Harmonic (NASDAQ:HLIT – Get Rating) had its price objective reduced by equities researchers at Raymond James from $18.00 to $17.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has an "outperform" rating on the communications equipment provider's stock. Raymond James' price objective would indicate a potential upside of 23.55% from the stock's current price.
A number of other analysts have also issued reports on the company. Jefferies Financial Group raised Harmonic from a "hold" rating to a "buy" rating and raised their target price for the company from $14.25 to $19.00 in a report on Monday, January 9th. Rosenblatt Securities reissued a "buy" rating and set a $20.00 price objective on shares of Harmonic in a report on Tuesday. StockNews.com lowered Harmonic from a "buy" rating to a "hold" rating in a report on Thursday, November 3rd. Needham & Company LLC lifted their price objective on Harmonic from $17.00 to $19.00 and gave the stock a "buy" rating in a report on Tuesday, January 24th. Finally, Barclays lifted their price objective on Harmonic from $17.00 to $20.00 and gave the stock an "overweight" rating in a report on Tuesday. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Harmonic currently has a consensus rating of "Buy" and a consensus target price of $18.33.
Get Harmonic alerts:Harmonic Stock Up 4.5 %
Shares of HLIT stock opened at $13.76 on Tuesday. The company has a market capitalization of $1.45 billion, a price-to-earnings ratio of 52.93 and a beta of 0.89. The stock's 50 day simple moving average is $14.07 and its 200 day simple moving average is $12.94. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.07 and a current ratio of 1.52. Harmonic has a twelve month low of $8.25 and a twelve month high of $15.80.
Harmonic (NASDAQ:HLIT – Get Rating) last released its earnings results 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 for the quarter, compared to analyst estimates of $153.27 million. Harmonic had a return on equity of 12.55% and a net margin of 4.51%. The company's revenue was up 23.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.03 EPS. As a group, research analysts predict that Harmonic will post 0.49 EPS for the current year.Insider Buying and Selling
In related news, SVP Nimrod Ben-Natan sold 50,000 shares of the firm's stock in a transaction that occurred on Wednesday, November 30th. The stock was 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 approximately $3,948,842.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, SVP Nimrod Ben-Natan sold 50,000 shares of the firm's stock in a transaction that occurred on Wednesday, November 30th. The stock was 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 approximately $3,948,842.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Patrick Harshman sold 6,040 shares of Harmonic stock in a transaction 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 transaction, the chief executive officer now owns 434,578 shares of the company's stock, valued at approximately $5,827,690.98. The disclosure for this sale can be found here. Insiders sold 80,987 shares of company stock worth $1,195,212 in the last 90 days. 3.50% of the stock is owned by company insiders.
Hedge Funds Weigh In On Harmonic
Several institutional investors have recently bought and sold shares of HLIT. Captrust Financial Advisors raised its position in Harmonic by 411.4% in the 1st quarter. Captrust Financial Advisors now owns 3,866 shares of the communications equipment provider's stock valued at $36,000 after purchasing an additional 3,110 shares during the last quarter. Altshuler Shaham Ltd bought a new position in Harmonic in the 3rd quarter valued at $39,000. Kayne Anderson Rudnick Investment Management LLC bought a new position in Harmonic in the 2nd quarter valued at $43,000. Point72 Hong Kong Ltd bought a new position in Harmonic in the 2nd quarter valued at $65,000. Finally, KBC Group NV bought a new position in Harmonic in the 2nd quarter valued at $77,000. Institutional investors own 97.72% of the company's stock.
Harmonic Company Profile
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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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