Patrick Harshman Sells 150,000 Shares of Harmonic Inc. (NASDAQ:HLIT) Stock

Harmonic Inc. (NASDAQ:HLITGet Rating) CEO Patrick Harshman sold 150,000 shares of Harmonic stock in a transaction dated Friday, September 16th. The stock was sold at an average price of $12.00, for a total value of $1,800,000.00. Following the completion of the transaction, the chief executive officer now directly owns 428,173 shares of the company’s stock, valued at approximately $5,138,076. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Patrick Harshman also recently made the following trade(s):

  • On Wednesday, August 3rd, Patrick Harshman sold 50,000 shares of Harmonic stock. The stock was sold at an average price of $10.88, for a total value of $544,000.00.

Harmonic Price Performance

NASDAQ HLIT opened at $11.76 on Thursday. Harmonic Inc. has a 52 week low of $8.25 and a 52 week high of $12.22. The firm has a market capitalization of $1.23 billion, a P/E ratio of 36.75 and a beta of 0.99. The company has a quick ratio of 1.15, a current ratio of 1.52 and a debt-to-equity ratio of 0.42. The company has a 50-day moving average price of $10.93 and a 200-day moving average price of $9.69.

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

Analyst Ratings Changes

HLIT has been the topic of several research analyst reports. Raymond James upped their target price on shares of Harmonic from $12.00 to $13.00 and gave the company an “outperform” rating in a research note on Tuesday, August 2nd. Rosenblatt Securities upped their target price on shares of Harmonic from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Tuesday, August 2nd. Barclays upped their target price on shares of Harmonic from $13.00 to $14.00 and gave the company an “overweight” rating in a research note on Tuesday, August 2nd. Needham & Company LLC upped their target price on shares of Harmonic from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Friday, September 16th. Finally, TheStreet upgraded shares of Harmonic from a “c+” rating to a “b+” rating in a research note on Monday, August 1st. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $15.50.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. grew its stake in shares of Harmonic by 0.5% during the 1st quarter. BlackRock Inc. now owns 16,004,878 shares of the communications equipment provider’s stock valued at $148,685,000 after acquiring an additional 72,246 shares during the period. Vanguard Group Inc. grew its stake in shares of Harmonic by 3.7% during the 1st quarter. Vanguard Group Inc. now owns 6,891,964 shares of the communications equipment provider’s stock valued at $64,027,000 after acquiring an additional 247,780 shares during the period. Trigran Investments Inc. grew its stake in shares of Harmonic by 7.6% during the 2nd quarter. Trigran Investments Inc. now owns 6,050,465 shares of the communications equipment provider’s stock valued at $52,458,000 after acquiring an additional 428,566 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Harmonic by 1.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,768,594 shares of the communications equipment provider’s stock valued at $44,300,000 after acquiring an additional 51,817 shares during the period. Finally, State Street Corp grew its stake in shares of Harmonic by 0.6% during the 2nd quarter. State Street Corp now owns 3,213,917 shares of the communications equipment provider’s stock valued at $27,865,000 after acquiring an additional 20,508 shares during the period. 97.62% of the stock is currently owned by institutional investors.

About Harmonic

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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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