Harmonic Inc (HLIT) Receives Average Recommendation of “Hold” from Analysts

Harmonic Inc (NASDAQ:HLIT) has earned a consensus rating of “Hold” from the eight ratings firms that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, four have given a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $5.33.

HLIT has been the topic of several research analyst reports. Northland Securities set a $6.00 price objective on Harmonic and gave the company a “buy” rating in a research note on Tuesday, October 17th. Dougherty & Co restated a “buy” rating and issued a $6.50 price objective on shares of Harmonic in a research note on Monday, October 23rd. Zacks Investment Research upgraded Harmonic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, September 13th. BidaskClub upgraded Harmonic from a “sell” rating to a “hold” rating in a research note on Tuesday, December 12th. Finally, ValuEngine upgraded Harmonic from a “sell” rating to a “hold” rating in a research note on Friday, December 1st.

In other news, insider Neven Haltmayer sold 8,311 shares of the company’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $3.81, for a total value of $31,664.91. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Bart Spriester sold 8,004 shares of the company’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $3.81, for a total value of $30,495.24. The disclosure for this sale can be found here. Insiders sold 25,933 shares of company stock worth $98,389 in the last 90 days. Corporate insiders own 5.53% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Arizona State Retirement System grew its position in shares of Harmonic by 1.2% in the second quarter. Arizona State Retirement System now owns 42,018 shares of the communications equipment provider’s stock valued at $221,000 after purchasing an additional 500 shares during the last quarter. Ameriprise Financial Inc. grew its position in shares of Harmonic by 0.3% in the second quarter. Ameriprise Financial Inc. now owns 432,525 shares of the communications equipment provider’s stock valued at $2,271,000 after purchasing an additional 1,365 shares during the last quarter. Thrivent Financial For Lutherans grew its position in shares of Harmonic by 7.3% in the second quarter. Thrivent Financial For Lutherans now owns 48,530 shares of the communications equipment provider’s stock valued at $255,000 after purchasing an additional 3,300 shares during the last quarter. Voya Investment Management LLC grew its position in shares of Harmonic by 12.1% in the second quarter. Voya Investment Management LLC now owns 43,910 shares of the communications equipment provider’s stock valued at $231,000 after purchasing an additional 4,742 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of Harmonic by 7.9% in 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 purchasing an additional 4,942 shares during the last quarter. 95.98% of the stock is currently owned by institutional investors.

Shares of Harmonic (NASDAQ:HLIT) opened at $3.90 on Wednesday. Harmonic has a twelve month low of $2.80 and a twelve month high of $6.18. The stock has a market capitalization of $325.09, a PE ratio of -3.82 and a beta of 1.05. 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 data on Monday, October 30th. The communications equipment provider reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.07. The firm had revenue of $92.00 million for the quarter, compared to analyst estimates of $85.63 million. Harmonic had a negative return on equity of 13.06% and a negative net margin of 22.02%. The business’s revenue for the quarter was down 9.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.01) earnings per share. analysts expect that Harmonic will post -0.51 EPS for the current fiscal year.

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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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