Ian Graham Sells 52,730 Shares of Harmonic Inc. (NASDAQ:HLIT) Stock

Harmonic Inc. (NASDAQ:HLIT) SVP Ian Graham sold 52,730 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $10.95, for a total value of $577,393.50. Following the transaction, the senior vice president now directly owns 63,616 shares of the company’s stock, valued at approximately $696,595.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Harmonic Stock Performance

NASDAQ HLIT opened at $10.85 on Wednesday. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of 18.08 and a beta of 0.90. The company has a quick ratio of 0.78, a current ratio of 1.09 and a debt-to-equity ratio of 0.03. Harmonic Inc. has a twelve month low of $8.80 and a twelve month high of $18.43. The stock has a fifty day simple moving average of $11.88 and a 200 day simple moving average of $11.79.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings results on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.04). The company had revenue of $122.06 million during the quarter, compared to analyst estimates of $121.70 million. Harmonic had a net margin of 12.37% and a return on equity of 1.35%. The company’s quarterly revenue was down 22.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.06 EPS. Sell-side analysts expect that Harmonic Inc. will post 0.36 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in HLIT. Texas Permanent School Fund Corp increased its position in shares of Harmonic by 1.5% during the first quarter. Texas Permanent School Fund Corp now owns 98,377 shares of the communications equipment provider’s stock worth $1,322,000 after buying an additional 1,462 shares during the period. Quadrant Capital Group LLC raised its position in shares of Harmonic by 237.8% in the 4th quarter. Quadrant Capital Group LLC now owns 2,591 shares of the communications equipment provider’s stock worth $34,000 after acquiring an additional 1,824 shares in the last quarter. PNC Financial Services Group Inc. raised its position 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 in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Harmonic by 0.4% in the 1st quarter. Principal Financial Group Inc. now owns 585,533 shares of the communications equipment provider’s stock valued at $7,870,000 after purchasing an additional 2,142 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd boosted its position in shares of Harmonic by 1.4% during the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 160,504 shares of the communications equipment provider’s stock valued at $1,546,000 after purchasing an additional 2,151 shares in the last quarter. Institutional investors own 99.38% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on HLIT shares. TheStreet raised shares of Harmonic from a “c” rating to a “b” rating in a report on Monday, January 29th. Needham & Company LLC reiterated a “buy” rating and set a $18.00 price target on shares of Harmonic in a report on Tuesday, April 30th. Raymond James cut their price objective on Harmonic from $19.00 to $18.00 and set a “strong-buy” rating on the stock in a report on Tuesday, January 30th. Rosenblatt Securities lowered their target price on Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, January 30th. Finally, StockNews.com raised Harmonic from a “sell” rating to a “hold” rating in a research note on Wednesday, February 28th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $17.20.

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.