Harmonic Inc. (NASDAQ:HLIT) Receives $17.20 Average Target Price from Analysts

Shares of Harmonic Inc. (NASDAQ:HLIT) have been assigned an average recommendation of “Buy” from the five brokerages that are covering the firm, MarketBeat reports. Four research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $17.20.

A number of research analysts recently weighed in on HLIT shares. StockNews.com raised shares of Harmonic from a “sell” rating to a “hold” rating in a research report on Wednesday, February 28th. Needham & Company LLC restated a “buy” rating and issued a $18.00 target price on shares of Harmonic in a research note on Tuesday, April 30th. Raymond James cut their price objective on Harmonic from $19.00 to $18.00 and set a “strong-buy” rating on the stock in a research report on Tuesday, January 30th. Rosenblatt Securities decreased their target price on Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, January 30th. Finally, TheStreet raised shares of Harmonic from a “c” rating to a “b” rating in a report on Monday, January 29th.

Insider Buying and Selling

In other Harmonic news, SVP Neven Haltmayer sold 14,747 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $13.68, for a total value of $201,738.96. Following the sale, the senior vice president now owns 156,559 shares of the company’s stock, valued at approximately $2,141,727.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, SVP Neven Haltmayer sold 14,747 shares of the stock in a transaction on Friday, February 16th. The shares were sold at an average price of $13.68, for a total value of $201,738.96. Following the transaction, the senior vice president now owns 156,559 shares of the company’s stock, valued at approximately $2,141,727.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Nimrod Ben-Natan sold 100,000 shares of the firm’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $12.91, for a total value of $1,291,000.00. Following the sale, the senior vice president now owns 302,214 shares in the company, valued at approximately $3,901,582.74. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Harmonic

Large investors have recently bought and sold shares of the stock. Trigran Investments Inc. raised its position in Harmonic by 38.5% during the 3rd quarter. Trigran Investments Inc. now owns 9,636,809 shares of the communications equipment provider’s stock valued at $92,802,000 after purchasing an additional 2,677,338 shares during the last quarter. Scopia Capital Management LP lifted its position in shares of Harmonic by 78.5% in the 3rd quarter. Scopia Capital Management LP now owns 5,649,163 shares of the communications equipment provider’s stock worth $54,401,000 after purchasing an additional 2,484,825 shares during the period. Westfield Capital Management Co. LP bought a new stake in shares of Harmonic during the 4th quarter valued at about $19,257,000. Wolf Hill Capital Management LP bought a new position in Harmonic in the fourth quarter worth about $16,879,000. Finally, Toronado Partners LLC raised its stake in Harmonic by 149.5% in the third quarter. Toronado Partners LLC now owns 2,011,532 shares of the communications equipment provider’s stock worth $19,371,000 after buying an additional 1,205,380 shares in the last quarter. 99.38% of the stock is owned by hedge funds and other institutional investors.

Harmonic Stock Down 1.3 %

Shares of NASDAQ:HLIT opened at $10.96 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.91 and a current ratio of 1.09. Harmonic has a 52-week low of $8.80 and a 52-week high of $18.43. The business’s 50 day simple moving average is $11.98 and its two-hundred day simple moving average is $11.78. The firm has a market cap of $1.23 billion, a P/E ratio of 18.27 and a beta of 0.90.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings results on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). Harmonic had a net margin of 12.37% and a return on equity of 1.35%. The company had revenue of $122.06 million for the quarter, compared to analyst estimates of $121.70 million. During the same quarter last year, the firm posted $0.06 EPS. Harmonic’s revenue for the quarter was down 22.6% on a year-over-year basis. As a group, research analysts forecast that Harmonic will post 0.36 EPS for the current fiscal 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.