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

Shares of Harmonic Inc. (NASDAQ:HLIT) have been given a consensus recommendation of “Buy” by the four research firms that are covering the stock, Marketbeat.com reports. Three investment analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $18.50.

A number of research analysts recently issued reports on the company. Rosenblatt Securities restated a “buy” rating and set a $18.00 price objective on shares of Harmonic in a research report on Tuesday, October 15th. Needham & Company LLC restated a “buy” rating and set a $18.00 price objective on shares of Harmonic in a research report on Tuesday, July 30th. Finally, Barclays boosted their price objective on Harmonic from $14.00 to $20.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th.

Harmonic Price Performance

Shares of NASDAQ HLIT opened at $14.78 on Friday. Harmonic has a twelve month low of $9.10 and a twelve month high of $15.31. The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of 30.79 and a beta of 0.87. The company has a current ratio of 1.87, a quick ratio of 1.32 and a debt-to-equity ratio of 0.30. The business has a 50 day simple moving average of $14.04 and a 200-day simple moving average of $12.53.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The business had revenue of $138.70 million during the quarter, compared to analyst estimates of $133.67 million. During the same quarter in the previous year, the firm posted $0.07 EPS. The business’s revenue for the quarter was down 11.1% compared to the same quarter last year. As a group, equities research analysts expect that Harmonic will post 0.44 earnings per share for the current year.

Insiders Place Their Bets

In other Harmonic news, SVP Neven Haltmayer sold 40,000 shares of the business’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $14.41, for a total transaction of $576,400.00. Following the completion of the transaction, the senior vice president now owns 122,211 shares in the company, valued at approximately $1,761,060.51. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.36% of the stock is currently owned by insiders.

Institutional Trading of Harmonic

Several institutional investors have recently modified their holdings of HLIT. Clearline Capital LP lifted its holdings in shares of Harmonic by 777.6% in the second quarter. Clearline Capital LP now owns 1,570,461 shares of the communications equipment provider’s stock valued at $18,484,000 after buying an additional 1,391,504 shares during the period. Jane Street Group LLC lifted its holdings in shares of Harmonic by 1,276.3% in the first quarter. Jane Street Group LLC now owns 1,203,297 shares of the communications equipment provider’s stock valued at $16,172,000 after buying an additional 1,115,870 shares during the period. Marshall Wace LLP lifted its holdings in shares of Harmonic by 1,952.4% in the second quarter. Marshall Wace LLP now owns 978,127 shares of the communications equipment provider’s stock valued at $11,513,000 after buying an additional 930,469 shares during the period. Point72 Asset Management L.P. acquired a new stake in shares of Harmonic in the second quarter valued at $7,687,000. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Harmonic by 117.7% in the third quarter. Assenagon Asset Management S.A. now owns 1,187,528 shares of the communications equipment provider’s stock valued at $17,302,000 after buying an additional 642,033 shares during the period. 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.