Harmonic (NASDAQ:HLIT) Given New $19.00 Price Target at Needham & Company LLC

Harmonic (NASDAQ:HLITGet Rating) had its price objective raised by Needham & Company LLC from $17.00 to $19.00 in a research report released on Tuesday, Benzinga reports. The firm currently has a buy rating on the communications equipment provider’s stock.

Several other research firms have also weighed in on HLIT. Barclays increased their target price on shares of Harmonic from $14.00 to $17.00 and gave the stock an overweight rating in a report on Tuesday, November 1st. StockNews.com lowered shares of Harmonic from a buy rating to a hold rating in a report on Thursday, November 3rd. Rosenblatt Securities increased their target price on shares of Harmonic from $17.00 to $20.00 and gave the stock a buy rating in a report on Wednesday, October 19th. Jefferies Financial Group upgraded shares of Harmonic from a hold rating to a buy rating and increased their target price for the stock from $14.25 to $19.00 in a report on Monday, January 9th. Finally, Raymond James increased their target price on shares of Harmonic from $13.00 to $18.00 and gave the stock an outperform rating in a report on Tuesday, November 1st. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $18.00.

Harmonic Trading Down 1.0 %

Shares of NASDAQ HLIT opened at $14.35 on Tuesday. The company’s 50 day simple moving average is $14.07 and its 200 day simple moving average is $12.75. Harmonic has a fifty-two week low of $8.25 and a fifty-two week high of $15.80. The firm has a market capitalization of $1.51 billion, a P/E ratio of 36.80 and a beta of 0.89. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.52 and a quick ratio of 1.07.

Harmonic (NASDAQ:HLITGet Rating) last announced its quarterly earnings data on Monday, October 31st. The communications equipment provider reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.03. Harmonic had a net margin of 6.80% and a return on equity of 11.89%. The business had revenue of $155.70 million for the quarter, compared to analyst estimates of $153.27 million. During the same period in the prior year, the business posted $0.03 earnings per share. Harmonic’s revenue was up 23.3% compared to the same quarter last year. On average, analysts predict that Harmonic will post 0.32 EPS for the current year.

Insider Transactions at Harmonic

In related news, CEO Patrick Harshman sold 6,040 shares of the firm’s stock in a transaction on Wednesday, November 16th. The shares were sold at an average price of $13.41, for a total value of $80,996.40. Following the completion of the transaction, the chief executive officer now owns 434,578 shares of the company’s stock, valued at $5,827,690.98. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CEO Patrick Harshman sold 6,040 shares of the firm’s stock in a transaction on Wednesday, November 16th. The shares were sold at an average price of $13.41, for a total value of $80,996.40. Following the completion of the transaction, the chief executive officer now owns 434,578 shares of the company’s stock, valued at $5,827,690.98. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Neven Haltmayer sold 24,947 shares of the firm’s stock in a transaction on Friday, November 18th. The shares were sold at an average price of $14.80, for a total transaction of $369,215.60. Following the completion of the transaction, the senior vice president now directly owns 150,447 shares of the company’s stock, valued at approximately $2,226,615.60. The disclosure for this sale can be found here. Insiders sold 230,822 shares of company stock valued at $3,303,390 over the last quarter. Corporate insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of HLIT. Citigroup Inc. grew its position in shares of Harmonic by 9.8% in the 1st quarter. Citigroup Inc. now owns 98,410 shares of the communications equipment provider’s stock valued at $915,000 after acquiring an additional 8,751 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Harmonic by 11.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 17,132 shares of the communications equipment provider’s stock valued at $160,000 after acquiring an additional 1,710 shares during the period. MetLife Investment Management LLC grew its position in shares of Harmonic by 41.4% in the 1st quarter. MetLife Investment Management LLC now owns 44,310 shares of the communications equipment provider’s stock valued at $412,000 after acquiring an additional 12,980 shares during the period. Rhumbline Advisers grew its position in shares of Harmonic by 2.7% in the 1st quarter. Rhumbline Advisers now owns 265,630 shares of the communications equipment provider’s stock valued at $2,468,000 after acquiring an additional 6,932 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in shares of Harmonic by 14.5% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 88,761 shares of the communications equipment provider’s stock valued at $825,000 after acquiring an additional 11,240 shares during the period. Institutional investors own 97.72% of the company’s stock.

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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Analyst Recommendations for Harmonic (NASDAQ:HLIT)

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