Equities analysts predict that Acacia Communications, Inc. (NASDAQ:ACIA) will announce sales of $63.63 million for the current quarter, Zacks reports. Six analysts have provided estimates for Acacia Communications’ earnings, with the highest sales estimate coming in at $66.52 million and the lowest estimate coming in at $63.00 million. Acacia Communications posted sales of $78.90 million in the same quarter last year, which would indicate a negative year over year growth rate of 19.4%. The firm is scheduled to report its next quarterly earnings report on Thursday, November 1st.
According to Zacks, analysts expect that Acacia Communications will report full-year sales of $314.69 million for the current year, with estimates ranging from $296.00 million to $327.90 million. For the next year, analysts anticipate that the firm will report sales of $380.28 million per share, with estimates ranging from $314.00 million to $430.10 million. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Acacia Communications.
Acacia Communications (NASDAQ:ACIA) last announced its quarterly earnings results on Thursday, August 2nd. The technology company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate of ($0.08). The firm had revenue of $65.00 million for the quarter, compared to analysts’ expectations of $63.35 million. Acacia Communications had a negative net margin of 4.30% and a positive return on equity of 2.66%. The company’s revenue was down 17.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.26 EPS.
A number of research firms have commented on ACIA. MKM Partners decreased their target price on shares of Acacia Communications to $25.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 18th. Loop Capital raised their target price on Acacia Communications to $44.50 and gave the company an “in-line” rating in a report on Friday, August 3rd. DA Davidson raised their target price on Acacia Communications from $30.00 to $37.00 and gave the company a “neutral” rating in a report on Friday, August 3rd. Rosenblatt Securities set a $46.00 target price on Acacia Communications and gave the company a “buy” rating in a report on Sunday, August 5th. Finally, Deutsche Bank raised their price target on Acacia Communications to $45.00 and gave the company a “buy” rating in a research report on Monday, August 6th. Eight research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Acacia Communications currently has an average rating of “Buy” and a consensus target price of $38.75.
In other Acacia Communications news, CTO Benny P. Mikkelsen sold 5,184 shares of Acacia Communications stock in a transaction dated Monday, May 14th. The stock was sold at an average price of $35.94, for a total value of $186,312.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Murugesan Shanmugaraj sold 6,706 shares of Acacia Communications stock in a transaction dated Monday, May 14th. The shares were sold at an average price of $35.94, for a total value of $241,013.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,234 shares of company stock valued at $725,700. 33.20% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. acquired a new position in Acacia Communications during the 2nd quarter worth approximately $164,000. First Mercantile Trust Co. acquired a new position in Acacia Communications during the 1st quarter worth approximately $192,000. Janus Henderson Group PLC acquired a new position in Acacia Communications during the 2nd quarter worth approximately $214,000. BNP Paribas Arbitrage SA increased its holdings in Acacia Communications by 62.2% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,186 shares of the technology company’s stock worth $250,000 after purchasing an additional 2,755 shares during the last quarter. Finally, FNY Investment Advisers LLC purchased a new stake in Acacia Communications during the 2nd quarter worth approximately $278,000. 86.69% of the stock is currently owned by institutional investors and hedge funds.
NASDAQ ACIA traded up $0.27 during trading hours on Tuesday, reaching $38.81. The company had a trading volume of 637,352 shares, compared to its average volume of 735,220. Acacia Communications has a 1-year low of $24.72 and a 1-year high of $50.10. The stock has a market capitalization of $1.56 billion, a P/E ratio of 32.61 and a beta of 0.94.
About Acacia Communications
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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