Harmonic Inc. (NASDAQ:HLIT)‘s stock had its “buy” rating reissued by equities research analysts at Dougherty & Co in a research note issued to investors on Monday. They presently have a $6.50 price target on the communications equipment provider’s stock. Dougherty & Co’s price target points to a potential upside of 122.22% from the stock’s current price.

A number of other brokerages have also recently weighed in on HLIT. Northland Securities set a $6.00 price objective on Harmonic and gave the company a “buy” rating in a research note on Tuesday, October 17th. Zacks Investment Research cut Harmonic from a “buy” rating to a “hold” rating in a research note on Friday, October 6th. ValuEngine cut Harmonic from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st. Jefferies Group LLC reaffirmed a “hold” rating and issued a $4.00 price objective (up from $3.50) on shares of Harmonic in a research note on Tuesday, August 1st. Finally, TheStreet cut Harmonic from a “c-” rating to a “d+” rating in a research note on Wednesday, August 9th. Two analysts have rated the stock with a sell rating, three have assigned 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 $5.15.

Shares of Harmonic (HLIT) traded up 1.709% during midday trading on Monday, hitting $2.975. The company’s stock had a trading volume of 346,635 shares. The firm’s market cap is $241.78 million. Harmonic has a 12-month low of $2.80 and a 12-month high of $6.18. The firm has a 50-day moving average of $3.05 and a 200 day moving average of $4.39.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings data on Monday, July 31st. The communications equipment provider reported ($0.22) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.24) by $0.02. Harmonic had a negative return on equity of 13.22% and a negative net margin of 21.58%. The business had revenue of $82.30 million during the quarter, compared to analysts’ expectations of $80.88 million. The firm’s revenue was down 24.9% compared to the same quarter last year. On average, equities research analysts predict that Harmonic will post ($0.42) EPS for the current fiscal year.

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In other Harmonic news, insider Patrick Harshman sold 7,979 shares of Harmonic stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $3.47, for a total transaction of $27,687.13. Following the completion of the sale, the insider now directly owns 570,733 shares of the company’s stock, valued at approximately $1,980,443.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.27% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Municipal Employees Retirement System of Michigan lifted its holdings 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 purchasing an additional 1,010 shares during the last quarter. Mason Street Advisors LLC lifted its holdings in shares of Harmonic by 9.0% in the 1st quarter. Mason Street Advisors LLC now owns 18,654 shares of the communications equipment provider’s stock valued at $111,000 after purchasing an additional 1,534 shares during the last quarter. Sei Investments Co. purchased a new stake in shares of Harmonic in the 2nd quarter valued at about $142,000. Louisiana State Employees Retirement System lifted its holdings in shares of Harmonic by 0.9% in 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. Finally, BNP Paribas Arbitrage SA lifted its holdings in shares of Harmonic by 36.3% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 35,456 shares of the communications equipment provider’s stock valued at $186,000 after purchasing an additional 9,437 shares during the last quarter. 99.08% of the stock is owned by institutional investors.

Harmonic Company Profile

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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