Acacia Communications (NASDAQ:ACIA) Cut to “Hold” at Needham & Company LLC

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Needham & Company LLC cut shares of Acacia Communications (NASDAQ:ACIA) from a buy rating to a hold rating in a report issued on Wednesday, Benzinga reports. The brokerage currently has $64.91 price target on the technology company’s stock.

A number of other equities analysts have also recently issued reports on ACIA. B. Riley reiterated a buy rating on shares of Skechers USA in a research report on Friday, April 26th. Zacks Investment Research upgraded shares of DLH from a sell rating to a hold rating in a research report on Tuesday, July 9th. ValuEngine upgraded shares of XCel Brands from a sell rating to a hold rating in a research report on Tuesday, July 9th. Northland Securities reiterated a buy rating and set a $35.00 price objective on shares of Carbonite in a research report on Monday, July 1st. Finally, Morgan Stanley upped their price objective on shares of Ollie’s Bargain Outlet from $74.00 to $79.00 and gave the stock an equal weight rating in a research report on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Acacia Communications has a consensus rating of Hold and a consensus target price of $58.07.

Shares of Acacia Communications stock opened at $64.40 on Wednesday. The stock’s 50 day moving average price is $48.60. Acacia Communications has a 1-year low of $31.42 and a 1-year 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 company has a market cap of $2.61 billion, a P/E ratio of 429.33, a PEG ratio of 3.78 and a beta of 1.71.

Acacia Communications (NASDAQ:ACIA) last issued its quarterly earnings results on Thursday, May 2nd. The technology company reported $0.37 earnings per share 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 during the quarter, compared to the consensus estimate of $101.10 million. During the same quarter in the prior year, the firm posted $0.10 EPS. The firm’s quarterly revenue was up 44.3% on a year-over-year basis. As a group, equities analysts predict that Acacia Communications will post 0.92 earnings per share for the current year.

In other Acacia Communications news, CTO Benny P. Mikkelsen sold 5,892 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $52.38, for a total value of $308,622.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Francis J. Murphy sold 514 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $57.80, for a total transaction of $29,709.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 152,250 shares of company stock valued at $7,576,219. Corporate insiders own 9.30% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Patriot Financial Group Insurance Agency LLC acquired a new position in Acacia Communications in the 1st quarter valued at approximately $39,000. Penserra Capital Management LLC acquired a new position in Acacia Communications in the 1st quarter valued at approximately $126,000. Great West Life Assurance Co. Can increased its position in Acacia Communications by 100.6% in the 4th quarter. Great West Life Assurance Co. Can now owns 3,611 shares of the technology company’s stock valued at $132,000 after acquiring an additional 1,811 shares during the period. Advisor Group Inc. increased its position in Acacia Communications by 1,121.6% in the 4th quarter. Advisor Group Inc. now owns 5,326 shares of the technology company’s stock valued at $202,000 after acquiring an additional 4,890 shares during the period. Finally, Prudential Financial Inc. acquired a new position in Acacia Communications in the 4th quarter valued at approximately $206,000. Hedge funds and other institutional investors own 75.65% of the company’s stock.

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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Analyst Recommendations for Acacia Communications (NASDAQ:ACIA)

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