Harmonic (NASDAQ:HLIT) Sets New 12-Month High at $8.45

Harmonic Inc (NASDAQ:HLIT) shares reached a new 52-week high during mid-day trading on Friday . The company traded as high as $8.45 and last traded at $8.44, with a volume of 6757 shares trading hands. The stock had previously closed at $8.33.

HLIT has been the subject of a number of recent analyst reports. Northland Securities reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Harmonic in a research report on Tuesday, October 29th. Zacks Investment Research cut Harmonic from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th. BidaskClub lowered Harmonic from a “sell” rating to a “strong sell” rating in a research note on Wednesday, December 25th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $10.00 target price on shares of Harmonic in a research note on Tuesday, November 12th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. Harmonic presently has a consensus rating of “Hold” and a consensus price target of $9.00.

The company has a market cap of $747.59 million, a P/E ratio of -83.55, a price-to-earnings-growth ratio of 5.44 and a beta of 0.87. The company has a quick ratio of 1.42, a current ratio of 1.62 and a debt-to-equity ratio of 0.58. The stock has a 50 day moving average price of $7.97 and a two-hundred day moving average price of $7.32.

Harmonic (NASDAQ:HLIT) last announced its earnings results on Monday, October 28th. The communications equipment provider reported $0.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.03. The company had revenue of $115.73 million for the quarter, compared to analyst estimates of $114.88 million. Harmonic had a positive return on equity of 6.36% and a negative net margin of 2.07%. Equities analysts anticipate that Harmonic Inc will post 0.13 EPS for the current year.

In other news, CFO Sanjay Kalra sold 28,061 shares of the stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $8.15, for a total transaction of $228,697.15. Following the transaction, the chief financial officer now owns 142,794 shares in the company, valued at $1,163,771.10. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Nimrod Ben-Natan sold 237,500 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $8.18, for a total value of $1,942,750.00. Following the transaction, the senior vice president now owns 407,952 shares in the company, valued at approximately $3,337,047.36. The disclosure for this sale can be found here. In the last quarter, insiders have sold 295,561 shares of company stock worth $2,418,947. 6.40% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Systematic Financial Management LP bought a new position in Harmonic during the 3rd quarter worth $6,745,000. Voya Investment Management LLC increased its stake in Harmonic by 2,003.7% during the 3rd quarter. Voya Investment Management LLC now owns 785,237 shares of the communications equipment provider’s stock worth $5,168,000 after acquiring an additional 747,910 shares during the period. Nuveen Asset Management LLC bought a new position in Harmonic during the 2nd quarter worth $3,720,000. BlackRock Inc. increased its stake in Harmonic by 4.6% during the 2nd quarter. BlackRock Inc. now owns 13,242,787 shares of the communications equipment provider’s stock worth $73,497,000 after acquiring an additional 584,615 shares during the period. Finally, Millennium Management LLC increased its stake in Harmonic by 751.0% during the 3rd quarter. Millennium Management LLC now owns 442,499 shares of the communications equipment provider’s stock worth $2,911,000 after acquiring an additional 390,499 shares during the period. Institutional investors own 91.72% of the company’s stock.

Harmonic Company Profile (NASDAQ:HLIT)

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.

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