous year, the firm earned $1.01 earnings per share. The firm’s quarterly revenue was down 22.4% compared to the same quarter last year. equities analysts anticipate that Acacia Communications will post 1.15 EPS for the current year.
In related news, VP Bhupendra C. Shah sold 8,300 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The stock was sold at an average price of $44.59, for a total value of $370,097.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Benny P. Mikkelsen sold 2,901 shares of the company’s stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of $36.40, for a total value of $105,596.40. The disclosure for this sale can be found here. Insiders have sold 23,481 shares of company stock worth $1,036,684 in the last 90 days. Insiders own 37.10% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. American International Group Inc. boosted its position in Acacia Communications by 7.1% in the first quarter. American International Group Inc. now owns 3,225 shares of the technology company’s stock valued at $189,000 after buying an additional 215 shares during the last quarter. Teachers Retirement System of The State of Kentucky purchased a new stake in Acacia Communications in the first quarter valued at approximately $234,000. First Trust Advisors LP purchased a new stake in Acacia Communications in the third quarter valued at approximately $201,000. Stifel Financial Corp purchased a new stake in Acacia Communications in the third quarter valued at approximately $218,000. Finally, Pitcairn Co. purchased a new stake in Acacia Communications in the third quarter valued at approximately $216,000. Hedge funds and other institutional investors own 84.53% of the company’s stock.
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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