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

Harmonic Inc. (NASDAQ:HLITGet Free Report) has been assigned a consensus rating of “Buy” from the five analysts that are currently covering the company, Marketbeat.com reports. Four investment analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $17.60.

A number of equities research analysts have recently issued reports on the company. Rosenblatt Securities reiterated a “buy” rating and issued a $18.00 target price on shares of Harmonic in a research note on Thursday. Needham & Company LLC restated a “buy” rating and set a $18.00 price objective on shares of Harmonic in a research note on Monday, June 17th.

View Our Latest Stock Analysis on Harmonic

Harmonic Stock Performance

Harmonic stock opened at $12.42 on Friday. The stock’s 50-day moving average is $11.74 and its 200-day moving average is $12.04. The company has a market cap of $1.39 billion, a price-to-earnings ratio of 20.70 and a beta of 0.89. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.09 and a quick ratio of 0.78. Harmonic has a 12 month low of $8.80 and a 12 month high of $16.10.

Harmonic (NASDAQ:HLITGet Free Report) last posted its earnings results on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). Harmonic had a net margin of 12.37% and a return on equity of 1.35%. The company had revenue of $122.06 million during the quarter, compared to analyst estimates of $121.70 million. During the same quarter last year, the business posted $0.06 EPS. Harmonic’s quarterly revenue was down 22.6% compared to the same quarter last year. Equities analysts anticipate that Harmonic will post 0.36 earnings per share for the current year.

Insider Buying and Selling at Harmonic

In other news, SVP Ian Graham sold 52,730 shares of Harmonic stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $10.95, for a total value of $577,393.50. Following the completion of the transaction, the senior vice president now owns 63,616 shares in the company, valued at approximately $696,595.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in HLIT. Westfield Capital Management Co. LP acquired a new position in shares of Harmonic in the 4th quarter worth approximately $19,257,000. Wolf Hill Capital Management LP acquired a new position in shares of Harmonic in the 4th quarter worth approximately $16,879,000. Jane Street Group LLC lifted its holdings in shares of Harmonic by 1,276.3% in the 1st quarter. Jane Street Group LLC now owns 1,203,297 shares of the communications equipment provider’s stock worth $16,172,000 after purchasing an additional 1,115,870 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Harmonic by 12.7% in the 4th quarter. Wellington Management Group LLP now owns 8,796,165 shares of the communications equipment provider’s stock worth $114,702,000 after purchasing an additional 990,425 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Harmonic by 9.9% in the 3rd quarter. Vanguard Group Inc. now owns 9,396,603 shares of the communications equipment provider’s stock worth $90,489,000 after purchasing an additional 847,808 shares during the last quarter. Institutional investors and hedge funds own 99.38% of the company’s stock.

About Harmonic

(Get Free Report

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.

Recommended Stories

Analyst Recommendations for Harmonic (NASDAQ:HLIT)

Receive News & Ratings for Harmonic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Harmonic and related companies with MarketBeat.com's FREE daily email newsletter.