Harmonic Inc. (HLIT) Upgraded by Zacks Investment Research to “Strong-Buy”
Harmonic Inc. (NASDAQ:HLIT) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Friday. The firm presently has a $4.25 target price on the communications equipment provider’s stock. Zacks Investment Research‘s target price suggests a potential upside of 11.84% from the company’s current price.
According to Zacks, “Harmonic Inc. enables media companies and service providers to deliver ultra-high-quality broadcast and OTT video services to consumers globally.The company has also revolutionized cable access networking via the industry’s first virtualized CCAP solution, enabling cable operators to more flexibly deploy gigabit internet service to consumers’ homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software-as-a-service (SaaS) technologies, or powering the delivery of gigabit internet cable services, Harmonic is changing the way media companies and service providers monetize live and VOD content on every screen. “
A number of other equities analysts have also recently issued reports on HLIT. BidaskClub cut Harmonic from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Jefferies Group LLC reiterated a “hold” rating and issued a $4.00 price objective (up from $3.50) on shares of Harmonic in a report on Tuesday, August 1st. ValuEngine cut Harmonic from a “hold” rating to a “sell” rating in a report on Friday, August 4th. TheStreet cut Harmonic from a “c-” rating to a “d+” rating in a report on Wednesday, August 9th. Finally, Northland Securities set a $6.00 price objective on Harmonic and gave the stock a “buy” rating in a report on Tuesday, October 17th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Harmonic has a consensus rating of “Hold” and an average target price of $5.25.
Harmonic (NASDAQ:HLIT) traded up $0.10 on Friday, hitting $3.80. The stock had a trading volume of 759,703 shares, compared to its average volume of 601,768. The company has a quick ratio of 0.95, a current ratio of 1.20 and a debt-to-equity ratio of 0.56.
Harmonic (NASDAQ:HLIT) last posted its quarterly earnings data on Monday, October 30th. The communications equipment provider reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.07. Harmonic had a negative return on equity of 13.06% and a negative net margin of 22.02%. The firm had revenue of $92.00 million during the quarter, compared to analysts’ expectations of $85.63 million. During the same period in the prior year, the business earned ($0.01) EPS. The company’s revenue for the quarter was down 9.3% compared to the same quarter last year. research analysts anticipate that Harmonic will post -0.5 earnings per share for the current fiscal year.
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In other news, insider Patrick Harshman sold 7,979 shares of the business’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $3.47, for a total value of $27,687.13. Following the completion of the sale, the insider now owns 570,733 shares of the company’s stock, valued at approximately $1,980,443.51. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In the last three months, insiders sold 14,495 shares of company stock valued at $51,166. 4.27% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Arizona State Retirement System lifted its stake in shares of Harmonic by 0.5% in the 3rd quarter. Arizona State Retirement System now owns 40,318 shares of the communications equipment provider’s stock valued at $239,000 after acquiring an additional 200 shares during the last quarter. Louisiana State Employees Retirement System lifted its stake in shares of Harmonic by 0.9% in the 3rd quarter. Louisiana State Employees Retirement System now owns 34,500 shares of the communications equipment provider’s stock valued at $205,000 after acquiring an additional 300 shares during the last quarter. Texas Permanent School Fund lifted its stake in shares of Harmonic by 0.5% in the 3rd quarter. Texas Permanent School Fund now owns 59,443 shares of the communications equipment provider’s stock valued at $352,000 after acquiring an additional 320 shares during the last quarter. Municipal Employees Retirement System of Michigan lifted its stake in shares of Harmonic by 2.7% in the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 17,170 shares of the communications equipment provider’s stock valued at $102,000 after acquiring an additional 450 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY lifted its stake in shares of Harmonic by 1.7% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 54,612 shares of the communications equipment provider’s stock valued at $273,000 after acquiring an additional 929 shares during the last quarter. 99.08% of the stock is owned by institutional investors.
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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