Harmonic Inc. (NASDAQ:HLIT) CEO Patrick Harshman Sells 100,000 Shares

Harmonic Inc. (NASDAQ:HLIT) CEO Patrick Harshman sold 100,000 shares of the stock in a transaction that occurred on Thursday, September 9th. The stock was sold at an average price of $8.96, for a total transaction of $896,000.00. Following the transaction, the chief executive officer now directly owns 1,022,295 shares of the company’s stock, valued at approximately $9,159,763.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Harmonic stock opened at $8.93 on Wednesday. The stock has a market cap of $909.13 million, a P/E ratio of -892.11, a price-to-earnings-growth ratio of 8.88 and a beta of 0.79. The company has a fifty day simple moving average of $9.01 and a 200-day simple moving average of $8.21. Harmonic Inc. has a 12-month low of $5.20 and a 12-month high of $10.75. The company has a current ratio of 1.62, a quick ratio of 1.38 and a debt-to-equity ratio of 0.55.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, August 2nd. The communications equipment provider reported $0.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.04) by $0.09. The business had revenue of $113.45 million during the quarter, compared to analysts’ expectations of $107.59 million. Harmonic had a negative net margin of 0.01% and a positive return on equity of 4.84%. The company’s revenue for the quarter was up 53.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.06) EPS. As a group, sell-side analysts forecast that Harmonic Inc. will post 0.07 earnings per share for the current fiscal year.

A number of large investors have recently made changes to their positions in the stock. Parametric Portfolio Associates LLC raised its stake in Harmonic by 14.6% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 360,006 shares of the communications equipment provider’s stock worth $3,067,000 after acquiring an additional 45,778 shares in the last quarter. Morgan Stanley raised its stake in Harmonic by 2.9% during the 2nd quarter. Morgan Stanley now owns 724,656 shares of the communications equipment provider’s stock worth $6,174,000 after acquiring an additional 20,087 shares in the last quarter. Invesco Ltd. raised its stake in Harmonic by 4.7% during the 2nd quarter. Invesco Ltd. now owns 531,171 shares of the communications equipment provider’s stock worth $4,526,000 after acquiring an additional 23,872 shares in the last quarter. Metropolitan Life Insurance Co NY raised its stake in Harmonic by 66,253.8% during the 2nd quarter. Metropolitan Life Insurance Co NY now owns 17,252 shares of the communications equipment provider’s stock worth $147,000 after acquiring an additional 17,226 shares in the last quarter. Finally, Millennium Management LLC raised its stake in Harmonic by 244.5% during the 2nd quarter. Millennium Management LLC now owns 592,879 shares of the communications equipment provider’s stock worth $5,051,000 after acquiring an additional 420,785 shares in the last quarter. Hedge funds and other institutional investors own 91.12% of the company’s stock.

A number of equities analysts recently weighed in on the stock. Needham & Company LLC increased their price objective on shares of Harmonic from $9.50 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, August 3rd. Zacks Investment Research cut shares of Harmonic from a “buy” rating to a “hold” rating in a research report on Thursday, August 5th. Barclays raised their price target on shares of Harmonic from $8.00 to $9.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 3rd. Finally, Raymond James raised their price target on shares of Harmonic from $9.00 to $11.00 and gave the company an “outperform” rating in a research report on Tuesday, August 3rd. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $10.63.

About Harmonic

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.

See Also: What’s a Black Swan?

Insider Buying and Selling by Quarter for Harmonic (NASDAQ:HLIT)

Receive News & Ratings for Harmonic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Harmonic and related companies with MarketBeat.com's FREE daily email newsletter.