Harmonic (NASDAQ:HLIT) Earns “Buy” Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Harmonic (NASDAQ:HLIT) in a research note published on Tuesday morning, Benzinga reports. Needham & Company LLC currently has a $18.00 target price on the communications equipment provider’s stock.

Other equities research analysts have also issued reports about the stock. Rosenblatt Securities cut their target price on shares of Harmonic from $18.00 to $16.00 and set a buy rating on the stock in a report on Tuesday, January 30th. StockNews.com raised Harmonic from a sell rating to a hold rating in a research report on Wednesday, February 28th. Raymond James decreased their price objective on Harmonic from $19.00 to $18.00 and set a strong-buy rating for the company in a research report on Tuesday, January 30th. Finally, TheStreet upgraded shares of Harmonic from a c rating to a b rating in a report on Monday, January 29th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Buy and a consensus price target of $17.20.

Harmonic Trading Down 1.3 %

Shares of NASDAQ HLIT traded down $0.14 during mid-day trading on Tuesday, hitting $10.96. The company’s stock had a trading volume of 1,951,982 shares, compared to its average volume of 2,101,271. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.09 and a quick ratio of 0.91. The stock has a market cap of $1.23 billion, a price-to-earnings ratio of 18.27 and a beta of 0.90. The company’s fifty day simple moving average is $11.98 and its 200-day simple moving average is $11.77. Harmonic has a one year low of $8.80 and a one year high of $18.43.

Harmonic (NASDAQ:HLIT) last released its earnings results on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.04). The company had revenue of $122.06 million during the quarter, compared to analyst estimates of $121.70 million. Harmonic had a net margin of 12.37% and a return on equity of 1.35%. The company’s quarterly revenue was down 22.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.06 EPS. On average, sell-side analysts anticipate that Harmonic will post 0.37 earnings per share for the current fiscal year.

Insider Activity at Harmonic

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

Institutional Investors Weigh In On Harmonic

A number of institutional investors and hedge funds have recently modified their holdings of the company. Quadrant Capital Group LLC lifted its holdings in Harmonic by 237.8% during the 4th quarter. Quadrant Capital Group LLC now owns 2,591 shares of the communications equipment provider’s stock valued at $34,000 after purchasing an additional 1,824 shares during the last quarter. Kestra Advisory Services LLC bought a new position in Harmonic in the 3rd quarter valued at about $131,000. Avior Wealth Management LLC bought a new stake in shares of Harmonic during the fourth quarter worth approximately $137,000. PNC Financial Services Group Inc. increased its stake in shares of Harmonic by 12.7% during the third quarter. PNC Financial Services Group Inc. now owns 16,622 shares of the communications equipment provider’s stock worth $160,000 after purchasing an additional 1,871 shares during the period. Finally, Innovis Asset Management LLC acquired a new stake in Harmonic during the 3rd quarter worth approximately $174,000. 99.38% of the stock is owned by institutional investors.

Harmonic Company Profile

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.