Research Analysts Set Expectations for Acacia Communications, Inc.’s Q1 2019 Earnings (ACIA)

Acacia Communications, Inc. (NASDAQ:ACIA) – Equities research analysts at Piper Jaffray Companies lifted their Q1 2019 earnings per share (EPS) estimates for shares of Acacia Communications in a research report issued on Thursday, March 28th, according to Zacks Investment Research. Piper Jaffray Companies analyst T. Jensen now expects that the technology company will earn $0.12 per share for the quarter, up from their prior estimate of $0.08. Piper Jaffray Companies currently has a “Overweight” rating and a $68.00 target price on the stock. Piper Jaffray Companies also issued estimates for Acacia Communications’ Q3 2019 earnings at $0.28 EPS, Q2 2020 earnings at $0.28 EPS, Q3 2020 earnings at $0.37 EPS and Q4 2020 earnings at $0.54 EPS.

Acacia Communications (NASDAQ:ACIA) last issued its earnings results on Thursday, February 21st. The technology company reported $0.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.06. Acacia Communications had a net margin of 1.45% and a return on equity of 3.02%. The firm had revenue of $107.10 million during the quarter, compared to analyst estimates of $102.84 million. During the same quarter in the prior year, the business earned $0.27 earnings per share. Acacia Communications’s revenue for the quarter was up 23.7% on a year-over-year basis.

Several other equities analysts have also commented on the stock. MKM Partners increased their price objective on shares of Acacia Communications to $60.00 and gave the company a “neutral” rating in a research report on Monday, February 25th. Morgan Stanley lowered shares of Acacia Communications from an “equal weight” rating to an “underweight” rating and increased their price objective for the company from $38.00 to $44.00 in a research report on Wednesday, March 27th. Craig Hallum started coverage on shares of Acacia Communications in a research report on Monday, March 4th. They set a “buy” rating for the company. Cowen increased their price objective on shares of Acacia Communications from $45.00 to $58.00 and gave the company an “outperform” rating in a research report on Friday, February 22nd. Finally, DA Davidson increased their price objective on shares of Acacia Communications to $46.00 and gave the company a “neutral” rating in a research report on Monday, February 25th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $55.96.

Shares of NASDAQ:ACIA traded down $0.75 during midday trading on Friday, reaching $58.02. 707,325 shares of the company were exchanged, compared to its average volume of 780,205. Acacia Communications has a one year low of $25.55 and a one year high of $62.18. The firm has a market cap of $2.35 billion, a price-to-earnings ratio of 386.80, a P/E/G ratio of 3.56 and a beta of 1.77.

In related news, VP Francis J. Murphy sold 503 shares of the firm’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $54.50, for a total value of $27,413.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Murugesan Shanmugaraj sold 4,132 shares of the firm’s stock in a transaction dated Monday, February 4th. The stock was sold at an average price of $42.34, for a total transaction of $174,948.88. The disclosure for this sale can be found here. In the last three months, insiders sold 1,524,770 shares of company stock worth $79,978,162. Insiders own 9.30% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its holdings in Acacia Communications by 330.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 808,169 shares of the technology company’s stock worth $33,434,000 after acquiring an additional 620,202 shares in the last quarter. Millennium Management LLC grew its holdings in Acacia Communications by 354.2% during the 4th 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 in the last quarter. TIAA CREF Investment Management LLC grew its holdings in Acacia Communications by 813.2% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 500,007 shares of the technology company’s stock worth $20,685,000 after acquiring an additional 445,253 shares in the last quarter. Vanguard Group Inc grew its holdings in Acacia Communications by 19.4% during the 3rd quarter. Vanguard Group Inc now owns 2,410,234 shares of the technology company’s stock worth $99,711,000 after acquiring an additional 391,574 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in Acacia Communications by 19.4% during the 3rd quarter. Vanguard Group Inc. now owns 2,410,234 shares of the technology company’s stock worth $99,711,000 after acquiring an additional 391,574 shares in the last quarter. 79.74% of the stock is currently owned by 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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Earnings History and Estimates for Acacia Communications (NASDAQ:ACIA)

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