Harmonic (NASDAQ:HLIT) Shares Gap Down on Analyst Downgrade

Shares of Harmonic Inc. (NASDAQ:HLIT) gapped down prior to trading on Tuesday after Rosenblatt Securities lowered their price target on the stock from $18.00 to $16.00. The stock had previously closed at $14.82, but opened at $10.93. Rosenblatt Securities currently has a buy rating on the stock. Harmonic shares last traded at $11.27, with a volume of 2,165,194 shares.

A number of other research analysts have also recently commented on HLIT. Northland Securities reduced their price target on shares of Harmonic from $16.00 to $14.00 and set an “outperform” rating on the stock in a research report on Tuesday. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 target price on shares of Harmonic in a research report on Tuesday. Raymond James downgraded Harmonic from a “strong-buy” rating to an “outperform” rating and lowered their price objective for the company from $17.00 to $14.00 in a research report on Tuesday. Finally, Barclays cut their price target on Harmonic from $20.00 to $17.00 and set an “overweight” rating on the stock in a research note on Tuesday. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Harmonic presently has a consensus rating of “Moderate Buy” and an average price target of $15.80.

Insider Activity at Harmonic

In other Harmonic news, SVP Neven Haltmayer sold 40,000 shares of the 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 sale, the senior vice president now directly 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 document filed with the SEC, which is accessible through this hyperlink. 2.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Harmonic

Several hedge funds and other institutional investors have recently bought and sold shares of HLIT. Wealth Enhancement Advisory Services LLC lifted its position in Harmonic by 18.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 35,365 shares of the communications equipment provider’s stock valued at $515,000 after purchasing an additional 5,414 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Harmonic by 117.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,187,528 shares of the communications equipment provider’s stock worth $17,302,000 after buying an additional 642,033 shares during the last quarter. Stanley Laman Group Ltd. grew its holdings in shares of Harmonic by 5.5% in the third quarter. Stanley Laman Group Ltd. now owns 319,611 shares of the communications equipment provider’s stock worth $4,657,000 after acquiring an additional 16,558 shares during the period. CWM LLC lifted its holdings in Harmonic by 274.2% in the third quarter. CWM LLC now owns 8,439 shares of the communications equipment provider’s stock valued at $123,000 after acquiring an additional 6,184 shares during the period. Finally, GAMMA Investing LLC raised its holdings in Harmonic by 117.6% in the 3rd quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock worth $36,000 after purchasing an additional 1,323 shares during the period. Institutional investors own 99.38% of the company’s stock.

Harmonic Stock Performance

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 firm has a market cap of $1.26 billion, a PE ratio of 18.78 and a beta of 0.87. The business has a 50-day simple moving average of $14.06 and a 200 day simple moving average of $12.57.

Harmonic (NASDAQ:HLIT) last released its earnings results on Monday, October 28th. The communications equipment provider reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.09. The company had revenue of $195.80 million for the quarter, compared to analysts’ expectations of $181.77 million. Harmonic had a net margin of 10.22% and a return on equity of 0.27%. The firm’s revenue was up 53.9% compared to the same quarter last year. During the same quarter last year, the business earned ($0.05) EPS. Equities research analysts forecast that Harmonic Inc. will post 0.44 EPS for the current 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.