Today, Needham & Company LLC Reiterates Buy Rating for Acacia Communications Inc. (ACIA)

Today, Needham & Company LLC Reiterates Buy Rating for Acacia Communications Inc. (ACIA)

Acacia Communications Inc. (NASDAQ:ACIA)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a report issued on Saturday. They presently have a $125.00 price objective on the stock. Needham & Company LLC’s price target indicates a potential upside of 60.22% from the company’s current price.

ACIA has been the subject of a number of other research reports. Deutsche Bank AG raised their price objective on shares of Acacia Communications from $90.00 to $125.00 and gave the company a “buy” rating in a research report on Friday, September 9th. William Blair started coverage on shares of Acacia Communications in a research report on Monday, October 31st. They set an “outperform” rating for the company. Zacks Investment Research upgraded shares of Acacia Communications from a “hold” rating to a “strong-buy” rating and set a $86.00 price objective for the company in a research report on Wednesday, November 16th. Goldman Sachs Group Inc. restated a “neutral” rating on shares of Acacia Communications in a research report on Wednesday, October 12th. Finally, Cowen and Company restated an “outperform” rating and set a $99.00 price objective (up previously from $90.00) on shares of Acacia Communications in a research report on Thursday, November 10th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Acacia Communications has an average rating of “Buy” and an average price target of $100.67.

Shares of Acacia Communications (NASDAQ:ACIA) traded up 4.15% during mid-day trading on Friday, reaching $78.02. 892,039 shares of the company traded hands. The stock’s 50-day moving average is $79.00 and its 200-day moving average is $72.71. The company has a market capitalization of $2.92 billion and a P/E ratio of 35.89. Acacia Communications has a 52 week low of $27.05 and a 52 week high of $128.73.

Acacia Communications (NASDAQ:ACIA) last released its quarterly earnings results on Thursday, November 10th. The company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.86 by $0.15. The business earned $135.30 million during the quarter, compared to analyst estimates of $130.85 million. Acacia Communications had a net margin of 22.18% and a return on equity of 69.87%. The company’s quarterly revenue was up 106.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.29 earnings per share. On average, equities analysts predict that Acacia Communications will post $3.16 EPS for the current fiscal year.

In related news, CEO Murugesan Shanmugaraj sold 108,163 shares of the firm’s stock in a transaction that occurred on Thursday, October 13th. The shares were sold at an average price of $96.50, for a total transaction of $10,437,729.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Peter Y. Chung sold 346,202 shares of the firm’s stock in a transaction that occurred on Thursday, October 13th. The shares were sold at an average price of $96.50, for a total transaction of $33,408,493.00. The disclosure for this sale can be found here.

A number of institutional investors have recently modified their holdings of ACIA. Matrix VIII US Management Co. LLC bought a new position in shares of Acacia Communications during the second quarter valued at approximately $482,937,000. Nationwide Fund Advisors bought a new position in shares of Acacia Communications during the second quarter valued at approximately $547,000. JPMorgan Chase & Co. bought a new position in shares of Acacia Communications during the second quarter valued at approximately $1,244,000. Geneva Advisors LLC bought a new position in shares of Acacia Communications during the second quarter valued at approximately $292,000. Finally, Turner Investments L.P. bought a new position in shares of Acacia Communications during the second quarter valued at approximately $300,000. 53.33% of the stock is currently owned by hedge funds and other institutional investors.

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