Harmonic (NASDAQ:HLIT) Stock Rating Reaffirmed by Needham & Company LLC

Harmonic (NASDAQ:HLIT)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $18.00 price target on the communications equipment provider’s stock. Needham & Company LLC’s target price points to a potential upside of 21.46% from the company’s current price.

A number of other analysts have also issued reports on HLIT. Rosenblatt Securities reissued a “buy” rating and issued a $18.00 price target on shares of Harmonic in a research report on Tuesday, October 15th. Barclays lifted their target price on shares of Harmonic from $14.00 to $20.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Harmonic currently has an average rating of “Moderate Buy” and a consensus target price of $17.50.

Harmonic Stock Performance

Harmonic stock opened at $14.82 on Tuesday. Harmonic has a fifty-two week low of $9.10 and a fifty-two week high of $15.46. The firm’s 50 day simple moving average is $14.06 and its 200-day simple moving average is $12.57. 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 company has a market cap of $1.66 billion, a P/E ratio of 24.70 and a beta of 0.87.

Harmonic (NASDAQ:HLIT) last announced its 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 the consensus estimate of $133.67 million. Harmonic had a net margin of 10.22% and a return on equity of 0.27%. The company’s revenue was down 11.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.07 EPS. As a group, equities research analysts predict that Harmonic will post 0.44 EPS for the current year.

Insider Buying and Selling at Harmonic

In other Harmonic news, SVP Neven Haltmayer sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $14.41, for a total value of $576,400.00. Following the completion of the sale, the senior vice president now owns 122,211 shares in the company, valued at approximately $1,761,060.51. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. CWM LLC increased its holdings in shares of Harmonic by 780.9% in the second quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock valued at $27,000 after purchasing an additional 1,999 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Harmonic by 117.6% in the 3rd quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock valued at $36,000 after purchasing an additional 1,323 shares during the period. Innealta Capital LLC acquired a new stake in Harmonic during the 2nd quarter worth approximately $47,000. SageView Advisory Group LLC bought a new stake in Harmonic in the 1st quarter valued at $114,000. Finally, Verdence Capital Advisors LLC acquired a new stake in Harmonic in the 2nd quarter valued at approximately $140,000. 99.38% of the stock is owned by institutional investors.

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.