Zacks Investment Research upgraded shares of Acacia Communications (NASDAQ:ACIA) from a hold rating to a buy rating in a research note issued to investors on Monday morning, Zacks.com reports. The brokerage currently has $76.00 target price on the technology company’s stock.
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. “
Other research analysts also recently issued reports about the company. BidaskClub downgraded Acacia Communications from a sell rating to a strong sell rating in a report on Wednesday, July 8th. ValuEngine downgraded Acacia Communications from a buy rating to a hold rating in a report on Friday, May 1st. Finally, B. Riley reaffirmed a neutral rating on shares of Acacia Communications in a report on Tuesday, May 5th.
NASDAQ ACIA opened at $67.77 on Monday. Acacia Communications has a 12 month low of $60.62 and a 12 month high of $69.13. The stock has a market cap of $2.85 billion, a P/E ratio of 49.11 and a beta of 0.92. The stock’s fifty day moving average price is $67.77 and its 200-day moving average price is $67.64. The company has a current ratio of 4.99, a quick ratio of 4.72 and a debt-to-equity ratio of 0.03.
Acacia Communications (NASDAQ:ACIA) last announced its quarterly earnings results on Monday, August 10th. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.15. Acacia Communications had a return on equity of 10.87% and a net margin of 11.71%. As a group, analysts forecast that Acacia Communications will post 1.76 earnings per share for the current fiscal year.
In other Acacia Communications news, VP Francis J. Murphy sold 936 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $67.96, for a total value of $63,610.56. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Eric L. Fisher sold 3,481 shares of the stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $67.15, for a total value of $233,749.15. The disclosure for this sale can be found here. In the last three months, insiders sold 4,499 shares of company stock worth $302,936. 9.30% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the business. Macquarie Group Ltd. bought a new position in shares of Acacia Communications in the second quarter worth about $90,000. CSat Investment Advisory L.P. bought a new position in shares of Acacia Communications in the second quarter worth about $122,000. Russell Investments Group Ltd. raised its stake in shares of Acacia Communications by 27.6% in the second quarter. Russell Investments Group Ltd. now owns 2,708 shares of the technology company’s stock worth $181,000 after buying an additional 586 shares during the period. Flagship Harbor Advisors LLC raised its stake in shares of Acacia Communications by 1,179.3% in the first quarter. Flagship Harbor Advisors LLC now owns 2,904 shares of the technology company’s stock worth $195,000 after buying an additional 2,677 shares during the period. Finally, Prudential Financial Inc. raised its stake in shares of Acacia Communications by 5.2% in the second quarter. Prudential Financial Inc. now owns 3,351 shares of the technology company’s stock worth $225,000 after buying an additional 165 shares during the period. 77.11% of the stock is currently owned by institutional investors.
About Acacia Communications
Acacia Communications, Inc develops, manufactures, and sells high-speed coherent optical interconnect products in the United States, China, Germany, Thailand, and internationally. The company offers embedded and pluggable module products consisting of optical interconnect modules with transmission speeds ranging from 100 to 1,200 gigabits per second for use in long-haul, metro, and inter-data center markets.
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