Zacks Investment Research cut shares of Harmonic (NASDAQ:HLIT) from a buy rating to a hold rating in a research note released on Wednesday, January 3rd.
According to Zacks, “Harmonic Inc. enables media companies and service providers to deliver ultra-high-quality broadcast and OTT video services to consumers globally.The company has also revolutionized cable access networking via the industry’s first virtualized CCAP solution, enabling cable operators to more flexibly deploy gigabit internet service to consumers’ homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software-as-a-service (SaaS) technologies, or powering the delivery of gigabit internet cable services, Harmonic is changing the way media companies and service providers monetize live and VOD content on every screen. “
HLIT has been the subject of a number of other reports. Jefferies Group reissued a hold rating and issued a $3.50 price objective on shares of Harmonic in a research note on Sunday, September 10th. Northland Securities set a $6.00 target price on shares of Harmonic and gave the company a buy rating in a research note on Tuesday, October 17th. ValuEngine raised shares of Harmonic from a sell rating to a hold rating in a research note on Friday, December 1st. Dougherty & Co reaffirmed a buy rating and set a $6.50 target price on shares of Harmonic in a research note on Monday, October 23rd. Finally, BidaskClub cut shares of Harmonic from a hold rating to a sell rating in a research note on Thursday, December 21st. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. Harmonic presently has a consensus rating of Hold and an average price target of $5.06.
Harmonic (HLIT) traded up $0.15 on Wednesday, reaching $4.00. 508,200 shares of the company’s stock traded hands, compared to its average volume of 541,138. The company has a quick ratio of 0.99, a current ratio of 1.20 and a debt-to-equity ratio of 0.56. Harmonic has a fifty-two week low of $2.80 and a fifty-two week high of $6.18. The company has a market capitalization of $325.09, a P/E ratio of -3.92 and a beta of 1.05.
Harmonic (NASDAQ:HLIT) last released its quarterly earnings results on Monday, October 30th. The communications equipment provider reported ($0.01) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.08) by $0.07. The business had revenue of $92.00 million for the quarter, compared to the consensus estimate of $85.63 million. Harmonic had a negative net margin of 22.02% and a negative return on equity of 13.06%. The company’s quarterly revenue was down 9.3% on a year-over-year basis. During the same period last year, the firm earned ($0.01) earnings per share. research analysts expect that Harmonic will post -0.51 earnings per share for the current year.
In other news, insider Neven Haltmayer sold 8,311 shares of the firm’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $3.81, for a total value of $31,664.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Bart Spriester sold 8,004 shares of the firm’s stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $3.81, for a total transaction of $30,495.24. The disclosure for this sale can be found here. Insiders sold a total of 25,933 shares of company stock valued at $98,389 over the last three months. Corporate insiders own 5.53% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its holdings in Harmonic by 0.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 6,629,442 shares of the communications equipment provider’s stock valued at $34,805,000 after buying an additional 58,240 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Harmonic by 3.6% during the 2nd quarter. Vanguard Group Inc. now owns 5,803,837 shares of the communications equipment provider’s stock valued at $30,470,000 after buying an additional 203,002 shares in the last quarter. Epoch Investment Partners Inc. lifted its holdings in Harmonic by 1.0% during the 2nd quarter. Epoch Investment Partners Inc. now owns 5,012,838 shares of the communications equipment provider’s stock valued at $26,317,000 after buying an additional 52,062 shares in the last quarter. State Street Corp lifted its holdings in Harmonic by 7.0% during the 2nd quarter. State Street Corp now owns 1,961,470 shares of the communications equipment provider’s stock valued at $10,303,000 after buying an additional 129,086 shares in the last quarter. Finally, Royce & Associates LP lifted its holdings in Harmonic by 3.0% during the 3rd quarter. Royce & Associates LP now owns 1,205,499 shares of the communications equipment provider’s stock valued at $3,677,000 after buying an additional 35,000 shares in the last quarter. Institutional investors own 95.98% of the company’s stock.
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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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