Shares of Harmonic Inc. (NASDAQ:HLIT) have earned an average rating of “Hold” from the eight research firms that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and two have given a buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $5.33.
Several equities research analysts have recently commented on HLIT shares. Northland Securities set a $6.00 target price on Harmonic and gave the company a “buy” rating in a research note on Tuesday, October 17th. Zacks Investment Research cut Harmonic from a “buy” rating to a “hold” rating in a research note on Friday, October 6th. ValuEngine cut Harmonic from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st. Jefferies Group LLC reissued a “hold” rating and issued a $4.00 target price (up from $3.50) on shares of Harmonic in a research note on Tuesday, August 1st. Finally, TheStreet cut Harmonic from a “c-” rating to a “d+” rating in a research note on Wednesday, August 9th.
Shares of Harmonic (NASDAQ:HLIT) opened at 2.90 on Friday. Harmonic has a one year low of $2.80 and a one year high of $6.18. The stock has a 50 day moving average price of $3.04 and a 200 day moving average price of $4.32. The firm’s market cap is $235.69 million.
Harmonic (NASDAQ:HLIT) last released its quarterly earnings results on Monday, July 31st. The communications equipment provider reported ($0.22) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.24) by $0.02. The firm had revenue of $82.30 million during the quarter, compared to analysts’ expectations of $80.88 million. Harmonic had a negative return on equity of 13.22% and a negative net margin of 21.58%. Harmonic’s quarterly revenue was down 24.9% compared to the same quarter last year. On average, equities research analysts forecast that Harmonic will post ($0.42) EPS for the current year.
In other news, insider Patrick Harshman sold 7,979 shares of Harmonic 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 sale, the insider now directly owns 570,733 shares of the company’s stock, valued at approximately $1,980,443.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 4.27% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mason Street Advisors LLC boosted its position in shares of Harmonic by 9.0% in the 1st quarter. Mason Street Advisors LLC now owns 18,654 shares of the communications equipment provider’s stock worth $111,000 after purchasing an additional 1,534 shares during the last quarter. Municipal Employees Retirement System of Michigan boosted its position in shares of Harmonic by 5.6% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 19,030 shares of the communications equipment provider’s stock worth $100,000 after purchasing an additional 1,010 shares during the last quarter. Sei Investments Co. bought a new position in shares of Harmonic in the 2nd quarter worth $142,000. Louisiana State Employees Retirement System boosted its position in shares of Harmonic by 0.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 32,800 shares of the communications equipment provider’s stock worth $172,000 after purchasing an additional 300 shares during the last quarter. Finally, BNP Paribas Arbitrage SA boosted its position in shares of Harmonic by 36.3% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 35,456 shares of the communications equipment provider’s stock worth $186,000 after purchasing an additional 9,437 shares during the last quarter. 99.08% of the stock is owned by institutional investors.
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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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