Brokerages Set Harmonic Inc. (NASDAQ:HLIT) Target Price at $16.60

Shares of Harmonic Inc. (NASDAQ:HLIT) have earned a consensus recommendation of “Hold” from the six brokerages that are presently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, two have given a hold recommendation and two have given a buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $16.60.

Several equities research analysts have weighed in on HLIT shares. Northland Securities set a $15.00 price objective on shares of Harmonic in a research report on Tuesday, May 12th. Rosenblatt Securities raised their price objective on shares of Harmonic from $16.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. Wall Street Zen upgraded shares of Harmonic from a “hold” rating to a “strong-buy” rating in a research report on Saturday, May 16th. Barclays raised their price objective on shares of Harmonic from $11.00 to $15.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 12th. Finally, Weiss Ratings cut shares of Harmonic from a “hold (c)” rating to a “sell (d)” rating in a research report on Friday, March 6th.

Insider Activity

In other news, Director Stephanie Copeland sold 4,300 shares of the firm’s stock in a transaction dated 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 owned 20,752 shares of the company’s stock, valued at approximately $276,001.60. This trade represents a 17.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Neven Haltmayer sold 31,766 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $13.24, for a total transaction of $420,581.84. Following the completion of the transaction, the senior vice president directly owned 133,924 shares in the company, valued at $1,773,153.76. This trade represents a 19.17% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.74% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Clearline Capital LP boosted its stake in shares of Harmonic by 32.6% in the 3rd quarter. Clearline Capital LP now owns 795,076 shares of the communications equipment provider’s stock valued at $8,094,000 after purchasing an additional 195,298 shares during the last quarter. Tudor Investment Corp ET AL boosted its stake in Harmonic by 18.3% during the 3rd quarter. Tudor Investment Corp ET AL now owns 1,013,492 shares of the communications equipment provider’s stock worth $10,317,000 after acquiring an additional 156,862 shares during the last quarter. Inspire Advisors LLC bought a new position in Harmonic during the 3rd quarter worth approximately $2,455,000. First Eagle Investment Management LLC boosted its stake in Harmonic by 23.7% during the 3rd quarter. First Eagle Investment Management LLC now owns 818,376 shares of the communications equipment provider’s stock worth $8,331,000 after acquiring an additional 157,000 shares during the last quarter. Finally, Public Sector Pension Investment Board boosted its stake in Harmonic by 15.1% during the 3rd quarter. Public Sector Pension Investment Board now owns 443,703 shares of the communications equipment provider’s stock worth $4,517,000 after acquiring an additional 58,145 shares during the last quarter. Institutional investors own 99.38% of the company’s stock.

Harmonic Trading Up 19.7%

HLIT opened at $15.20 on Monday. The company has a current ratio of 2.27, a quick ratio of 2.03 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $1.65 billion, a PE ratio of -41.08 and a beta of 1.24. Harmonic has a 1-year low of $7.80 and a 1-year high of $15.39. The firm has a 50-day moving average price of $10.61 and a two-hundred day moving average price of $10.23.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings data on Thursday, February 19th. The communications equipment provider reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.04). The company had revenue of ($53.02) million during the quarter, compared to analyst estimates of $140.98 million. Harmonic had a negative net margin of 7.50% and a positive return on equity of 7.84%. The company’s revenue was down 42.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.45 EPS. As a group, equities analysts anticipate that Harmonic will post 0.35 earnings per share for the current fiscal year.

About Harmonic

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.