Harmonic (NASDAQ:HLIT – Get Rating)'s stock had its "buy" rating reiterated by stock analysts at Needham & Company LLC in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $19.00 target price on the communications equipment provider's stock. Needham & Company LLC's target price would indicate a potential upside of 38.08% from the stock's current price.
HLIT has been the subject of several other research reports. Barclays upped their target price on shares of Harmonic from $17.00 to $20.00 and gave the stock an "overweight" rating in a report on Tuesday. Jefferies Financial Group upgraded shares of Harmonic from a "hold" rating to a "buy" rating and boosted their price target for the stock from $14.25 to $19.00 in a research note on Monday, January 9th. Rosenblatt Securities restated a "buy" rating and set a $20.00 target price on shares of Harmonic in a research report on Tuesday. StockNews.com cut shares of Harmonic from a "buy" rating to a "hold" rating in a research report on Thursday, November 3rd. Finally, Raymond James decreased their target price on shares of Harmonic from $18.00 to $17.00 and set an "outperform" rating on the stock in a research 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.
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Harmonic Price Performance
Shares of HLIT opened at $13.76 on Tuesday. Harmonic has a 1-year low of $8.25 and a 1-year high of $15.80. The firm has a fifty day simple moving average of $14.07 and a two-hundred day simple moving average of $12.94. The company has a current ratio of 1.52, a quick ratio of 1.07 and a debt-to-equity ratio of 0.41. The firm has a market cap of $1.45 billion, a PE ratio of 52.93 and a beta of 0.89.
Harmonic (NASDAQ:HLIT – Get Rating) last issued its quarterly earnings data on Monday, October 31st. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.05 by $0.03. The firm had revenue of $155.70 million during the quarter, compared to the consensus estimate of $153.27 million. Harmonic had a net
margin of 4.51% and a return on equity of 12.55%. The company's revenue for the quarter was up 23.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.03 EPS. On average, equities analysts anticipate that Harmonic will post 0.49 EPS for the current year.
Insider Activity
In other news, SVP Neven Haltmayer sold 24,947 shares of the stock in a transaction that occurred on Friday, November 18th. The shares were sold at an average price of $14.80, for a total transaction of $369,215.60. Following the transaction, the senior vice president now directly owns 150,447 shares in the company, valued at $2,226,615.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Harmonic news, CEO Patrick Harshman sold 6,040 shares of the firm's stock in a transaction that occurred on Wednesday, November 16th. The shares were sold at an average price of $13.41, for a total value 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Neven Haltmayer sold 24,947 shares of the firm's stock in a transaction on Friday, November 18th. The stock was sold at an average price of $14.80, for a total transaction of $369,215.60. Following the completion of the transaction, the senior vice president now directly owns 150,447 shares of the company's stock, valued at approximately $2,226,615.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 80,987 shares of company stock worth $1,195,212. Corporate insiders own 3.50% of the company's stock.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Altshuler Shaham Ltd purchased a new position in shares of Harmonic in the third quarter worth $39,000. Captrust Financial Advisors raised its holdings in shares of Harmonic by 411.4% in the first quarter. Captrust Financial Advisors now owns 3,866 shares of the communications equipment provider's stock worth $36,000 after buying an additional 3,110 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC purchased a new position in shares of Harmonic in the second quarter worth $43,000. Point72 Hong Kong Ltd purchased a new position in shares of Harmonic in the second quarter worth $65,000. Finally, KBC Group NV purchased a new position in shares of Harmonic during the second quarter worth $77,000. Hedge funds and other institutional investors own 97.72% of the company's stock.
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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