Harmonic Inc. (NASDAQ:HLIT) Lowered to “Hold” at Zacks Investment Research

Harmonic Inc. (NASDAQ:HLIT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday, October 17th.

According to Zacks, “Harmonic provides the supply chain infrastructure – from production through delivery – that enables media companies to engage and prosper in today’s demanding and ever-changing video economy. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers. Its Cable Edge business sells cable edge solutions and related services to cable operators around the world. The Video segment offers a range of products and solutions, as well as software-based media processing platforms. Its products enable customers to create, prepare, and deliver a range of video and broadband services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones. “

Several other research firms have also issued reports on HLIT. Northland Securities set a $6.00 price objective on Harmonic and gave the stock a “buy” rating in a research report on Tuesday, October 17th. ValuEngine lowered Harmonic from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. Jefferies Group LLC restated a “hold” rating and set a $4.00 price target (up from $3.50) on shares of Harmonic in a research report on Tuesday, August 1st. TheStreet lowered Harmonic from a “c-” rating to a “d+” rating in a research report on Wednesday, August 9th. Finally, BidaskClub lowered Harmonic from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $5.15.

Harmonic (NASDAQ HLIT) traded down 3.33% during trading on Tuesday, reaching $2.90. 435,175 shares of the company traded hands. The company’s market cap is $235.69 million. Harmonic has a 12 month low of $2.80 and a 12 month high of $6.18. The company’s 50-day moving average is $3.04 and its 200 day moving average is $4.32.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings results on Monday, July 31st. The communications equipment provider reported ($0.22) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.02. Harmonic had a negative return on equity of 13.22% and a negative net margin of 21.58%. The business had revenue of $82.30 million for the quarter, compared to analyst estimates of $80.88 million. The firm’s revenue was down 24.9% on a year-over-year basis. On average, analysts anticipate that Harmonic will post ($0.42) earnings per share for the current year.

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In other news, insider Patrick Harshman sold 7,979 shares of the business’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $3.47, for a total value of $27,687.13. Following the completion of the transaction, the insider now owns 570,733 shares in the company, valued at $1,980,443.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.53% of the stock is owned by insiders.

A number of institutional investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company increased its position in Harmonic by 7.9% during the second quarter. The Manufacturers Life Insurance Company now owns 67,464 shares of the communications equipment provider’s stock valued at $354,000 after acquiring an additional 4,942 shares during the last quarter. State Street Corp increased its position in Harmonic by 7.0% during the second quarter. State Street Corp now owns 1,961,470 shares of the communications equipment provider’s stock valued at $10,303,000 after acquiring an additional 129,086 shares during the last quarter. Voya Investment Management LLC increased its position in Harmonic by 12.1% during the second quarter. Voya Investment Management LLC now owns 43,910 shares of the communications equipment provider’s stock valued at $231,000 after acquiring an additional 4,742 shares during the last quarter. Epoch Investment Partners Inc. increased its position in Harmonic by 1.0% during the second quarter. Epoch Investment Partners Inc. now owns 5,012,838 shares of the communications equipment provider’s stock valued at $26,317,000 after acquiring an additional 52,062 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Harmonic by 0.9% during the second quarter. Dimensional Fund Advisors LP now owns 6,629,442 shares of the communications equipment provider’s stock valued at $34,805,000 after acquiring an additional 58,240 shares during the last quarter. Institutional investors own 99.08% of the company’s stock.

About Harmonic

Harmonic Inc (Harmonic) designs, manufactures and sells video infrastructure products, and system solutions. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers.

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