Harmonic (NASDAQ:HLIT) Rating Reiterated by Needham & Company LLC

Harmonic (NASDAQ:HLIT)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a research note issued to investors on Tuesday, Benzinga reports. They presently have a $18.00 price target on the communications equipment provider’s stock. Needham & Company LLC’s price target indicates a potential upside of 62.31% from the stock’s current price.

Several other research analysts have also recently commented on the company. Rosenblatt Securities cut their price target on Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, January 30th. StockNews.com raised Harmonic from a “sell” rating to a “hold” rating in a report on Wednesday, February 28th. TheStreet raised Harmonic from a “c” rating to a “b” rating in a report on Monday, January 29th. Finally, Raymond James reduced their target price on Harmonic from $19.00 to $18.00 and set a “strong-buy” rating on the stock in a report on Tuesday, January 30th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Harmonic presently has a consensus rating of “Buy” and an average price target of $17.20.

Harmonic Trading Up 3.3 %

Shares of HLIT opened at $11.09 on Tuesday. The stock’s 50-day moving average is $12.07 and its two-hundred day moving average is $11.77. The stock has a market cap of $1.24 billion, a PE ratio of 18.48 and a beta of 0.84. Harmonic has a 12 month low of $8.80 and a 12 month high of $18.43. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.21 and a quick ratio of 0.91.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings results on Monday, April 29th. The communications equipment provider reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.04). Harmonic had a return on equity of 1.38% and a net margin of 12.37%. The business had revenue of $122.06 million during the quarter, compared to analyst estimates of $121.70 million. During the same quarter last year, the firm posted $0.06 EPS. The company’s revenue was down 22.6% compared to the same quarter last year. Equities analysts forecast that Harmonic will post 0.32 earnings per share for the current fiscal year.

Insider Activity at Harmonic

In related news, SVP Neven Haltmayer sold 14,747 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $13.68, for a total value of $201,738.96. Following the sale, the senior vice president now directly owns 156,559 shares in the company, valued at approximately $2,141,727.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, SVP Nimrod Ben-Natan sold 100,000 shares of Harmonic stock in a transaction on Monday, February 5th. The stock was sold at an average price of $12.91, for a total transaction of $1,291,000.00. Following the transaction, the senior vice president now directly owns 302,214 shares in the company, valued at approximately $3,901,582.74. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Neven Haltmayer sold 14,747 shares of Harmonic stock in a transaction on Friday, February 16th. The shares were sold at an average price of $13.68, for a total value of $201,738.96. Following the transaction, the senior vice president now owns 156,559 shares in the company, valued at $2,141,727.12. The disclosure for this sale can be found here. Insiders have sold a total of 125,305 shares of company stock worth $1,631,154 in the last three months. 2.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Harmonic

Hedge funds have recently modified their holdings of the company. Quadrant Capital Group LLC increased its position in shares of Harmonic by 237.8% during the 4th quarter. Quadrant Capital Group LLC now owns 2,591 shares of the communications equipment provider’s stock valued at $34,000 after purchasing an additional 1,824 shares during the period. Avior Wealth Management LLC acquired a new position in shares of Harmonic during the 4th quarter valued at $137,000. Kestra Advisory Services LLC acquired a new position in shares of Harmonic during the 3rd quarter valued at $131,000. PNC Financial Services Group Inc. grew its holdings in shares of Harmonic by 12.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 16,622 shares of the communications equipment provider’s stock worth $160,000 after acquiring an additional 1,871 shares during the last quarter. Finally, Innovis Asset Management LLC acquired a new position in shares of Harmonic in the 3rd quarter worth $174,000. 99.38% of the stock is currently owned by institutional investors and hedge funds.

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.