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

Harmonic Inc. (NASDAQ:HLIT) has earned an average recommendation of “Buy” from the four research firms that are presently covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $18.50.

A number of analysts recently issued reports on HLIT shares. Rosenblatt Securities reissued a “buy” rating and set a $18.00 target price on shares of Harmonic in a research note on Thursday, July 18th. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price target on shares of Harmonic in a research report on Tuesday, July 30th. Finally, Barclays upped their price target on Harmonic from $14.00 to $20.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th.

Insiders Place Their Bets

In other news, SVP Neven Haltmayer sold 40,000 shares of the stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $14.41, for a total value of $576,400.00. Following the completion of the sale, the senior vice president now owns 122,211 shares of the company’s stock, valued at approximately $1,761,060.51. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Harmonic

Several large investors have recently made changes to their positions in the stock. Dark Forest Capital Management LP boosted its holdings in shares of Harmonic by 7.2% in the 2nd quarter. Dark Forest Capital Management LP now owns 20,192 shares of the communications equipment provider’s stock valued at $238,000 after buying an additional 1,362 shares during the last quarter. Rhumbline Advisers boosted its holdings in shares of Harmonic by 0.4% in the 2nd quarter. Rhumbline Advisers now owns 320,516 shares of the communications equipment provider’s stock valued at $3,772,000 after buying an additional 1,382 shares during the last quarter. Texas Permanent School Fund Corp boosted its holdings in shares of Harmonic by 1.5% in the 1st quarter. Texas Permanent School Fund Corp now owns 98,377 shares of the communications equipment provider’s stock valued at $1,322,000 after buying an additional 1,462 shares during the last quarter. ProShare Advisors LLC raised its stake in Harmonic by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 22,256 shares of the communications equipment provider’s stock valued at $299,000 after acquiring an additional 1,532 shares during the period. Finally, Quadrant Capital Group LLC raised its stake in Harmonic by 237.8% in the 4th quarter. Quadrant Capital Group LLC now owns 2,591 shares of the communications equipment provider’s stock valued at $34,000 after acquiring an additional 1,824 shares during the period. Institutional investors and hedge funds own 99.38% of the company’s stock.

Harmonic Stock Up 1.1 %

Shares of NASDAQ:HLIT opened at $14.40 on Wednesday. Harmonic has a 52 week low of $8.80 and a 52 week high of $15.31. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.32 and a current ratio of 1.87. The company’s fifty day moving average is $13.58 and its 200-day moving average is $12.34. The company has a market capitalization of $1.62 billion, a PE ratio of 24.00 and a beta of 0.87.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings results on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.04. The business had revenue of $138.70 million for the quarter, compared to the consensus estimate of $133.67 million. Harmonic had a net margin of 10.22% and a return on equity of 0.27%. The firm’s quarterly revenue was down 11.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.07 EPS. Equities research analysts predict that Harmonic will post 0.44 earnings per share for the current fiscal year.

About Harmonic

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.