Harmonic Inc. (NASDAQ:HLIT) Receives Average Rating of “Buy” from Analysts

Shares of Harmonic Inc. (NASDAQ:HLIT) have been assigned a consensus recommendation of “Buy” from the four brokerages that are presently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $18.50.

Several brokerages recently issued reports on HLIT. Barclays raised their target price on shares of Harmonic from $14.00 to $20.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Needham & Company LLC reiterated a “buy” rating and set a $18.00 target price on shares of Harmonic in a research note on Tuesday, July 30th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $18.00 price target on shares of Harmonic in a report on Thursday, July 18th.

Harmonic Stock Down 4.2 %

HLIT stock opened at $13.32 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.87 and a quick ratio of 1.32. The stock has a market capitalization of $1.49 billion, a P/E ratio of 22.20 and a beta of 0.89. Harmonic has a fifty-two week low of $8.80 and a fifty-two week high of $15.31. The business has a 50-day moving average of $13.16 and a 200-day moving average of $12.30.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings results on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.04. Harmonic had a net margin of 10.22% and a return on equity of 0.27%. The firm had revenue of $138.70 million for the quarter, compared to analyst estimates of $133.67 million. During the same period in the previous year, the business earned $0.07 EPS. The company’s revenue was down 11.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Harmonic will post 0.44 earnings per share for the current fiscal year.

Insider Transactions at Harmonic

In related news, SVP Neven Haltmayer sold 40,000 shares of the business’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $14.41, for a total value of $576,400.00. Following the completion of the sale, the senior vice president now directly owns 122,211 shares in the company, valued at approximately $1,761,060.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Harmonic

Hedge funds and other institutional investors have recently made changes to their positions in the business. CWM LLC raised its holdings in Harmonic by 780.9% in the 2nd quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock valued at $27,000 after acquiring an additional 1,999 shares in the last quarter. Quadrant Capital Group LLC lifted its position in Harmonic by 237.8% during the fourth quarter. Quadrant Capital Group LLC now owns 2,591 shares of the communications equipment provider’s stock worth $34,000 after purchasing an additional 1,824 shares during the period. Innealta Capital LLC acquired a new stake in Harmonic during the second quarter worth about $47,000. SageView Advisory Group LLC acquired a new position in shares of Harmonic in the 1st quarter valued at approximately $114,000. Finally, Verdence Capital Advisors LLC bought a new stake in shares of Harmonic during the 2nd quarter worth approximately $140,000. 99.38% of the stock is currently owned by institutional investors and hedge funds.

About Harmonic

Harmonic Inc, together with its subsidiaries, provides broadband solutions worldwide. The company operates through Broadband and Video segments. The Broadband segment sells broadband access solutions and related services, including cOS software-based broadband access solutions to broadband operators; and cOS central cloud services, a subscription service for cOS customers.