Harmonic Inc. (NASDAQ:HLIT) Receives $18.50 Consensus Target Price from Analysts

Shares of Harmonic Inc. (NASDAQ:HLIT) have been given an average recommendation of “Buy” by the four analysts that are presently covering the stock, Marketbeat reports. Three research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $18.50.

A number of equities research analysts have weighed in on HLIT shares. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price target on shares of Harmonic in a report on Tuesday, July 30th. Rosenblatt Securities restated a “buy” rating and set a $18.00 target price on shares of Harmonic in a report on Thursday, July 18th. Finally, Barclays upped their price target on Harmonic from $14.00 to $20.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th.

Insider Transactions at Harmonic

In related news, SVP Neven Haltmayer sold 40,000 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $14.41, for a total transaction of $576,400.00. Following the transaction, the senior vice president now directly owns 122,211 shares of the company’s stock, valued at $1,761,060.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Harmonic

A number of large investors have recently made changes to their positions in the business. GSA Capital Partners LLP acquired a new position in Harmonic in the 1st quarter valued at approximately $923,000. Jane Street Group LLC increased its stake in shares of Harmonic by 1,276.3% in the first quarter. Jane Street Group LLC now owns 1,203,297 shares of the communications equipment provider’s stock worth $16,172,000 after acquiring an additional 1,115,870 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of Harmonic by 216.5% during the second quarter. Assenagon Asset Management S.A. now owns 545,495 shares of the communications equipment provider’s stock worth $6,420,000 after acquiring an additional 373,155 shares in the last quarter. Ghisallo Capital Management LLC acquired a new stake in Harmonic during the fourth quarter valued at $2,848,000. Finally, Lisanti Capital Growth LLC purchased a new position in Harmonic in the first quarter valued at about $3,659,000. Institutional investors and hedge funds own 99.38% of the company’s stock.

Harmonic Trading Up 0.1 %

Harmonic stock opened at $14.49 on Wednesday. Harmonic has a 12-month low of $8.80 and a 12-month high of $15.31. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.87 and a quick ratio of 1.32. The stock has a market capitalization of $1.63 billion, a PE ratio of 24.15 and a beta of 0.87. The firm has a 50 day simple moving average of $13.70 and a 200-day simple moving average of $12.37.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings results on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.04. The company had revenue of $138.70 million for the quarter, compared to analysts’ expectations of $133.67 million. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The firm’s revenue for the quarter was down 11.1% on a year-over-year basis. During the same period last year, the firm earned $0.07 EPS. As a group, equities research analysts expect that Harmonic will post 0.44 EPS for the current fiscal year.

About Harmonic

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.