Harmonic Inc. (NASDAQ:HLIT) Receives Average Rating of “Buy” from Analysts

Harmonic Inc. (NASDAQ:HLIT) has received a consensus rating of “Buy” from the five research firms that are presently covering the company, Marketbeat reports. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $17.20.

Several equities analysts have weighed in on the company. Raymond James cut their target price on Harmonic from $19.00 to $18.00 and set a “strong-buy” rating on the stock in a research note on Tuesday, January 30th. TheStreet raised Harmonic from a “c” rating to a “b” rating in a research note on Monday, January 29th. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price target on shares of Harmonic in a research report on Friday, May 17th. Rosenblatt Securities dropped their price target on Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday, January 30th. Finally, StockNews.com raised Harmonic from a “sell” rating to a “hold” rating in a research report on Wednesday, February 28th.

Insider Transactions at Harmonic

In related news, SVP Ian Graham sold 52,730 shares of Harmonic stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $10.95, for a total value of $577,393.50. Following the sale, the senior vice president now owns 63,616 shares of the company’s stock, valued at approximately $696,595.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Harmonic

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Silverberg Bernstein Capital Management LLC bought a new position in Harmonic in the fourth quarter valued at approximately $10,481,000. Thornburg Investment Management Inc. grew its stake in Harmonic by 21.6% in the fourth quarter. Thornburg Investment Management Inc. now owns 921,312 shares of the communications equipment provider’s stock valued at $12,008,000 after purchasing an additional 163,882 shares in the last quarter. DigitalBridge Group Inc. grew its stake in Harmonic by 126.4% in the third quarter. DigitalBridge Group Inc. now owns 932,096 shares of the communications equipment provider’s stock valued at $8,976,000 after purchasing an additional 520,369 shares in the last quarter. Jupiter Asset Management Ltd. grew its stake in Harmonic by 247.7% in the third quarter. Jupiter Asset Management Ltd. now owns 168,194 shares of the communications equipment provider’s stock valued at $1,620,000 after purchasing an additional 119,815 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in Harmonic by 9.9% in the third quarter. Vanguard Group Inc. now owns 9,396,603 shares of the communications equipment provider’s stock valued at $90,489,000 after purchasing an additional 847,808 shares in the last quarter. Institutional investors and hedge funds own 99.38% of the company’s stock.

Harmonic Trading Up 1.1 %

NASDAQ:HLIT opened at $11.71 on Thursday. Harmonic has a 1-year low of $8.80 and a 1-year high of $18.43. The business’s 50-day moving average price is $11.53 and its two-hundred day moving average price is $11.87. The company has a current ratio of 1.09, a quick ratio of 0.78 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of 19.52 and a beta of 0.90.

Harmonic (NASDAQ:HLIT) last released its earnings results on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.04). Harmonic had a net margin of 12.37% and a return on equity of 1.35%. The company had revenue of $122.06 million during the quarter, compared to analyst estimates of $121.70 million. During the same period in the previous year, the company posted $0.06 EPS. The company’s quarterly revenue was down 22.6% compared to the same quarter last year. On average, equities analysts expect that Harmonic will post 0.36 earnings per share for the current year.

Harmonic Company Profile

Harmonic Inc, together with its subsidiaries, provides broadband solutions worldwide. The company operates through Broadband and Video segments. The Broadband segment sells broadband access solutions and related services, including cOS software-based broadband access solutions to broadband operators; and cOS central cloud services, a subscription service for cOS customers.