Acacia Communications (NASDAQ:ACIA) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Acacia Communications (NASDAQ:ACIA) from a strong-buy rating to a hold rating in a report issued on Tuesday, Zacks.com reports.

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 analysts also recently issued reports about the stock. B. Riley reaffirmed a buy rating on shares of Skechers USA in a report on Friday, April 26th. Morgan Stanley upped their price objective on shares of Ollie’s Bargain Outlet from $74.00 to $79.00 and gave the company an equal weight rating in a report on Wednesday, March 27th. Piper Jaffray Companies reaffirmed a hold rating on shares of Seattle Genetics in a report on Thursday, March 28th. Northland Securities reaffirmed a buy rating and issued a $35.00 price objective on shares of Carbonite in a report on Monday, July 1st. Finally, Bank of America raised shares of Esperion Therapeutics from an underperform rating to a neutral rating in a report on Monday, May 6th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $58.07.

ACIA stock opened at $65.02 on Tuesday. The company has a fifty day simple moving average of $48.24. The stock has a market cap of $2.66 billion, a P/E ratio of 433.47, a P/E/G ratio of 3.85 and a beta of 1.71. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.93 and a quick ratio of 4.65. Acacia Communications has a 12 month low of $31.42 and a 12 month high of $66.24.

Acacia Communications (NASDAQ:ACIA) last released its quarterly earnings data on Thursday, May 2nd. The technology company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.11 by $0.26. The business had revenue of $105.20 million for the quarter, compared to the consensus estimate of $101.10 million. Acacia Communications had a net margin of 5.63% and a return on equity of 4.96%. The business’s revenue for the quarter was up 44.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.10 EPS. As a group, equities analysts forecast that Acacia Communications will post 0.92 earnings per share for the current year.

In related news, insider Benny P. Mikkelsen sold 8,617 shares of the stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $52.20, for a total transaction of $449,807.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Eric L. Fisher sold 2,839 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $47.73, for a total transaction of $135,505.47. The disclosure for this sale can be found here. Insiders have sold 152,250 shares of company stock worth $7,576,219 over the last three months. 9.30% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its position in Acacia Communications by 2.4% during the fourth quarter. BlackRock Inc. now owns 2,000,266 shares of the technology company’s stock worth $76,011,000 after acquiring an additional 46,913 shares during the period. Millennium Management LLC raised its position in Acacia Communications by 354.2% during the fourth quarter. Millennium Management LLC now owns 639,280 shares of the technology company’s stock worth $24,293,000 after acquiring an additional 498,540 shares during the period. AO Asset Management LP acquired a new position in Acacia Communications during the first quarter worth $35,265,000. D. E. Shaw & Co. Inc. raised its position in Acacia Communications by 154.4% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 555,351 shares of the technology company’s stock worth $21,103,000 after acquiring an additional 337,037 shares during the period. Finally, FMR LLC raised its position in Acacia Communications by 9.1% during the first quarter. FMR LLC now owns 513,183 shares of the technology company’s stock worth $29,431,000 after acquiring an additional 42,623 shares during the period. 75.65% of the stock is currently owned by hedge funds and other institutional investors.

Acacia Communications Company Profile

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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