Today: Today, Acacia Communications’ (ACIA) Buy Rating Reiterate at Needham & Company LLC

Today, Acacia Communications’ (ACIA) Buy Rating Reiterate at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Acacia Communications Inc. (NASDAQ:ACIA) in a report issued on Saturday morning. The brokerage currently has a $125.00 target price on the stock.

Several other equities research analysts also recently weighed in on the company. Zacks Investment Research upgraded Acacia Communications from a hold rating to a strong-buy rating and set a $86.00 price target on the stock in a report on Wednesday, November 16th. Cowen and Company restated an outperform rating and set a $99.00 price objective (up from $90.00) on shares of Acacia Communications in a report on Thursday, November 10th. William Blair restated an outperform rating on shares of Acacia Communications in a report on Tuesday, November 8th. Goldman Sachs Group Inc. restated a neutral rating on shares of Acacia Communications in a report on Wednesday, October 12th. Finally, Deutsche Bank AG restated a buy rating and set a $125.00 price objective on shares of Acacia Communications in a report on Wednesday, September 28th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $100.67.

Shares of Acacia Communications (NASDAQ:ACIA) traded up 4.15% on Friday, hitting $78.02. The stock had a trading volume of 892,039 shares. Acacia Communications has a 12 month low of $27.05 and a 12 month high of $128.73. The company has a market cap of $2.92 billion and a P/E ratio of 35.89. The company’s 50 day moving average price is $79.00 and its 200-day moving average price is $72.71.

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

In other news, major shareholder Matrix Partners Viii L. P sold 1,445,307 shares of the firm’s stock in a transaction on Thursday, October 13th. The stock was sold at an average price of $96.50, for a total value of $139,472,125.50. Following the completion of the sale, the insider now owns 10,646,247 shares of the company’s stock, valued at approximately $1,027,362,835.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Peter Y. Chung sold 346,202 shares of the firm’s stock in a transaction on Thursday, October 13th. The stock was sold at an average price of $96.50, for a total value of $33,408,493.00. The disclosure for this sale can be found here.

Several hedge funds have recently bought and sold shares of the company. Gilder Gagnon Howe & Co. LLC acquired a new stake in Acacia Communications during the second quarter worth $12,294,000. Kornitzer Capital Management Inc. KS acquired a new stake in Acacia Communications during the second quarter worth $6,389,000. JPMorgan Chase & Co. acquired a new stake in Acacia Communications during the second quarter worth $1,244,000. Matrix VIII US Management Co. LLC acquired a new stake in Acacia Communications during the second quarter worth $482,937,000. Finally, Schwab Charles Investment Management Inc. acquired a new stake in Acacia Communications during the second quarter worth $515,000. 53.33% of the stock is owned by hedge funds and other institutional investors.

About Acacia Communications

Related posts

Leave a Comment