Brokerages Set Harmonic Inc. (NASDAQ:HLIT) Price Target at $17.20

Harmonic Inc. (NASDAQ:HLIT) has been given a consensus recommendation of “Buy” by the five ratings firms that are currently covering the firm, Marketbeat Ratings reports. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $17.20.

A number of brokerages have weighed in on HLIT. TheStreet raised Harmonic from a “c” rating to a “b” rating in a research report on Monday, January 29th. Rosenblatt Securities cut their price target on Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, January 30th. Raymond James cut their price target on Harmonic from $19.00 to $18.00 and set a “strong-buy” rating for the company in a research note on Tuesday, January 30th. StockNews.com upgraded Harmonic from a “sell” rating to a “hold” rating in a research note on Wednesday, February 28th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $18.00 price objective on shares of Harmonic in a research note on Tuesday.

Insiders Place Their Bets

In other news, SVP Neven Haltmayer sold 14,747 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $13.68, for a total transaction of $201,738.96. Following the transaction, the senior vice president now owns 156,559 shares of the company’s stock, valued at approximately $2,141,727.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, SVP Neven Haltmayer sold 14,747 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $13.68, for a total value of $201,738.96. Following the sale, the senior vice president now directly owns 156,559 shares in the company, valued at approximately $2,141,727.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Nimrod Ben-Natan sold 100,000 shares of the firm’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $12.91, for a total transaction of $1,291,000.00. Following the completion of the sale, the senior vice president now owns 302,214 shares in the company, valued at $3,901,582.74. The disclosure for this sale can be found here. Insiders have sold a total of 125,305 shares of company stock worth $1,631,154 over the last quarter. Company insiders own 2.20% of the company’s stock.

Institutional Trading of Harmonic

A number of institutional investors have recently bought and sold shares of HLIT. Quadrant Capital Group LLC boosted its stake in Harmonic by 237.8% in the 4th quarter. Quadrant Capital Group LLC now owns 2,591 shares of the communications equipment provider’s stock worth $34,000 after purchasing an additional 1,824 shares in the last quarter. Kestra Advisory Services LLC purchased a new position in Harmonic during the 3rd quarter worth approximately $131,000. Avior Wealth Management LLC purchased a new position in Harmonic during the 4th quarter worth approximately $137,000. PNC Financial Services Group Inc. raised its position in Harmonic by 12.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 16,622 shares of the communications equipment provider’s stock worth $160,000 after buying an additional 1,871 shares during the last quarter. Finally, Innovis Asset Management LLC purchased a new position in Harmonic during the 3rd quarter worth approximately $174,000. 99.38% of the stock is currently owned by institutional investors and hedge funds.

Harmonic Stock Performance

Shares of HLIT stock opened at $10.74 on Friday. Harmonic has a 12 month low of $8.80 and a 12 month high of $18.43. The stock has a market cap of $1.20 billion, a PE ratio of 15.13 and a beta of 0.84. The company has a current ratio of 1.21, a quick ratio of 0.91 and a debt-to-equity ratio of 0.02. The company’s fifty day moving average price is $12.11 and its 200-day moving average price is $11.78.

Harmonic (NASDAQ:HLIT) last announced its earnings results on Monday, April 29th. The communications equipment provider reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). Harmonic had a net margin of 13.82% and a return on equity of 4.71%. The business had revenue of $122.06 million for the quarter, compared to the consensus estimate of $121.70 million. During the same quarter last year, the firm posted $0.06 EPS. The business’s quarterly revenue was down 22.6% on a year-over-year basis. On average, equities analysts expect that Harmonic will post 0.32 EPS for the current fiscal year.

Harmonic Company Profile

Harmonic Inc, together with its subsidiaries, provides broadband solutions worldwide. The company operates through Broadband and Video segments. The Broadband segment sells broadband access solutions and related services, including cOS software-based broadband access solutions to broadband operators; and cOS central cloud services, a subscription service for cOS customers.