Acacia Communications (NASDAQ:ACIA) Downgraded by UBS Group

UBS Group cut shares of Acacia Communications (NASDAQ:ACIA) from a buy rating to a neutral rating in a research note issued to investors on Wednesday, The Fly reports. The firm currently has $70.00 price target on the technology company’s stock, up from their prior price target of $64.00.

Other equities research analysts have also issued reports about the stock. Piper Jaffray Companies lowered shares of Acacia Communications from an overweight rating to a neutral rating and raised their price objective for the company from $68.00 to $70.00 in a report on Tuesday. Needham & Company LLC reduced their price objective on shares of to $10.00 and set a buy rating on the stock in a report on Wednesday. ValuEngine upgraded shares of XCel Brands from a sell rating to a hold rating in a report on Tuesday. Zacks Investment Research upgraded shares of DLH from a sell rating to a hold rating in a report on Tuesday. Finally, Morgan Stanley raised 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. Two investment 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 stock. The company presently has a consensus rating of Hold and an average target price of $58.07.

Acacia Communications stock opened at $64.40 on Wednesday. The firm has a market cap of $2.64 billion, a price-to-earnings ratio of 108.37, a PEG ratio of 3.81 and a beta of 1.71. Acacia Communications has a 52-week low of $31.42 and a 52-week high of $66.24. The company has a debt-to-equity ratio of 0.03, a quick ratio of 4.65 and a current ratio of 4.93. The business’s 50 day simple moving average is $48.60.

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

In related news, insider Benny P. Mikkelsen sold 8,617 shares of Acacia Communications 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 document filed with the SEC, which can be accessed through this link. Also, VP Christian J. Rasmussen sold 12,000 shares of Acacia Communications stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $46.77, for a total transaction of $561,240.00. The disclosure for this sale can be found here. Insiders have sold a total of 152,250 shares of company stock worth $7,576,219 over the last quarter. 9.30% of the stock is owned by company insiders.

A number of large investors have recently made changes to their positions in the stock. BlackRock Inc. raised its stake in Acacia Communications by 2.4% during the 4th 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 in the last quarter. Millennium Management LLC raised its stake 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. AO Asset Management LP acquired a new stake in Acacia Communications during the 1st quarter worth $35,265,000. D. E. Shaw & Co. Inc. raised its stake in Acacia Communications by 154.4% during the 4th 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 in the last quarter. Finally, FMR LLC raised its stake in Acacia Communications by 9.1% during the 1st 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 in the last quarter. Hedge funds and other institutional investors own 75.65% of the company’s stock.

About Acacia Communications

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.

See Also: What are gap-up stocks?

The Fly

Analyst Recommendations for Acacia Communications (NASDAQ:ACIA)

Receive News & Ratings for Acacia Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Acacia Communications and related companies with MarketBeat.com's FREE daily email newsletter.