Harmonic Inc. (NASDAQ:HLIT) Given Average Recommendation of “Buy” by Analysts

Shares of Harmonic Inc. (NASDAQ:HLITGet Rating) have earned a consensus recommendation of “Buy” from the eight ratings firms that are covering the firm, MarketBeat.com reports. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $15.17.

A number of research firms recently commented on HLIT. TheStreet raised Harmonic from a “c+” rating to a “b+” rating in a research report on Monday, August 1st. Raymond James boosted their price target on shares of Harmonic from $12.00 to $13.00 and gave the stock an “outperform” rating in a report on Tuesday, August 2nd. Barclays increased their price target on Harmonic from $13.00 to $14.00 and gave the company an “overweight” rating in a research report on Tuesday, August 2nd. Rosenblatt Securities increased their price target on Harmonic from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Tuesday, August 2nd. Finally, Needham & Company LLC increased their price target on Harmonic from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, August 2nd.

Insider Activity

In other news, CEO Patrick Harshman sold 50,000 shares of Harmonic stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $10.88, for a total value of $544,000.00. Following the completion of the transaction, the chief executive officer now owns 571,768 shares in the company, valued at $6,220,835.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Harmonic news, CFO Sanjay Kalra sold 53,585 shares of the stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $11.36, for a total transaction of $608,725.60. Following the sale, the chief financial officer now owns 96,419 shares in the company, valued at $1,095,319.84. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Patrick Harshman sold 50,000 shares of Harmonic stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $10.88, for a total value of $544,000.00. Following the transaction, the chief executive officer now directly owns 571,768 shares of the company’s stock, valued at approximately $6,220,835.84. The disclosure for this sale can be found here. Insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in HLIT. Trigran Investments Inc. lifted its stake in Harmonic by 54.0% in the 1st quarter. Trigran Investments Inc. now owns 5,621,899 shares of the communications equipment provider’s stock worth $52,228,000 after purchasing an additional 1,970,863 shares in the last quarter. Leeward Investments LLC MA purchased a new position in Harmonic during the first quarter worth about $14,264,000. Millennium Management LLC grew its position in Harmonic by 276.3% during the second quarter. Millennium Management LLC now owns 1,837,589 shares of the communications equipment provider’s stock worth $15,932,000 after buying an additional 1,349,242 shares in the last quarter. Invesco Ltd. grew its position in Harmonic by 103.0% during the fourth quarter. Invesco Ltd. now owns 1,098,615 shares of the communications equipment provider’s stock worth $12,920,000 after buying an additional 557,496 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in Harmonic by 75.5% in the first quarter. Assenagon Asset Management S.A. now owns 1,093,604 shares of the communications equipment provider’s stock valued at $10,160,000 after purchasing an additional 470,299 shares in the last quarter. Hedge funds and other institutional investors own 97.62% of the company’s stock.

Harmonic Stock Performance

Shares of HLIT opened at $11.00 on Tuesday. The firm has a market capitalization of $1.15 billion, a P/E ratio of 34.38 and a beta of 0.99. Harmonic has a 52 week low of $8.25 and a 52 week high of $12.22. The stock has a 50 day moving average price of $10.52 and a two-hundred day moving average price of $9.57. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.15 and a current ratio of 1.52.

Harmonic (NASDAQ:HLITGet Rating) last announced its quarterly earnings results on Monday, August 1st. The communications equipment provider reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.07. The business had revenue of $157.45 million during the quarter, compared to the consensus estimate of $150.08 million. Harmonic had a return on equity of 10.46% and a net margin of 5.91%. Harmonic’s revenue was up 38.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.01 earnings per share. Equities analysts forecast that Harmonic will post 0.27 earnings per share for the current fiscal year.

About Harmonic

(Get Rating)

Harmonic Inc, together with its subsidiaries, provide video delivery software, products, system solutions, and services worldwide. The company operates in two segments, Video and Cable Access. The Video segment sells video processing, production, and playout solutions and services to cable operators, and satellite and telecommunications Pay-TV service providers, as well as to broadcast and media, including streaming media companies.

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Analyst Recommendations for Harmonic (NASDAQ:HLIT)

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