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

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

A number of brokerages have weighed in on HLIT. Rosenblatt Securities restated a “buy” rating and set a $18.00 price objective on shares of Harmonic in a research note on Thursday, July 18th. Needham & Company LLC reissued a “buy” rating and set a $18.00 price target on shares of Harmonic in a research report on Tuesday, July 30th. Finally, Barclays upped their price target on shares of Harmonic from $14.00 to $20.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th.

Insider Transactions at Harmonic

In related news, SVP Neven Haltmayer sold 40,000 shares of the company’s stock in a transaction that occurred 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 sale, the senior vice president now directly owns 122,211 shares of the company’s stock, valued at approximately $1,761,060.51. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 2.20% of the company’s stock.

Institutional Trading of Harmonic

Institutional investors have recently added to or reduced their stakes in the business. GSA Capital Partners LLP bought a new stake in shares of Harmonic during the 1st quarter valued at about $923,000. Jane Street Group LLC grew its holdings in shares of Harmonic by 1,276.3% during 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 purchasing an additional 1,115,870 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Harmonic by 216.5% during the second quarter. Assenagon Asset Management S.A. now owns 545,495 shares of the communications equipment provider’s stock valued at $6,420,000 after purchasing an additional 373,155 shares during the last quarter. Ghisallo Capital Management LLC acquired a new stake in shares of Harmonic during the 4th quarter worth approximately $2,848,000. Finally, Lisanti Capital Growth LLC bought a new stake in shares of Harmonic in the 1st quarter worth approximately $3,659,000. Institutional investors own 99.38% of the company’s stock.

Harmonic Price Performance

Shares of HLIT stock opened at $13.95 on Wednesday. The firm has a fifty day simple moving average of $13.74 and a 200-day simple moving average of $12.39. The company has a market capitalization of $1.57 billion, a PE ratio of 23.25 and a beta of 0.87. Harmonic has a twelve month low of $8.80 and a twelve month high of $15.31. The company has a current ratio of 1.87, a quick ratio of 1.32 and a debt-to-equity ratio of 0.30.

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