Truepoint Inc. Increases Stake in Acacia Communications, Inc. (ACIA)
Truepoint Inc. boosted its stake in Acacia Communications, Inc. (NASDAQ:ACIA) by 43.8% during the first quarter, Holdings Channel reports. The firm owned 11,500 shares of the technology company’s stock after buying an additional 3,500 shares during the period. Truepoint Inc.’s holdings in Acacia Communications were worth $674,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Fortaleza Asset Management Inc. purchased a new stake in Acacia Communications during the fourth quarter valued at approximately $116,000. FNY Partners Fund LP purchased a new stake in Acacia Communications during the fourth quarter valued at approximately $124,000. Boothbay Fund Management LLC purchased a new stake in Acacia Communications during the fourth quarter valued at approximately $203,000. First American Bank purchased a new stake in Acacia Communications during the first quarter valued at approximately $203,000. Finally, Koshinski Asset Management Inc. purchased a new stake in Acacia Communications during the first quarter valued at approximately $206,000. Institutional investors own 66.39% of the company’s stock.
Acacia Communications, Inc. (NASDAQ:ACIA) traded down 2.88% during midday trading on Friday, hitting $52.02. The stock had a trading volume of 832,947 shares. The firm has a market cap of $2.00 billion and a P/E ratio of 16.16. Acacia Communications, Inc. has a 12-month low of $27.05 and a 12-month high of $128.73. The stock has a 50-day moving average price of $54.57 and a 200 day moving average price of $66.07.
Acacia Communications (NASDAQ:ACIA) last announced its quarterly earnings data on Thursday, February 23rd. The technology company reported $0.94 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.90 by $0.04. Acacia Communications had a net margin of 22.18% and a return on equity of 69.87%. The company earned $142.40 million during the quarter, compared to analysts’ expectations of $139.72 million. The firm’s quarterly revenue was up 107.9% compared to the same quarter last year. On average, equities analysts anticipate that Acacia Communications, Inc. will post $3.31 earnings per share for the current fiscal year.
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Several research firms have commented on ACIA. Needham & Company LLC reiterated a “buy” rating and set a $125.00 price objective on shares of Acacia Communications in a research note on Wednesday, January 11th. Zacks Investment Research lowered Acacia Communications from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 16th. B. Riley began coverage on Acacia Communications in a research note on Tuesday, April 4th. They set a “neutral” rating and a $60.00 price objective for the company. Morgan Stanley upgraded Acacia Communications from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $54.99 to $80.00 in a research note on Thursday, February 2nd. They noted that the move was a valuation call. Finally, Cowen and Company reiterated an “outperform” rating and set a $115.00 price objective on shares of Acacia Communications in a research note on Wednesday, February 22nd. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Acacia Communications presently has a consensus rating of “Buy” and an average target price of $91.88.
In other news, insider Francis J. Murphy sold 1,608 shares of the business’s stock in a transaction on Monday, January 30th. The shares were sold at an average price of $60.67, for a total transaction of $97,557.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Benny P. Mikkelsen sold 25,842 shares of the business’s stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $59.16, for a total transaction of $1,528,812.72. The disclosure for this sale can be found here. Insiders have sold a total of 101,196 shares of company stock valued at $5,751,389 over the last three months.
About Acacia Communications
Acacia Communications, Inc provides high-speed coherent interconnect products. The Company’s products include a series of low-power coherent digital signal processor application-specific integrated circuits (DSP ASICs), and silicon photonic integrated circuits (silicon PICs), which it has integrated into families of optical interconnect modules with transmission speeds ranging from 100 to 400 gigabits per second (Gbps) for use in long-haul, metro and inter-data center markets.
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