Citigroup Boosts Acacia Communications (ACIA) Price Target to $60.00

Acacia Communications (NASDAQ:ACIA) had its target price upped by Citigroup to $60.00 in a report released on Monday morning, The Fly reports. Citigroup currently has a buy rating on the technology company’s stock.

Several other research analysts also recently commented on ACIA. Loop Capital raised their price objective on Acacia Communications to $44.50 and gave the stock an in-line rating in a research note on Friday, August 3rd. UBS Group set a $48.00 target price on Acacia Communications and gave the company a buy rating in a research note on Friday, August 3rd. DA Davidson lifted their target price on Acacia Communications from $30.00 to $37.00 and gave the company a neutral rating in a research note on Friday, August 3rd. B. Riley lifted their target price on Acacia Communications from $37.00 to $45.00 and gave the company a buy rating in a research note on Friday, August 3rd. Finally, Cowen reissued a buy rating and set a $44.00 target price on shares of Acacia Communications in a research note on Friday, August 3rd. One analyst has rated the stock with a sell rating, six have issued a hold rating and ten have given a buy rating to the company. Acacia Communications presently has a consensus rating of Buy and an average target price of $43.97.

Shares of NASDAQ ACIA traded up $0.24 during trading on Monday, hitting $45.46. The company had a trading volume of 83,392 shares, compared to its average volume of 722,879. Acacia Communications has a 12 month low of $24.72 and a 12 month high of $47.26. The company has a market capitalization of $1.74 billion, a P/E ratio of 38.20, a price-to-earnings-growth ratio of 43.41 and a beta of 1.68.

Acacia Communications (NASDAQ:ACIA) last posted its quarterly earnings data on Thursday, November 1st. The technology company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.04 by $0.19. Acacia Communications had a positive return on equity of 2.11% and a negative net margin of 7.68%. The firm had revenue of $94.80 million for the quarter, compared to the consensus estimate of $89.99 million. During the same quarter last year, the company earned $0.46 earnings per share. The business’s revenue for the quarter was down 9.7% compared to the same quarter last year. On average, analysts forecast that Acacia Communications will post 0.08 EPS for the current fiscal year.

In other Acacia Communications news, VP Mehrdad Givehchi sold 2,707 shares of Acacia Communications stock in a transaction that occurred on Tuesday, August 14th. The stock was sold at an average price of $39.32, for a total value of $106,439.24. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Murugesan Shanmugaraj sold 2,708 shares of Acacia Communications stock in a transaction that occurred on Tuesday, August 14th. The stock was sold at an average price of $39.32, for a total value of $106,478.56. The disclosure for this sale can be found here. Insiders have sold a total of 6,674 shares of company stock worth $262,276 in the last three months. 33.20% of the stock is owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. purchased a new position in shares of Acacia Communications in the 2nd quarter worth approximately $164,000. Janus Henderson Group PLC purchased a new position in shares of Acacia Communications in the 2nd quarter worth approximately $214,000. Colrain Capital LLC purchased a new position in shares of Acacia Communications in the 3rd quarter worth approximately $231,000. BNP Paribas Arbitrage SA boosted its holdings in shares of Acacia Communications by 62.2% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,186 shares of the technology company’s stock worth $250,000 after purchasing an additional 2,755 shares during the period. Finally, First Mercantile Trust Co. boosted its holdings in shares of Acacia Communications by 47.8% in the 2nd quarter. First Mercantile Trust Co. now owns 7,376 shares of the technology company’s stock worth $257,000 after purchasing an additional 2,386 shares during the period. 86.15% of the stock is currently owned by institutional investors and hedge funds.

About Acacia Communications

Acacia Communications, Inc develops, manufactures, and sells high-speed coherent optical interconnect products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific region. Its products include a series of low-power coherent digital signal processor application-specific integrated circuits and silicon photonic integrated circuits that are integrated into families of optical interconnect modules with transmission speeds ranging from 100 to 400 gigabits per second for use in long-haul, metro, and inter-data center markets.

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