Harmonic Inc. (NASDAQ:HLIT) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Harmonic Inc. (NASDAQ:HLIT) have earned an average recommendation of “Buy” from the five ratings firms that are currently covering the firm, Marketbeat reports. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $17.20.

HLIT has been the subject of several analyst reports. Needham & Company LLC restated a “buy” rating and set a $18.00 price target on shares of Harmonic in a report on Wednesday, April 17th. Raymond James reduced their price target on Harmonic from $19.00 to $18.00 and set a “strong-buy” rating for the company in a report on Tuesday, January 30th. TheStreet upgraded Harmonic from a “c” rating to a “b” rating in a report on Monday, January 29th. StockNews.com upgraded Harmonic from a “sell” rating to a “hold” rating in a report on Wednesday, February 28th. Finally, Rosenblatt Securities reduced their price target on Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, January 30th.

Insider Buying and Selling

In related news, SVP Nimrod Ben-Natan sold 100,000 shares of Harmonic stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $12.91, for a total value of $1,291,000.00. Following the completion of the sale, the senior vice president now directly owns 302,214 shares in the company, valued at approximately $3,901,582.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Harmonic news, SVP Nimrod Ben-Natan sold 100,000 shares of the firm’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $12.91, for a total value of $1,291,000.00. Following the transaction, the senior vice president now directly owns 302,214 shares of the company’s stock, valued at $3,901,582.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Neven Haltmayer sold 24,695 shares of the firm’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $11.58, for a total value of $285,968.10. Following the completion of the transaction, the senior vice president now directly owns 181,864 shares in the company, valued at $2,105,985.12. The disclosure for this sale can be found here. In the last ninety days, insiders sold 150,000 shares of company stock worth $1,917,122. 2.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Silverberg Bernstein Capital Management LLC purchased a new position in Harmonic in the 4th quarter worth approximately $10,481,000. Raymond James Financial Services Advisors Inc. lifted its holdings in Harmonic by 551.3% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 122,937 shares of the communications equipment provider’s stock worth $1,184,000 after purchasing an additional 104,061 shares in the last quarter. DigitalBridge Group Inc. lifted its holdings in Harmonic by 126.4% in the 3rd quarter. DigitalBridge Group Inc. now owns 932,096 shares of the communications equipment provider’s stock worth $8,976,000 after purchasing an additional 520,369 shares in the last quarter. Jupiter Asset Management Ltd. lifted its holdings in Harmonic by 247.7% in the 3rd quarter. Jupiter Asset Management Ltd. now owns 168,194 shares of the communications equipment provider’s stock worth $1,620,000 after purchasing an additional 119,815 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Harmonic by 9.9% in the 3rd quarter. Vanguard Group Inc. now owns 9,396,603 shares of the communications equipment provider’s stock worth $90,489,000 after purchasing an additional 847,808 shares in the last quarter. 99.38% of the stock is owned by hedge funds and other institutional investors.

Harmonic Stock Performance

Shares of Harmonic stock opened at $9.20 on Friday. The company has a current ratio of 1.21, a quick ratio of 0.91 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $1.03 billion, a P/E ratio of 12.96 and a beta of 0.84. The business has a fifty day simple moving average of $12.25 and a two-hundred day simple moving average of $11.74. Harmonic has a 12 month low of $8.80 and a 12 month high of $18.43.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings data on Monday, January 29th. The communications equipment provider reported $0.13 EPS for the quarter, beating the consensus estimate of $0.10 by $0.03. The business had revenue of $167.10 million during the quarter, compared to analyst estimates of $158.98 million. Harmonic had a return on equity of 4.71% and a net margin of 13.82%. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.12 earnings per share. On average, equities analysts forecast that Harmonic will post 0.32 earnings per share for the current fiscal year.

Harmonic Company Profile

Harmonic Inc, together with its subsidiaries, provides broadband solutions worldwide. The company operates through Broadband and Video segments. The Broadband segment sells broadband access solutions and related services, including cOS software-based broadband access solutions to broadband operators; and cOS central cloud services, a subscription service for cOS customers.