Harmonic Inc. (NASDAQ:HLIT) Receives Consensus Rating of “Hold” from Analysts

Shares of Harmonic Inc. (NASDAQ:HLIT) have earned an average recommendation of “Hold” from the six ratings firms that are covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $16.60.

A number of equities research analysts recently issued reports on HLIT shares. Northland Securities set a $15.00 price target on 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 boosted their price target on Harmonic from $11.00 to $15.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 12th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $20.00 target price on shares of Harmonic in a report on Monday, June 15th.

Insider Activity at Harmonic

In related news, SVP Neven Haltmayer sold 31,766 shares of the stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $13.24, for a total transaction of $420,581.84. Following the sale, the senior vice president owned 133,924 shares in the company, valued at approximately $1,773,153.76. This trade represents a 19.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Stephanie Copeland sold 4,300 shares of Harmonic stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $13.30, for a total transaction of $57,190.00. Following the completion of the transaction, the director directly owned 20,752 shares in the company, valued at $276,001.60. This trade represents a 17.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.74% of the company’s stock.

Institutional Trading of Harmonic

Several institutional investors and hedge funds have recently modified their holdings of the business. Arrowstreet Capital Limited Partnership increased its holdings in shares of Harmonic by 290.3% during the third quarter. Arrowstreet Capital Limited Partnership now owns 980,484 shares of the communications equipment provider’s stock worth $9,981,000 after buying an additional 729,269 shares in the last quarter. Walleye Capital LLC bought a new stake in Harmonic during the 4th quarter worth $7,182,000. Renaissance Technologies LLC grew its position in Harmonic by 120.7% during the 1st quarter. Renaissance Technologies LLC now owns 1,052,927 shares of the communications equipment provider’s stock worth $9,455,000 after acquiring an additional 575,800 shares during the last quarter. Lazard Asset Management LLC increased its holdings in Harmonic by 249.1% in the 2nd quarter. Lazard Asset Management LLC now owns 718,996 shares of the communications equipment provider’s stock worth $6,808,000 after purchasing an additional 513,022 shares in the last quarter. Finally, Qube Research & Technologies Ltd increased its holdings in Harmonic by 37.1% in the 2nd quarter. Qube Research & Technologies Ltd now owns 1,371,746 shares of the communications equipment provider’s stock worth $12,990,000 after purchasing an additional 371,302 shares in the last quarter. 99.38% of the stock is currently owned by institutional investors.

Harmonic Stock Down 3.2%

Shares of HLIT opened at $11.98 on Friday. Harmonic has a 12 month low of $8.47 and a 12 month high of $17.68. The firm’s 50 day moving average is $13.73 and its 200-day moving average is $11.71. The stock has a market capitalization of $1.30 billion, a PE ratio of -32.38 and a beta of 1.32. The company has a current ratio of 2.27, a quick ratio of 2.03 and a debt-to-equity ratio of 0.31.

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.