After Piper Jaffray and Cowen & Co. gave Acacia Communications (NASDAQ: ACIA) a Buy rating last month, the company received another Buy, this time from Rosenblatt Securities. Analyst Ryan Koontz maintained a Buy rating on Acacia Communications today and set a price target of $55. The company’s shares opened today at $48.75.
Koontz wrote:
“We maintain our strong outlook for the CFP2-DCO and increase our conviction in an impressive AC1200 product cycle beginning 1Q19, a full quarter ahead of our conservative view. We maintain our high conviction Buy rating on ACIA, raise our price target to $55, and increase our 1Q19 and 2019 estimates.”
According to TipRanks.com, Koontz is a 3-star analyst with an average return of 12.3% and a 62.5% success rate. Koontz covers the Consumer Goods sector, focusing on stocks such as CommScope Holding, Juniper Networks, and Ciena Corp.
Acacia Communications has an analyst consensus of Moderate Buy, with a price target consensus of $55.70, a 14.3% upside from current levels. In a report issued on February 20, UBS also maintained a Buy rating on the stock with a $51 price target.
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Based on Acacia Communications’ latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $8.15 million. In comparison, last year the company had a GAAP net loss of $20.36 million.
Based on the recent corporate insider activity of 107 insiders, corporate insider sentiment is negative on the stock.
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Acacia Communications, Inc. engages in the development, manufacture, and sale of high-speed coherent optical interconnect products that are designed to transform communications networks through improvements in performance, capacity, and cost.
