Harmonic Inc. (NASDAQ:HLIT) has received a consensus rating of “Hold” from the six brokerages that are covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $5.50.
A number of equities research analysts have recently issued reports on the stock. BidaskClub cut shares of Harmonic from a “hold” rating to a “sell” rating in a report on Wednesday. Zacks Investment Research cut shares of Harmonic from a “hold” rating to a “strong sell” rating in a report on Tuesday. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $4.00 target price (down from $4.75) on shares of Harmonic in a report on Tuesday, May 2nd.
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In related news, CFO Harold L. Covert sold 13,172 shares of the stock in a transaction that occurred on Thursday, May 11th. The shares were sold at an average price of $5.14, for a total transaction of $67,704.08. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 4.27% of the company’s stock.
A number of institutional investors have recently modified their holdings of HLIT. Russell Investments Group Ltd. bought a new position in shares of Harmonic during the fourth quarter valued at approximately $2,353,000. Comerica Bank increased its position in shares of Harmonic by 5.6% in the fourth quarter. Comerica Bank now owns 83,322 shares of the communications equipment provider’s stock valued at $442,000 after buying an additional 4,449 shares during the last quarter. State Street Corp increased its position in shares of Harmonic by 6.2% in the fourth quarter. State Street Corp now owns 1,790,466 shares of the communications equipment provider’s stock valued at $8,954,000 after buying an additional 103,988 shares during the last quarter. Metropolitan Life Insurance Co. NY increased its position in shares of Harmonic by 1.7% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 54,612 shares of the communications equipment provider’s stock valued at $273,000 after buying an additional 929 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its position in shares of Harmonic by 6.8% in the fourth quarter. Thrivent Financial for Lutherans now owns 41,980 shares of the communications equipment provider’s stock valued at $210,000 after buying an additional 2,690 shares during the last quarter. 98.13% of the stock is owned by institutional investors and hedge funds.
Shares of Harmonic (NASDAQ HLIT) remained flat at $4.25 during midday trading on Wednesday. 1,056,064 shares of the stock traded hands. The firm’s market cap is $342.26 million. The company has a 50-day moving average price of $5.19 and a 200 day moving average price of $5.38. Harmonic has a 12-month low of $3.01 and a 12-month high of $6.18.
Harmonic (NASDAQ:HLIT) last issued its earnings results on Monday, May 1st. The communications equipment provider reported ($0.14) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.05) by $0.09. The firm had revenue of $82.90 million during the quarter, compared to the consensus estimate of $92.62 million. Harmonic had a negative net margin of 17.50% and a negative return on equity of 7.29%. The firm’s revenue for the quarter was up 1.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.11) earnings per share. On average, equities research analysts predict that Harmonic will post ($0.25) EPS for the current year.
About Harmonic
Harmonic Inc (Harmonic) designs, manufactures and sells video infrastructure products, and system solutions. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers.
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