Rosenblatt Securities Reiterates Buy Rating for Harmonic (NASDAQ:HLIT)

Harmonic (NASDAQ:HLIT)‘s stock had its “buy” rating restated by Rosenblatt Securities in a report released on Monday,Benzinga reports. They presently have a $20.00 price target on the communications equipment provider’s stock. Rosenblatt Securities’ price objective would suggest a potential upside of 33.96% from the stock’s current price.

Several other research analysts also recently issued reports on HLIT. Barclays boosted their price objective on shares of Harmonic from $11.00 to $15.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 12th. Jefferies Financial Group restated a “hold” rating and set a $15.00 price objective on shares of Harmonic in a report on Tuesday, May 12th. Weiss Ratings restated a “sell (d)” rating on shares of Harmonic in a report on Wednesday, June 3rd. Needham & Company LLC boosted their price objective on shares of Harmonic from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Finally, Northland Securities set a $15.00 price objective on shares of Harmonic in a report on Tuesday, May 12th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $16.60.

Harmonic Stock Performance

Shares of HLIT opened at $14.93 on Monday. The company has a market capitalization of $1.62 billion, a PE ratio of -40.35 and a beta of 1.32. Harmonic has a one year low of $7.80 and a one year high of $17.68. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.27 and a quick ratio of 2.03. The company’s fifty day moving average price is $12.34 and its 200 day moving average price is $10.79.

Insider Transactions at Harmonic

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

Hedge Funds Weigh In On Harmonic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HLIT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Harmonic by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,664 shares of the communications equipment provider’s stock valued at $630,000 after buying an additional 2,853 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Harmonic by 9.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 353,538 shares of the communications equipment provider’s stock valued at $3,390,000 after buying an additional 31,276 shares in the last quarter. Jane Street Group LLC boosted its position in Harmonic by 978.5% in the first quarter. Jane Street Group LLC now owns 247,480 shares of the communications equipment provider’s stock valued at $2,373,000 after buying an additional 224,534 shares in the last quarter. American Century Companies Inc. boosted its position in Harmonic by 239.3% in the second quarter. American Century Companies Inc. now owns 110,892 shares of the communications equipment provider’s stock valued at $1,050,000 after buying an additional 78,214 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Harmonic during the second quarter worth approximately $1,426,000. 99.38% of the stock is currently owned by institutional investors and hedge funds.

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.