Harmonic Inc. (NASDAQ:HLIT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The firm presently has a $3.75 price target on the communications equipment provider’s stock. Zacks Investment Research‘s price target suggests a potential upside of 20.97% from the company’s previous close.

According to Zacks, “Harmonic provides the supply chain infrastructure – from production through delivery – that enables media companies to engage and prosper in today’s demanding and ever-changing video economy. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers. Its Cable Edge business sells cable edge solutions and related services to cable operators around the world. The Video segment offers a range of products and solutions, as well as software-based media processing platforms. Its products enable customers to create, prepare, and deliver a range of video and broadband services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones. “

HLIT has been the topic of several other research reports. TheStreet downgraded shares of Harmonic from a “c-” rating to a “d+” rating in a research report on Wednesday, August 9th. Jefferies Group LLC reiterated a “hold” rating and set a $3.50 price target on shares of Harmonic in a research report on Sunday, September 10th. ValuEngine downgraded shares of Harmonic from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. Finally, BidaskClub downgraded shares of Harmonic from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. Harmonic presently has an average rating of “Hold” and a consensus target price of $5.06.

Harmonic (NASDAQ HLIT) traded down 4.62% during mid-day trading on Wednesday, hitting $3.10. 596,287 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $3.12 and a 200 day moving average of $4.61. Harmonic has a 52 week low of $2.80 and a 52 week high of $6.18. The stock’s market capitalization is $251.94 million.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings results on Monday, July 31st. The communications equipment provider reported ($0.22) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.24) by $0.02. The business had revenue of $82.30 million for the quarter, compared to the consensus estimate of $80.88 million. Harmonic had a negative net margin of 21.58% and a negative return on equity of 13.22%. The business’s revenue for the quarter was down 24.9% on a year-over-year basis. Equities analysts forecast that Harmonic will post ($0.42) earnings per share for the current fiscal year.

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In other Harmonic news, insider Patrick Harshman sold 7,979 shares of the company’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $3.47, for a total transaction of $27,687.13. Following the transaction, the insider now directly owns 570,733 shares in the company, valued at approximately $1,980,443.51. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 5.53% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its position in Harmonic by 0.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 6,629,442 shares of the communications equipment provider’s stock valued at $34,805,000 after purchasing an additional 58,240 shares during the period. Vanguard Group Inc. lifted its position in Harmonic by 3.6% during the 2nd quarter. Vanguard Group Inc. now owns 5,803,837 shares of the communications equipment provider’s stock valued at $30,470,000 after purchasing an additional 203,002 shares during the period. Epoch Investment Partners Inc. lifted its position in Harmonic by 1.0% during the 2nd quarter. Epoch Investment Partners Inc. now owns 5,012,838 shares of the communications equipment provider’s stock valued at $26,317,000 after purchasing an additional 52,062 shares during the period. Wellington Management Group LLP lifted its position in Harmonic by 118.7% during the 1st quarter. Wellington Management Group LLP now owns 3,742,068 shares of the communications equipment provider’s stock valued at $22,265,000 after purchasing an additional 2,031,135 shares during the period. Finally, State Street Corp lifted its position in Harmonic by 7.0% during the 2nd quarter. State Street Corp now owns 1,961,470 shares of the communications equipment provider’s stock valued at $10,303,000 after purchasing an additional 129,086 shares during the period. Institutional investors own 99.08% of the company’s stock.

About Harmonic

Harmonic Inc (Harmonic) designs, manufactures and sells video infrastructure products, and system solutions. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers.

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