Harmonic Inc. (NASDAQ:HLIT) Receives $17.20 Consensus Target Price from Analysts

Harmonic Inc. (NASDAQ:HLIT) has been assigned an average rating of “Buy” from the five brokerages that are currently covering the stock, MarketBeat reports. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $17.20.

Several equities research analysts recently commented on HLIT shares. StockNews.com upgraded Harmonic from a “sell” rating to a “hold” rating in a report on Wednesday, February 28th. Rosenblatt Securities dropped their target price on Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, January 30th. Raymond James dropped their target price on Harmonic from $19.00 to $18.00 and set a “strong-buy” rating on the stock in a report on Tuesday, January 30th. Needham & Company LLC reiterated a “buy” rating and set a $18.00 target price on shares of Harmonic in a report on Tuesday. Finally, TheStreet upgraded Harmonic from a “c” rating to a “b” rating in a report on Monday, January 29th.

Harmonic Stock Performance

NASDAQ HLIT opened at $10.74 on Friday. The firm has a market capitalization of $1.20 billion, a P/E ratio of 15.13 and a beta of 0.84. Harmonic has a 1-year low of $8.80 and a 1-year high of $18.43. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.21 and a quick ratio of 0.91. The business’s 50-day simple moving average is $12.11 and its 200-day simple moving average is $11.78.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data 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). The firm had revenue of $122.06 million during the quarter, compared to analyst estimates of $121.70 million. Harmonic had a net margin of 13.82% and a return on equity of 4.71%. The business’s revenue for the quarter was down 22.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.06 earnings per share. Equities analysts predict that Harmonic will post 0.32 EPS for the current year.

Insiders Place Their Bets

In other news, SVP Nimrod Ben-Natan sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $12.91, for a total value of $1,291,000.00. Following the completion of the sale, the senior vice president now directly owns 302,214 shares in the company, valued at approximately $3,901,582.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Harmonic news, SVP Neven Haltmayer sold 10,558 shares of the business’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $13.11, for a total transaction of $138,415.38. Following the completion of the transaction, the senior vice president now owns 171,306 shares in the company, valued at approximately $2,245,821.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Nimrod Ben-Natan sold 100,000 shares of the business’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $12.91, for a total value of $1,291,000.00. Following the transaction, the senior vice president now owns 302,214 shares of the company’s stock, valued at approximately $3,901,582.74. The disclosure for this sale can be found here. Insiders have sold 125,305 shares of company stock worth $1,631,154 in the last three months. 2.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Quadrant Capital Group LLC lifted its holdings in shares of Harmonic by 237.8% in the fourth quarter. Quadrant Capital Group LLC now owns 2,591 shares of the communications equipment provider’s stock valued at $34,000 after buying an additional 1,824 shares during the period. Avior Wealth Management LLC acquired a new stake in shares of Harmonic in the fourth quarter valued at $137,000. Kestra Advisory Services LLC acquired a new stake in shares of Harmonic in the third quarter valued at $131,000. PNC Financial Services Group Inc. lifted its holdings in shares of Harmonic by 12.7% in the third quarter. PNC Financial Services Group Inc. now owns 16,622 shares of the communications equipment provider’s stock valued at $160,000 after buying an additional 1,871 shares during the period. Finally, Innovis Asset Management LLC acquired a new stake in shares of Harmonic in the third quarter valued at $174,000. Institutional investors and hedge funds own 99.38% of the company’s stock.

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.