Harmonic (NASDAQ:HLIT) Receives “Buy” Rating from Rosenblatt Securities

Rosenblatt Securities restated their buy rating on shares of Harmonic (NASDAQ:HLIT) in a research note published on Tuesday, Benzinga reports. They currently have a $18.00 price target on the communications equipment provider’s stock.

Other equities research analysts have also issued reports about the company. Needham & Company LLC reissued a “buy” rating and set a $18.00 price target on shares of Harmonic in a research report on Tuesday, July 30th. Barclays raised their price target on shares of Harmonic from $14.00 to $20.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $18.50.

Harmonic Stock Up 0.1 %

HLIT stock opened at $14.45 on Tuesday. The company has a current ratio of 1.87, a quick ratio of 1.32 and a debt-to-equity ratio of 0.30. The firm has a 50 day simple moving average of $13.95 and a 200-day simple moving average of $12.47. The company has a market capitalization of $1.62 billion, a P/E ratio of 24.08 and a beta of 0.87. Harmonic has a twelve month low of $9.10 and a twelve month high of $15.31.

Harmonic (NASDAQ:HLIT) last released its earnings results on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.04. Harmonic had a net margin of 10.22% and a return on equity of 0.27%. The company had revenue of $138.70 million during the quarter, compared to the consensus estimate of $133.67 million. During the same quarter in the previous year, the firm earned $0.07 EPS. The company’s revenue was down 11.1% on a year-over-year basis. On average, equities research analysts predict that Harmonic will post 0.44 earnings per share for the current fiscal year.

Insider Buying and Selling at Harmonic

In related news, SVP Neven Haltmayer sold 40,000 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $14.41, for a total value of $576,400.00. Following the sale, the senior vice president now owns 122,211 shares of the company’s stock, valued at $1,761,060.51. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Harmonic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HLIT. Wellington Management Group LLP boosted its position in Harmonic by 12.7% during the 4th quarter. Wellington Management Group LLP now owns 8,796,165 shares of the communications equipment provider’s stock worth $114,702,000 after acquiring an additional 990,425 shares during the period. Vanguard Group Inc. raised its stake in shares of Harmonic by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 9,686,046 shares of the communications equipment provider’s stock valued at $126,306,000 after purchasing an additional 289,443 shares in the last quarter. Wasatch Advisors LP lifted its holdings in Harmonic by 4.4% in the first quarter. Wasatch Advisors LP now owns 1,355,274 shares of the communications equipment provider’s stock worth $18,215,000 after purchasing an additional 57,002 shares during the period. Principal Financial Group Inc. grew its position in Harmonic by 0.4% in the 1st quarter. Principal Financial Group Inc. now owns 585,533 shares of the communications equipment provider’s stock valued at $7,870,000 after buying an additional 2,142 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its stake in Harmonic by 37.2% during the 1st quarter. BNP Paribas Financial Markets now owns 98,124 shares of the communications equipment provider’s stock valued at $1,319,000 after buying an additional 26,622 shares during the period. 99.38% of the stock is owned by institutional investors.

About Harmonic

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.