Harmonic Inc. (NASDAQ:HLIT) Given Consensus Recommendation of “Buy” by Analysts

by · The Markets Daily

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

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

Get Our Latest Research Report on Harmonic

Harmonic Stock Performance

NASDAQ:HLIT opened at $14.49 on Wednesday. The firm has a market capitalization of $1.63 billion, a PE ratio of 24.15 and a beta of 0.87. Harmonic has a 1 year low of $8.80 and a 1 year high of $15.31. The company has a current ratio of 1.87, a quick ratio of 1.32 and a debt-to-equity ratio of 0.30. The firm’s fifty day simple moving average is $13.70 and its 200 day simple moving average is $12.37.

Harmonic (NASDAQ:HLIT – Get Free Report) last issued its quarterly earnings results on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.04. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The company had revenue of $138.70 million for the quarter, compared to the consensus estimate of $133.67 million. During the same period last year, the business posted $0.07 earnings per share. The firm’s revenue was down 11.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Harmonic will post 0.44 EPS for the current year.

Insiders Place Their Bets

In related news, SVP Neven Haltmayer sold 40,000 shares of the business’s stock in a transaction 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 sale, the senior vice president now owns 122,211 shares of the company’s stock, valued at approximately $1,761,060.51. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Harmonic

Several institutional investors have recently added to or reduced their stakes in the company. CWM LLC increased its holdings in shares of Harmonic by 780.9% during the second quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock worth $27,000 after buying an additional 1,999 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in 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 in the last quarter. Innealta Capital LLC bought a new position in Harmonic in the 2nd quarter valued at $47,000. SageView Advisory Group LLC bought a new position in Harmonic in the 1st quarter valued at $114,000. Finally, Verdence Capital Advisors LLC acquired a new position in Harmonic in the second quarter worth $140,000. 99.38% of the stock is owned by institutional investors.

Harmonic Company Profile

(Get Free Report

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.

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