Harmonic (HLIT) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Harmonic (NASDAQ:HLIT) from a hold rating to a buy rating in a research report sent to investors on Friday morning. They currently have $5.50 target price on the communications equipment provider’s stock.

According to Zacks, “Harmonic Inc. enables media companies and service providers to deliver ultra-high-quality broadcast and OTT video services to consumers globally.The company has also revolutionized cable access networking via the industry’s first virtualized CCAP solution, enabling cable operators to more flexibly deploy gigabit internet service to consumers’ homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software-as-a-service (SaaS) technologies, or powering the delivery of gigabit internet cable services, Harmonic is changing the way media companies and service providers monetize live and VOD content on every screen. “

HLIT has been the topic of a number of other research reports. BidaskClub lowered shares of Harmonic from a buy rating to a hold rating in a research note on Tuesday, November 20th. ValuEngine lowered shares of Harmonic from a strong-buy rating to a buy rating in a research note on Thursday, November 1st. Finally, Loop Capital began coverage on shares of Harmonic in a research note on Thursday, September 20th. They set a buy rating and a $8.25 target price on the stock. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock has an average rating of Buy and an average price target of $6.92.

Shares of HLIT traded down $0.04 during trading hours on Friday, reaching $4.80. 662,071 shares of the company traded hands, compared to its average volume of 457,796. The firm has a market capitalization of $435.22 million, a price-to-earnings ratio of -8.89 and a beta of 0.84. The company has a current ratio of 1.36, a quick ratio of 1.19 and a debt-to-equity ratio of 0.57. Harmonic has a 12 month low of $2.90 and a 12 month high of $6.32.

Harmonic (NASDAQ:HLIT) last announced its earnings results on Monday, October 29th. The communications equipment provider reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.03. The firm had revenue of $101.40 million for the quarter, compared to analyst estimates of $99.46 million. Harmonic had a negative net margin of 9.26% and a negative return on equity of 5.97%. The company’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.01) EPS. On average, research analysts forecast that Harmonic will post -0.04 EPS for the current fiscal year.

In related news, Director Susan Swenson sold 30,000 shares of the business’s stock in a transaction dated Friday, December 14th. The shares were sold at an average price of $5.18, for a total transaction of $155,400.00. Following the sale, the director now owns 152,444 shares of the company’s stock, valued at $789,659.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 6.20% of the company’s stock.

Large investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its stake in Harmonic by 8.3% during the second quarter. BlackRock Inc. now owns 11,494,321 shares of the communications equipment provider’s stock worth $48,852,000 after acquiring an additional 879,583 shares in the last quarter. Metropolitan Life Insurance Co. NY boosted its stake in Harmonic by 112.4% during the second quarter. Metropolitan Life Insurance Co. NY now owns 36,235 shares of the communications equipment provider’s stock worth $154,000 after acquiring an additional 19,174 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in Harmonic during the third quarter worth about $540,000. Renaissance Technologies LLC bought a new stake in Harmonic during the second quarter worth about $505,000. Finally, Dimensional Fund Advisors LP boosted its stake in Harmonic by 2.5% during the second quarter. Dimensional Fund Advisors LP now owns 6,451,699 shares of the communications equipment provider’s stock worth $27,419,000 after acquiring an additional 158,449 shares in the last quarter. 86.69% of the stock is currently owned by institutional investors and hedge funds.

About Harmonic

Harmonic Inc designs, manufactures, and sells video infrastructure products and system solutions worldwide. Its products enable customers to create, prepare, and deliver a range of video and broadband services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones.

See Also: Treasury Bonds

Get a free copy of the Zacks research report on Harmonic (HLIT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Harmonic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Harmonic and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply