Harmonic Inc. (HLIT) Given a $6.00 Price Target at Northland Securities

Northland Securities set a $6.00 target price on Harmonic Inc. (NASDAQ:HLIT) in a report released on Tuesday, October 17th. The firm currently has a buy rating on the communications equipment provider’s stock.

HLIT has been the subject of a number of other reports. ValuEngine downgraded shares of Harmonic from a hold rating to a sell rating in a report on Monday, October 2nd. Zacks Investment Research downgraded shares of Harmonic from a hold rating to a strong sell rating in a research note on Tuesday, July 18th. BidaskClub downgraded shares of Harmonic from a hold rating to a sell rating in a research note on Wednesday, July 19th. TheStreet downgraded shares of Harmonic from a c- rating to a d+ rating in a research note on Wednesday, August 9th. Finally, Jefferies Group LLC restated a hold rating and issued a $3.50 target price on shares of Harmonic in a research note on Sunday, September 10th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $5.25.

Shares of Harmonic (HLIT) traded up $0.03 on Tuesday, reaching $3.83. 263,498 shares of the company’s stock were exchanged, compared to its average volume of 630,364. The company has a quick ratio of 0.99, a current ratio of 1.20 and a debt-to-equity ratio of 0.56. Harmonic has a one year low of $2.80 and a one year high of $6.18.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings data on Monday, October 30th. The communications equipment provider reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $85.63 million. During the same quarter in the previous year, the business posted ($0.01) earnings per share. The company’s revenue was down 9.3% on a year-over-year basis. research analysts anticipate that Harmonic will post -0.51 earnings per share for the current year.

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In other Harmonic news, insider Patrick Harshman sold 7,979 shares of the stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $3.47, for a total transaction of $27,687.13. Following the sale, the insider now directly owns 570,733 shares of the company’s stock, valued at $1,980,443.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 14,495 shares of company stock worth $51,166 over the last three months. 5.53% of the stock is owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the company. Municipal Employees Retirement System of Michigan grew its position in shares of Harmonic by 5.6% during the second quarter. Municipal Employees Retirement System of Michigan now owns 19,030 shares of the communications equipment provider’s stock worth $100,000 after acquiring an additional 1,010 shares during the last quarter. Mason Street Advisors LLC grew its position in Harmonic by 9.0% in the 1st quarter. Mason Street Advisors LLC now owns 18,654 shares of the communications equipment provider’s stock valued at $111,000 after buying an additional 1,534 shares in the last quarter. Sei Investments Co. bought a new position in Harmonic in the 2nd quarter valued at about $142,000. BNP Paribas Arbitrage SA grew its position in Harmonic by 41.0% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 49,992 shares of the communications equipment provider’s stock valued at $152,000 after buying an additional 14,536 shares in the last quarter. Finally, Louisiana State Employees Retirement System grew its position in 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 valued at $172,000 after buying an additional 300 shares in the last quarter. Institutional investors and hedge funds 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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