Trading Report: Today, Needham & Company LLC Increases Acacia Communications Inc. (ACIA) Price Target to $125.00

Today, Needham & Company LLC Increases Acacia Communications Inc. (ACIA) Price Target to $125.00

Acacia Communications Inc. (NASDAQ:ACIA) had its price target hoisted by Needham & Company LLC from $100.00 to $125.00 in a report published on Tuesday. They currently have a buy rating on the stock.

ACIA has been the topic of several other reports. Deutsche Bank AG reissued a buy rating on shares of Acacia Communications in a research report on Wednesday, June 15th. Zacks Investment Research raised shares of Acacia Communications from a hold rating to a strong-buy rating and set a $122.00 target price on the stock in a research report on Tuesday, September 13th. Finally, Bank of America Corp. reissued a buy rating and issued a $130.00 target price (up from $88.00) on shares of Acacia Communications in a research report on Sunday, September 4th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $99.00.

Acacia Communications (NASDAQ:ACIA) opened at 92.01 on Tuesday. The firm has a market cap of $3.29 billion and a PE ratio of 61.42. Acacia Communications has a 12-month low of $27.05 and a 12-month high of $128.73. The firm’s 50-day moving average is $107.56 and its 200 day moving average is $71.80.

Acacia Communications (NASDAQ:ACIA) last released its quarterly earnings results on Thursday, August 11th. The company reported $0.77 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.47. The firm had revenue of $116.20 million for the quarter, compared to analyst estimates of $57.90 million. The firm’s quarterly revenue was up 101.0% on a year-over-year basis. Equities research analysts predict that Acacia Communications will post $2.76 EPS for the current year.

In other news, major shareholder Matrix Partners Viii L. P sold 1,445,307 shares of Acacia Communications 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 $139,472,125.50. Following the sale, the insider now owns 10,646,247 shares in the company, valued at $1,027,362,835.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Christian J. Rasmussen sold 98,846 shares of Acacia Communications 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 $9,538,639.00. The disclosure for this sale can be found here.

Hedge funds have recently bought and sold shares of the stock. Matrix VIII US Management Co. LLC purchased a new stake in Acacia Communications during the second quarter worth about $482,937,000. California State Teachers Retirement System purchased a new stake in Acacia Communications during the second quarter worth about $439,000. Geneva Advisors LLC purchased a new stake in Acacia Communications during the second quarter worth about $292,000. Lebenthal Lisanti Capital Growth LLC purchased a new stake in Acacia Communications during the second quarter worth about $329,000. Finally, CI Global Investments Inc. purchased a new stake in Acacia Communications during the second quarter worth about $899,000. Institutional investors own 46.97% of the company’s stock.

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