Zacks Investment Research lowered shares of Harmonic (NASDAQ:HLIT) from a buy rating to a hold rating in a research report report published on Wednesday, January 3rd.
According to Zacks, “Harmonic Inc. enables media companies and service providers to deliver ultra-high-quality broadcast and OTT video services to consumers globally.The company has also revolutionized cable access networking via the industry’s first virtualized CCAP solution, enabling cable operators to more flexibly deploy gigabit internet service to consumers’ homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software-as-a-service (SaaS) technologies, or powering the delivery of gigabit internet cable services, Harmonic is changing the way media companies and service providers monetize live and VOD content on every screen. “
A number of other research analysts also recently commented on HLIT. ValuEngine downgraded shares of Harmonic from a hold rating to a sell rating in a research report on Monday, October 2nd. BidaskClub downgraded shares of Harmonic from a hold rating to a sell rating in a research report on Thursday, December 21st. Jefferies Group reaffirmed a hold rating and set a $3.50 price objective on shares of Harmonic in a report on Sunday, September 10th. Dougherty & Co reaffirmed a buy rating and set a $6.50 price objective on shares of Harmonic in a report on Monday, October 23rd. Finally, Northland Securities set a $6.00 price objective on shares of Harmonic and gave the stock a buy rating in a report on Tuesday, October 17th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company’s stock. Harmonic currently has a consensus rating of Hold and a consensus target price of $5.06.
Shares of Harmonic (HLIT) opened at $4.00 on Wednesday. Harmonic has a fifty-two week low of $2.80 and a fifty-two week high of $6.18. The company has a current ratio of 1.20, a quick ratio of 0.99 and a debt-to-equity ratio of 0.56.
Harmonic (NASDAQ:HLIT) last released its quarterly earnings results on Monday, October 30th. The communications equipment provider reported ($0.01) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.08) by $0.07. Harmonic had a negative net margin of 22.02% and a negative return on equity of 13.06%. The business had revenue of $92.00 million for the quarter, compared to analyst estimates of $85.63 million. During the same quarter in the previous year, the business earned ($0.01) earnings per share. The firm’s revenue was down 9.3% compared to the same quarter last year. research analysts expect that Harmonic will post -0.51 EPS for the current year.
In related news, SVP Bart Spriester sold 8,004 shares of the stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $3.81, for a total transaction of $30,495.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Neven Haltmayer sold 8,311 shares of the stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $3.81, for a total transaction of $31,664.91. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,933 shares of company stock valued at $98,389. Corporate insiders own 4.27% of the company’s stock.
A number of large investors have recently modified their holdings of HLIT. Vanguard Group Inc. grew its holdings in Harmonic by 3.6% during the 2nd quarter. Vanguard Group Inc. now owns 5,803,837 shares of the communications equipment provider’s stock worth $30,470,000 after acquiring an additional 203,002 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of Harmonic by 21.6% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 936,171 shares of the communications equipment provider’s stock valued at $2,856,000 after purchasing an additional 166,398 shares during the last quarter. State Street Corp boosted its stake in shares of Harmonic by 7.0% in the 2nd quarter. State Street Corp now owns 1,961,470 shares of the communications equipment provider’s stock valued at $10,303,000 after purchasing an additional 129,086 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Harmonic in the 3rd quarter valued at about $190,000. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Harmonic by 0.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,629,442 shares of the communications equipment provider’s stock valued at $34,805,000 after purchasing an additional 58,240 shares during the last quarter. 95.98% of the stock is currently owned by hedge funds and other 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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