Harmonic (NASDAQ:HLIT) Price Target Increased to $17.00 by Analysts at Needham & Company LLC

Harmonic (NASDAQ:HLITGet Rating) had its target price upped by equities research analysts at Needham & Company LLC from $15.00 to $17.00 in a research note issued to investors on Friday, The Fly reports. The firm presently has a “buy” rating on the communications equipment provider’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 43.10% from the company’s current price.

Several other brokerages have also issued reports on HLIT. TheStreet raised Harmonic from a “c+” rating to a “b+” rating in a research report on Monday, August 1st. Rosenblatt Securities upped their target price on Harmonic from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Tuesday, August 2nd. Raymond James increased their price objective on Harmonic from $12.00 to $13.00 and gave the company an “outperform” rating in a report on Tuesday, August 2nd. Finally, Barclays increased their price objective on Harmonic from $13.00 to $14.00 and gave the company an “overweight” rating in a report on Tuesday, August 2nd. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $15.50.

Harmonic Trading Up 6.1 %

HLIT opened at $11.88 on Friday. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of 37.13 and a beta of 0.99. The company has a current ratio of 1.52, a quick ratio of 1.15 and a debt-to-equity ratio of 0.42. Harmonic has a 12 month low of $8.25 and a 12 month high of $12.22. The stock has a fifty day moving average price of $10.76 and a 200-day moving average price of $9.64.

Harmonic (NASDAQ:HLITGet Rating) last announced its earnings results on Monday, August 1st. The communications equipment provider reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.07. Harmonic had a return on equity of 10.46% and a net margin of 5.91%. The company had revenue of $157.45 million for the quarter, compared to analyst estimates of $150.08 million. During the same period in the prior year, the company posted $0.01 EPS. The firm’s quarterly revenue was up 38.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Harmonic will post 0.27 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Sanjay Kalra sold 53,585 shares of the firm’s stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $11.36, for a total transaction of $608,725.60. Following the sale, the chief financial officer now directly owns 96,419 shares of the company’s stock, valued at $1,095,319.84. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Sanjay Kalra sold 53,585 shares of the firm’s stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $11.36, for a total transaction of $608,725.60. Following the sale, the chief financial officer now directly owns 96,419 shares of the company’s stock, valued at $1,095,319.84. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Patrick Harshman sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $10.88, for a total value of $544,000.00. Following the completion of the sale, the chief executive officer now directly owns 571,768 shares in the company, valued at $6,220,835.84. The disclosure for this sale can be found here. 3.50% of the stock is owned by corporate insiders.

Institutional Trading of Harmonic

Several institutional investors have recently bought and sold shares of HLIT. Aaron Wealth Advisors LLC purchased a new position in shares of Harmonic in the first quarter valued at approximately $209,000. Acadian Asset Management LLC purchased a new position in shares of Harmonic in the fourth quarter valued at approximately $35,000. Captrust Financial Advisors lifted its position in Harmonic by 411.4% during the first quarter. Captrust Financial Advisors now owns 3,866 shares of the communications equipment provider’s stock worth $36,000 after buying an additional 3,110 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC acquired a new position in Harmonic during the second quarter worth $43,000. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Harmonic in the 2nd quarter worth $65,000. 97.62% of the stock is owned by institutional investors and hedge funds.

Harmonic Company Profile

(Get Rating)

Harmonic Inc, together with its subsidiaries, provide video delivery software, products, system solutions, and services worldwide. The company operates in two segments, Video and Cable Access. The Video segment sells video processing, production, and playout solutions and services to cable operators, and satellite and telecommunications Pay-TV service providers, as well as to broadcast and media, including streaming media companies.

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