Harmonic (NASDAQ:HLIT) Cut to Buy at Wall Street Zen

Wall Street Zen lowered shares of Harmonic (NASDAQ:HLIT) from a strong-buy rating to a buy rating in a research note published on Saturday.

Several other equities research analysts have also commented on the stock. Northland Securities set a $15.00 price target on shares of Harmonic in a research report on Tuesday, May 12th. Weiss Ratings upgraded Harmonic from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, July 17th. Jefferies Financial Group restated a “hold” rating and issued a $15.00 price target on shares of Harmonic in a research report on Tuesday, May 12th. Barclays raised their price objective on Harmonic from $11.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 12th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $20.00 price objective on shares of Harmonic in a research report on Monday, June 15th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $16.60.

Harmonic Stock Up 2.2%

HLIT stock opened at $11.80 on Friday. The company has a market cap of $1.28 billion, a price-to-earnings ratio of -31.89 and a beta of 1.32. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.03 and a current ratio of 2.27. The business’s 50-day moving average is $13.92 and its two-hundred day moving average is $11.68. Harmonic has a fifty-two week low of $8.40 and a fifty-two week high of $17.68.

Insider Transactions at Harmonic

In related news, SVP Neven Haltmayer sold 31,766 shares of the business’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $13.24, for a total value of $420,581.84. Following the sale, the senior vice president directly owned 133,924 shares in the company, valued at approximately $1,773,153.76. The trade was a 19.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephanie Copeland sold 4,300 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $13.30, for a total value of $57,190.00. Following the transaction, the director directly owned 20,752 shares of the company’s stock, valued at approximately $276,001.60. The trade was a 17.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.74% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Harmonic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. iSAM Funds UK Ltd bought a new stake in shares of Harmonic in the 3rd quarter worth about $49,000. Global Retirement Partners LLC boosted its holdings in Harmonic by 23,193.5% during the 4th quarter. Global Retirement Partners LLC now owns 7,221 shares of the communications equipment provider’s stock valued at $71,000 after acquiring an additional 7,190 shares during the period. KBC Group NV grew its position in Harmonic by 130.7% in the 4th quarter. KBC Group NV now owns 7,476 shares of the communications equipment provider’s stock valued at $74,000 after acquiring an additional 4,236 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in Harmonic in the 1st quarter valued at $75,000. Finally, Royal Bank of Canada grew its position in Harmonic by 64.6% in the 4th quarter. Royal Bank of Canada now owns 7,645 shares of the communications equipment provider’s stock valued at $75,000 after acquiring an additional 3,000 shares during the last quarter. 99.38% of the stock is currently owned by hedge funds and other institutional investors.

Harmonic Company Profile

Harmonic Inc (NASDAQ:HLIT) is a leading provider of video delivery infrastructure that enables service providers, broadcasters and content owners to capture, process and distribute high‐quality video across broadcast, cable, satellite and IP networks. The company’s portfolio spans real‐time video compression solutions, including encoders and transcoders, as well as storage and server products designed for live production, playout and streaming on any device.

Harmonic’s product lines include cable edge QAM modules and set‐top video processing platforms for traditional pay‐TV operators, alongside cloud‐native software for over‐the‐top (OTT) delivery, origin servers and content delivery network (CDN) services.