Harmonic Inc. (NASDAQ:HLIT) Receives $18.50 Average PT from Analysts

Harmonic Inc. (NASDAQ:HLIT) has been assigned an average recommendation of “Buy” from the four research firms that are currently covering the company, MarketBeat.com reports. Three research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $18.50.

Several analysts recently issued reports on HLIT shares. Barclays raised their price target on Harmonic from $14.00 to $20.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Needham & Company LLC restated a “buy” rating and set a $18.00 price objective on shares of Harmonic in a research note on Tuesday, July 30th. Finally, Rosenblatt Securities restated a “buy” rating and set a $18.00 price objective on shares of Harmonic in a research note on Thursday, July 18th.

Harmonic Stock Up 0.8 %

Shares of Harmonic stock opened at $13.23 on Tuesday. The company has a quick ratio of 0.78, a current ratio of 1.87 and a debt-to-equity ratio of 0.30. The firm has a market cap of $1.48 billion, a P/E ratio of 22.05 and a beta of 0.89. Harmonic has a fifty-two week low of $8.80 and a fifty-two week high of $15.31. The business has a 50-day moving average price of $12.17 and a 200 day moving average price of $12.14.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings data on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.04. The firm had revenue of $138.70 million during the quarter, compared to analyst estimates of $133.67 million. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. Harmonic’s quarterly revenue was down 11.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.07 earnings per share. On average, sell-side analysts forecast that Harmonic will post 0.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Harmonic news, SVP Neven Haltmayer sold 40,000 shares of the business’s 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 completion of the transaction, the senior vice president now owns 122,211 shares in the company, valued at approximately $1,761,060.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. CWM LLC boosted its position in Harmonic by 780.9% during the 2nd quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock worth $27,000 after acquiring an additional 1,999 shares during the period. Quadrant Capital Group LLC lifted its holdings in shares of Harmonic by 237.8% in the fourth quarter. Quadrant Capital Group LLC now owns 2,591 shares of the communications equipment provider’s stock valued at $34,000 after buying an additional 1,824 shares during the period. Innealta Capital LLC acquired a new stake in shares of Harmonic in the second quarter valued at $47,000. SageView Advisory Group LLC acquired a new stake in shares of Harmonic in the first quarter valued at $114,000. Finally, Avior Wealth Management LLC acquired a new stake in shares of Harmonic in the fourth quarter valued at $137,000. Institutional investors and hedge funds own 99.38% of the company’s stock.

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.