Harmonic Inc. (NASDAQ:HLIT – Get Rating) – Equities research analysts at Northland Capmk cut their Q1 2023 earnings estimates for shares of Harmonic in a note issued to investors on Tuesday, January 31st. Northland Capmk analyst T. Savageaux now expects that the communications equipment provider will earn $0.03 per share for the quarter, down from their previous forecast of $0.06. The consensus estimate for Harmonic's current full-year earnings is $0.49 per share.

Other equities analysts have also issued research reports about the stock. Raymond James reduced their price target on shares of Harmonic from $18.00 to $17.00 and set an "outperform" rating for the company in a research report on Tuesday. Jefferies Financial Group upgraded shares of Harmonic from a "hold" rating to a "buy" rating and increased their price target for the company from $14.25 to $19.00 in a research report on Monday, January 9th. StockNews.com upgraded shares of Harmonic from a "hold" rating to a "buy" rating in a research report on Wednesday. Rosenblatt Securities restated a "buy" rating and set a $20.00 price target on shares of Harmonic in a research report on Tuesday. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $19.00 price objective on shares of Harmonic in a report on Tuesday. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $18.33.

Harmonic Price Performance

Harmonic (NASDAQ:HLIT – Get Rating) last posted its quarterly earnings results on Monday, October 31st. The communications equipment provider reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.03. The company had revenue of $155.70 million during the quarter, compared to analyst estimates of $153.27 million. Harmonic had a net margin of 4.51% and a return on equity of 12.23%. The firm's revenue for the quarter was up 23.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.03 earnings per share.

Institutional Investors Weigh In On Harmonic

Institutional investors and hedge funds have recently modified their holdings of the company. State of Alaska Department of Revenue increased its position in shares of Harmonic by 1.0% in the fourth quarter. State of Alaska Department of Revenue now owns 73,472 shares of the communications equipment provider's stock worth $962,000 after purchasing an additional 736 shares during the last quarter. Teacher Retirement System of Texas increased its position in shares of Harmonic by 5.4% in the third quarter. Teacher Retirement System of Texas now owns 16,981 shares of the communications equipment provider's stock worth $222,000 after purchasing an additional 872 shares during the last quarter. Sei Investments Co. increased its position in shares of Harmonic by 5.1% in the second quarter. Sei Investments Co. now owns 25,432 shares of the communications equipment provider's stock worth $238,000 after purchasing an additional 1,233 shares during the last quarter. Waterfront Wealth Inc. increased its position in shares of Harmonic by 3.3% in the fourth quarter. Waterfront Wealth Inc. now owns 40,728 shares of the communications equipment provider's stock worth $601,000 after purchasing an additional 1,285 shares during the last quarter. Finally, Public Sector Pension Investment Board increased its position in shares of Harmonic by 0.8% in the second quarter. Public Sector Pension Investment Board now owns 193,425 shares of the communications equipment provider's stock worth $1,677,000 after purchasing an additional 1,460 shares during the last quarter. 97.72% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Harmonic

In other news, SVP Nimrod Ben-Natan sold 50,000 shares of the stock in a transaction dated Wednesday, November 30th. The shares were sold at an average price of $14.90, for a total value of $745,000.00. Following the sale, the senior vice president now directly owns 265,023 shares of the company's stock, valued at $3,948,842.70. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, SVP Nimrod Ben-Natan sold 50,000 shares of the stock in a transaction dated Wednesday, November 30th. The shares were sold at an average price of $14.90, for a total value of $745,000.00. Following the sale, the senior vice president now directly owns 265,023 shares of the company's stock, valued at $3,948,842.70. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Patrick Harshman sold 6,040 shares of the stock in a transaction dated Wednesday, November 16th. The stock was sold at an average price of $13.41, for a total transaction of $80,996.40. Following the completion of the sale, the chief executive officer now directly owns 434,578 shares in the company, valued at $5,827,690.98. The disclosure for this sale can be found here. Insiders have sold a total of 80,987 shares of company stock valued at $1,195,212 over the last three months. 3.50% of the stock is currently owned by insiders.

About Harmonic

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Harmonic, Inc engages in the development and sale of video delivery software, products, system solutions, and services. It operates through the Video and Cable Access segments. The Video segment sells video processing and production and playout services to cable operators, satellite and telecommunications pay-TV service providers, and broadcast and media companies.

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