Insider Selling: Harmonic Inc. (NASDAQ:HLIT) CEO Sells $1,800,000.00 in Stock

Harmonic Inc. (NASDAQ:HLITGet Rating) CEO Patrick Harshman sold 150,000 shares of the firm’s stock in a transaction that occurred on Friday, September 16th. The shares were sold at an average price of $12.00, for a total value of $1,800,000.00. Following the completion of the sale, the chief executive officer now directly owns 428,173 shares in the company, valued at approximately $5,138,076. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Patrick Harshman also recently made the following trade(s):

  • On Wednesday, August 3rd, Patrick Harshman sold 50,000 shares of Harmonic stock. The shares were sold at an average price of $10.88, for a total value of $544,000.00.

Harmonic Stock Down 2.6 %

Shares of HLIT opened at $11.46 on Friday. The company has a quick ratio of 1.15, a current ratio of 1.52 and a debt-to-equity ratio of 0.42. The company has a 50-day moving average price of $10.97 and a two-hundred day moving average price of $9.71. The stock has a market cap of $1.20 billion, a price-to-earnings ratio of 35.81 and a beta of 0.99. Harmonic Inc. has a 12 month low of $8.25 and a 12 month high of $12.22.

Harmonic (NASDAQ:HLITGet Rating) last posted its earnings results on Monday, August 1st. The communications equipment provider reported $0.16 EPS for the quarter, topping the consensus estimate of $0.09 by $0.07. Harmonic had a return on equity of 10.46% and a net margin of 5.91%. The business had revenue of $157.45 million during the quarter, compared to the consensus estimate of $150.08 million. During the same quarter last year, the company earned $0.01 EPS. Harmonic’s revenue was up 38.8% on a year-over-year basis. Equities analysts predict that Harmonic Inc. will post 0.27 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently commented on HLIT. TheStreet upgraded shares of Harmonic from a “c+” rating to a “b+” rating in a research note on Monday, August 1st. Rosenblatt Securities increased their target price on shares of Harmonic from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Tuesday, August 2nd. Raymond James boosted their price target on Harmonic from $12.00 to $13.00 and gave the company an “outperform” rating in a research note on Tuesday, August 2nd. Needham & Company LLC raised their price objective on Harmonic from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Friday, September 16th. Finally, Barclays boosted their price objective on Harmonic from $13.00 to $14.00 and gave the company an “overweight” rating in a research report on Tuesday, August 2nd. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Harmonic presently has a consensus rating of “Buy” and a consensus price target of $15.50.

Institutional Investors Weigh In On Harmonic

Several large investors have recently made changes to their positions in HLIT. Envestnet Asset Management Inc. bought a new stake in Harmonic during the fourth quarter worth about $214,000. Bank of America Corp DE grew its position in Harmonic by 32.2% during the 4th quarter. Bank of America Corp DE now owns 174,201 shares of the communications equipment provider’s stock worth $2,049,000 after acquiring an additional 42,388 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in Harmonic by 12.1% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 19,900 shares of the communications equipment provider’s stock valued at $234,000 after purchasing an additional 2,150 shares in the last quarter. Teacher Retirement System of Texas raised its position in Harmonic by 26.0% in the 4th quarter. Teacher Retirement System of Texas now owns 19,839 shares of the communications equipment provider’s stock valued at $233,000 after purchasing an additional 4,096 shares during the last quarter. Finally, Acadian Asset Management LLC acquired a new position in Harmonic in the fourth quarter worth $35,000. Institutional investors own 97.62% of the company’s stock.

About Harmonic

(Get Rating)

Harmonic Inc, together with its subsidiaries, provide video delivery software, products, system solutions, and services worldwide. The company operates in two segments, Video and Cable Access. The Video segment sells video processing, production, and playout solutions and services to cable operators, and satellite and telecommunications Pay-TV service providers, as well as to broadcast and media, including streaming media companies.

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