Harmonic Inc. (HLIT) Receives $5.50 Consensus Price Target from Analysts

Shares of Harmonic Inc. (NASDAQ:HLIT) have been assigned a consensus recommendation of “Hold” from the seven brokerages that are presently covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $5.25.

A number of equities analysts have commented on HLIT shares. TheStreet cut Harmonic from a “c-” rating to a “d+” rating in a report on Wednesday, August 9th. ValuEngine cut Harmonic from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. Zacks Investment Research cut Harmonic from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 18th. Jefferies Group LLC reissued a “hold” rating and set a $4.00 target price (up previously from $3.50) on shares of Harmonic in a report on Tuesday, August 1st. Finally, BidaskClub cut Harmonic from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th.

In other news, insider Patrick Harshman sold 7,979 shares of the company’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $3.47, for a total value of $27,687.13. Following the completion of the sale, the insider now directly owns 570,733 shares in the company, valued at $1,980,443.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.27% of the stock is owned by corporate insiders.

Several hedge funds have recently bought and sold shares of the company. Louisiana State Employees Retirement System grew its position in shares of Harmonic by 0.9% in the second quarter. Louisiana State Employees Retirement System now owns 32,800 shares of the communications equipment provider’s stock valued at $172,000 after purchasing an additional 300 shares in the last quarter. Arizona State Retirement System grew its position in shares of Harmonic by 1.2% in the second quarter. Arizona State Retirement System now owns 42,018 shares of the communications equipment provider’s stock valued at $221,000 after purchasing an additional 500 shares in the last quarter. Texas Permanent School Fund grew its position in shares of Harmonic by 1.1% in the first quarter. Texas Permanent School Fund now owns 57,756 shares of the communications equipment provider’s stock valued at $344,000 after purchasing an additional 613 shares in the last quarter. Municipal Employees Retirement System of Michigan grew its position in shares of Harmonic by 5.6% in the second quarter. Municipal Employees Retirement System of Michigan now owns 19,030 shares of the communications equipment provider’s stock valued at $100,000 after purchasing an additional 1,010 shares in the last quarter. Finally, Prudential Financial Inc. grew its position in shares of Harmonic by 1.0% in the first quarter. Prudential Financial Inc. now owns 132,054 shares of the communications equipment provider’s stock valued at $786,000 after purchasing an additional 1,360 shares in the last quarter. Institutional investors and hedge funds own 99.08% of the company’s stock.

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Harmonic (HLIT) traded down 4.92% during trading on Thursday, reaching $2.90. The company’s stock had a trading volume of 847,570 shares. The firm’s market capitalization is $235.69 million. Harmonic has a one year low of $2.85 and a one year high of $6.18. The stock has a 50-day moving average of $3.60 and a 200 day moving average of $4.97.

Harmonic (NASDAQ:HLIT) last announced its earnings results on Monday, July 31st. The communications equipment provider reported ($0.22) EPS for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.02. Harmonic had a negative return on equity of 13.22% and a negative net margin of 21.58%. The business had revenue of $82.30 million during the quarter, compared to analysts’ expectations of $80.88 million. The company’s revenue was down 24.9% compared to the same quarter last year. On average, equities research analysts predict that Harmonic will post ($0.42) EPS for the current fiscal year.

Harmonic Company Profile

Harmonic Inc (Harmonic) designs, manufactures and sells video infrastructure products, and system solutions. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers.

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