Harmonic Inc. (NASDAQ:HLIT – Get Rating) gapped down prior to trading on Tuesday after Raymond James lowered their price target on the stock from $18.00 to $17.00. The stock had previously closed at $14.20, but opened at $12.95. Raymond James currently has an outperform rating on the stock. Harmonic shares last traded at $13.51, with a volume of 1,177,628 shares changing hands.
Other equities analysts have also issued research reports about the stock. Needham & Company LLC boosted their price target on shares of Harmonic from $17.00 to $19.00 and gave the company a "buy" rating in a report on Tuesday, January 24th. StockNews.com cut Harmonic from a "buy" rating to a "hold" rating in a research note on Thursday, November 3rd. Barclays raised their price target on Harmonic from $17.00 to $20.00 and gave the stock an "overweight" rating in a research report on Tuesday. Rosenblatt Securities reiterated a "buy" rating and issued a $20.00 price objective on shares of Harmonic in a research report on Tuesday. Finally, Jefferies Financial Group upgraded shares of Harmonic from a "hold" rating to a "buy" rating and raised their target price for the stock from $14.25 to $19.00 in a report on Monday, January 9th. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $18.33.
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Insiders Place Their Bets
In related news, SVP Nimrod Ben-Natan sold 50,000 shares of the stock in a transaction on Wednesday, November 30th. The shares were sold at an average price of $14.90, for a total transaction of $745,000.00. Following the completion of the transaction, the senior vice president now owns 265,023 shares in the company, valued at $3,948,842.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, SVP Neven Haltmayer sold 24,947 shares of the stock in a transaction that occurred on Friday, November 18th. The stock was sold at an average price of $14.80, for a total value of $369,215.60. Following the completion of the sale, the senior vice president now owns 150,447 shares of the company's stock, valued at approximately $2,226,615.60. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Nimrod Ben-Natan sold 50,000 shares of the firm's stock in a transaction on Wednesday, November 30th. The shares were sold at an average price of $14.90, for a total transaction of $745,000.00. Following the completion of the transaction, the senior vice president now directly owns 265,023 shares of the company's stock, valued at $3,948,842.70. The disclosure for this sale can be found here. Insiders sold a total of 80,987 shares of company stock valued at $1,195,212 in the last quarter. 3.50% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Harmonic by 29.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,916 shares of the communications equipment provider's stock valued at $222,000 after purchasing an additional 3,813 shares during the last quarter. Cowen Prime Advisors LLC lifted its position in shares of Harmonic by 123.2% in the fourth quarter. Cowen Prime Advisors LLC now owns 816,181 shares of the communications equipment provider's stock valued at $10,692,000 after buying an additional 450,506 shares during the last quarter. Waterfront Wealth Inc. lifted 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 valued at $601,000 after buying an additional 1,285 shares during the last quarter. New York State Common Retirement Fund boosted its stake in shares of Harmonic by 13.0% during the 4th quarter. New York State Common Retirement Fund now owns 68,039 shares of the communications equipment provider's stock worth $891,000 after acquiring an additional 7,839 shares during the period. Finally, Inspire Investing LLC increased its holdings in shares of Harmonic by 13.6% during the 4th quarter. Inspire Investing LLC now owns 18,028 shares of the communications equipment provider's stock worth $236,000 after acquiring an additional 2,158 shares during the last quarter. Institutional investors own 97.72% of the company's stock.
Harmonic Trading Up 4.5 %
The business has a 50 day moving average of $14.07 and a two-hundred day moving average of $12.94. The firm has a market cap of $1.45 billion, a P/E ratio of 52.93 and a beta of 0.92. The company has a current ratio of 1.08, a quick ratio of 1.07 and a debt-to-equity ratio of 0.03.
Harmonic (NASDAQ:HLIT – Get Rating) last released its quarterly earnings data on Monday, October 31st. The communications equipment provider reported $0.08 EPS for the quarter, beating the consensus estimate of $0.05 by $0.03. The firm had revenue of $155.70 million for 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 12.23%. The company's quarterly revenue was up 23.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.03 earnings per share. Analysts predict that Harmonic Inc. will post 0.49 earnings per share for the current year.
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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