Harmonic (HLIT) Upgraded at BidaskClub

Harmonic (NASDAQ:HLIT) was upgraded by equities research analysts at BidaskClub from a “sell” rating to a “hold” rating in a report released on Tuesday.

Several other brokerages also recently weighed in on HLIT. ValuEngine raised Harmonic from a “sell” rating to a “hold” rating in a report on Friday, December 1st. Zacks Investment Research raised Harmonic from a “hold” rating to a “strong-buy” rating and set a $4.25 price target for the company in a report on Friday, November 3rd. Northland Securities set a $6.00 price target on Harmonic and gave the stock a “buy” rating in a report on Tuesday, October 17th. Dougherty & Co reissued a “buy” rating and issued a $6.50 price target on shares of Harmonic in a report on Monday, October 23rd. Finally, Jefferies Group reissued a “hold” rating and issued a $3.50 price target on shares of Harmonic in a report on Sunday, September 10th. Four investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $5.06.

Shares of Harmonic (NASDAQ HLIT) remained flat at $$4.30 during mid-day trading on Tuesday. 1,151,110 shares of the stock were exchanged, compared to its average volume of 449,625. Harmonic has a 52 week low of $2.80 and a 52 week high of $6.18. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.99 and a current ratio of 1.20.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings results on Monday, October 30th. The communications equipment provider reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.07. The business had revenue of $92.00 million during the quarter, compared to the consensus estimate of $85.63 million. Harmonic had a negative return on equity of 13.06% and a negative net margin of 22.02%. The company’s quarterly revenue was down 9.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.01) earnings per share. equities analysts expect that Harmonic will post -0.51 EPS for the current year.

In other news, SVP Bart Spriester sold 8,004 shares of the firm’s stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $3.81, for a total value of $30,495.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Neven Haltmayer sold 8,311 shares of the firm’s stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $3.81, for a total value of $31,664.91. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 25,933 shares of company stock valued at $98,389. Company insiders own 4.27% of the company’s stock.

Several large investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its stake in shares of Harmonic by 0.9% in the second quarter. Dimensional Fund Advisors LP now owns 6,629,442 shares of the communications equipment provider’s stock worth $34,805,000 after purchasing an additional 58,240 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Harmonic by 3.6% in the second quarter. Vanguard Group Inc. now owns 5,803,837 shares of the communications equipment provider’s stock worth $30,470,000 after purchasing an additional 203,002 shares during the last quarter. Epoch Investment Partners Inc. raised its stake in shares of Harmonic by 1.0% in the second quarter. Epoch Investment Partners Inc. now owns 5,012,838 shares of the communications equipment provider’s stock worth $26,317,000 after purchasing an additional 52,062 shares during the last quarter. State Street Corp raised its stake in shares of Harmonic by 7.0% in the second quarter. State Street Corp now owns 1,961,470 shares of the communications equipment provider’s stock worth $10,303,000 after purchasing an additional 129,086 shares during the last quarter. Finally, Royce & Associates LP raised its stake in shares of Harmonic by 3.0% in the third quarter. Royce & Associates LP now owns 1,205,499 shares of the communications equipment provider’s stock worth $3,677,000 after purchasing an additional 35,000 shares during the last quarter. Hedge funds and other institutional investors own 96.00% of the company’s stock.

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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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