Acacia Communications, Inc. (NASDAQ:ACIA) reached a new 52-week high on Thursday . The stock traded as high as $48.18 and last traded at $47.76, with a volume of 34432 shares trading hands. The stock had previously closed at $46.59.
ACIA has been the subject of several research analyst reports. Citigroup increased their price objective on Acacia Communications to $60.00 and gave the company a “buy” rating in a report on Monday, November 5th. Rosenblatt Securities set a $51.00 price objective on Acacia Communications and gave the company a “buy” rating in a report on Saturday, November 3rd. ValuEngine raised Acacia Communications from a “hold” rating to a “buy” rating in a report on Friday, November 2nd. Zacks Investment Research downgraded Acacia Communications from a “buy” rating to a “hold” rating in a report on Wednesday, February 13th. Finally, TheStreet raised Acacia Communications from a “d+” rating to a “c-” rating in a report on Monday, December 10th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $45.27.
The firm has a market cap of $1.83 billion, a price-to-earnings ratio of 39.92, a P/E/G ratio of 4.75 and a beta of 1.65.
In other news, VP Bhupendra C. Shah sold 44,626 shares of the company’s stock in a transaction on Wednesday, January 9th. The stock was sold at an average price of $41.35, for a total value of $1,845,285.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Benny P. Mikkelsen sold 1,810 shares of the company’s stock in a transaction on Thursday, February 14th. The shares were sold at an average price of $43.38, for a total value of $78,517.80. The disclosure for this sale can be found here. Insiders have sold a total of 62,831 shares of company stock valued at $2,621,230 in the last 90 days. Insiders own 33.20% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. Legal & General Group Plc raised its position in Acacia Communications by 6.1% during the fourth quarter. Legal & General Group Plc now owns 10,014 shares of the technology company’s stock valued at $380,000 after buying an additional 576 shares during the period. State Board of Administration of Florida Retirement System grew its stake in Acacia Communications by 6.9% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 10,641 shares of the technology company’s stock valued at $404,000 after purchasing an additional 687 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in Acacia Communications by 31.6% in the third quarter. PNC Financial Services Group Inc. now owns 6,240 shares of the technology company’s stock valued at $258,000 after purchasing an additional 1,500 shares in the last quarter. Great West Life Assurance Co. Can grew its stake in Acacia Communications by 100.6% in the fourth quarter. Great West Life Assurance Co. Can now owns 3,611 shares of the technology company’s stock valued at $132,000 after purchasing an additional 1,811 shares in the last quarter. Finally, Teachers Advisors LLC grew its stake in Acacia Communications by 3.7% in the third quarter. Teachers Advisors LLC now owns 54,238 shares of the technology company’s stock valued at $2,244,000 after purchasing an additional 1,919 shares in the last quarter. Institutional investors and hedge funds own 75.77% of the company’s stock.
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About Acacia Communications (NASDAQ:ACIA)
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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