Harmonic Inc. (NASDAQ:HLIT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.

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 note on Wednesday, August 9th. Jefferies Group LLC reissued a “hold” rating and issued a $3.50 target price 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. BidaskClub downgraded shares of Harmonic from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Finally, Northland Securities set a $6.00 target price on shares of Harmonic and gave the stock a “buy” rating in a research report on Tuesday. Two analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $5.25.

Harmonic (NASDAQ:HLIT) traded down 1.56% during trading on Tuesday, reaching $3.15. The company had a trading volume of 232,500 shares. The company’s market capitalization is $256.01 million. Harmonic has a 52-week low of $2.80 and a 52-week high of $6.18. The stock has a 50 day moving average price of $3.08 and a 200-day moving average price of $4.47.

Harmonic (NASDAQ:HLIT) last released 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. Harmonic had a negative net margin of 21.58% and a negative return on equity of 13.22%. The firm had revenue of $82.30 million for the quarter, compared to the consensus estimate of $80.88 million. The company’s revenue for the quarter was down 24.9% compared to the same quarter last year. On average, equities research analysts anticipate that Harmonic will post ($0.42) earnings per share for the current fiscal year.

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In related news, insider Patrick Harshman sold 7,979 shares of the company’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $3.47, for a total transaction of $27,687.13. Following the completion of 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 available through the SEC website. 5.53% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Louisiana State Employees Retirement System raised its stake in Harmonic by 0.9% during the 2nd quarter. Louisiana State Employees Retirement System now owns 32,800 shares of the communications equipment provider’s stock valued at $172,000 after purchasing an additional 300 shares during the last quarter. Arizona State Retirement System raised its stake in shares of Harmonic by 1.2% in the 2nd quarter. Arizona State Retirement System now owns 42,018 shares of the communications equipment provider’s stock valued at $221,000 after buying an additional 500 shares in the last quarter. Texas Permanent School Fund raised its stake in shares of Harmonic by 1.1% in the 1st quarter. Texas Permanent School Fund now owns 57,756 shares of the communications equipment provider’s stock valued at $344,000 after buying an additional 613 shares in the last quarter. Municipal Employees Retirement System of Michigan raised its stake in shares of Harmonic by 5.6% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 19,030 shares of the communications equipment provider’s stock valued at $100,000 after buying an additional 1,010 shares in the last quarter. Finally, Prudential Financial Inc. raised its stake in shares of Harmonic by 1.0% in the 1st quarter. Prudential Financial Inc. now owns 132,054 shares of the communications equipment provider’s stock valued at $786,000 after buying an additional 1,360 shares in the last quarter. Hedge funds and other 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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