Wall Street Zen Upgrades Harmonic (NASDAQ:HLIT) to “Strong-Buy”

Harmonic (NASDAQ:HLIT) was upgraded by equities researchers at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a note issued to investors on Saturday.

Several other research firms also recently commented on HLIT. Barclays boosted their price objective on Harmonic from $11.00 to $15.00 and gave the company an “equal weight” rating in a report on Tuesday, May 12th. Needham & Company LLC boosted their price objective on Harmonic from $17.00 to $18.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Jefferies Financial Group restated a “hold” rating and set a $15.00 price objective on shares of Harmonic in a report on Tuesday, May 12th. Rosenblatt Securities boosted their price objective on Harmonic from $16.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Harmonic in a report on Wednesday. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Harmonic has an average rating of “Hold” and an average target price of $16.60.

Harmonic Trading Down 9.2%

NASDAQ HLIT opened at $13.27 on Friday. The company has a market cap of $1.44 billion, a price-to-earnings ratio of -35.86 and a beta of 1.32. Harmonic has a 52 week low of $7.80 and a 52 week high of $17.68. The business has a 50 day moving average price of $11.85 and a 200-day moving average price of $10.60. The company has a quick ratio of 2.03, a current ratio of 2.27 and a debt-to-equity ratio of 0.31.

Insider Buying and Selling at Harmonic

In related news, SVP Neven Haltmayer sold 31,766 shares of the company’s stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $13.24, for a total transaction of $420,581.84. Following the completion of the sale, the senior vice president owned 133,924 shares in the company, valued at approximately $1,773,153.76. This represents a 19.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Stephanie Copeland sold 4,300 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $13.30, for a total value of $57,190.00. Following the sale, the director owned 20,752 shares of the company’s stock, valued at $276,001.60. This trade represents a 17.16% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.74% of the company’s stock.

Institutional Investors Weigh In On Harmonic

Several institutional investors have recently bought and sold shares of HLIT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Harmonic by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,664 shares of the communications equipment provider’s stock worth $630,000 after buying an additional 2,853 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Harmonic by 9.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 353,538 shares of the communications equipment provider’s stock worth $3,390,000 after buying an additional 31,276 shares in the last quarter. Jane Street Group LLC boosted its position in Harmonic by 978.5% in the first quarter. Jane Street Group LLC now owns 247,480 shares of the communications equipment provider’s stock worth $2,373,000 after purchasing an additional 224,534 shares during the last quarter. American Century Companies Inc. boosted its position in Harmonic by 239.3% in the second quarter. American Century Companies Inc. now owns 110,892 shares of the communications equipment provider’s stock worth $1,050,000 after purchasing an additional 78,214 shares during the last quarter. Finally, Norges Bank purchased a new position in Harmonic in the second quarter worth $1,426,000. Institutional investors own 99.38% of the company’s stock.

Harmonic Company Profile

Harmonic Inc (NASDAQ:HLIT) is a leading provider of video delivery infrastructure that enables service providers, broadcasters and content owners to capture, process and distribute high‐quality video across broadcast, cable, satellite and IP networks. The company’s portfolio spans real‐time video compression solutions, including encoders and transcoders, as well as storage and server products designed for live production, playout and streaming on any device.

Harmonic’s product lines include cable edge QAM modules and set‐top video processing platforms for traditional pay‐TV operators, alongside cloud‐native software for over‐the‐top (OTT) delivery, origin servers and content delivery network (CDN) services.