Brokerages Set Harmonic Inc. (NASDAQ:HLIT) PT at $18.50

Shares of Harmonic Inc. (NASDAQ:HLIT) have received a consensus rating of “Buy” from the four ratings firms that are covering the firm, Marketbeat reports. Three research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $18.50.

A number of brokerages recently commented on HLIT. Rosenblatt Securities reiterated a “buy” rating and issued a $18.00 price target on shares of Harmonic in a research note on Thursday, July 18th. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 target price on shares of Harmonic in a research report on Tuesday, July 30th. Finally, Barclays increased their target price on Harmonic from $14.00 to $20.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th.

Insider Transactions at Harmonic

In related news, SVP Neven Haltmayer sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $14.41, for a total value of $576,400.00. Following the completion of the sale, the senior vice president now directly owns 122,211 shares in the company, valued at $1,761,060.51. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. GSA Capital Partners LLP bought a new position in Harmonic in the 1st quarter valued at about $923,000. Jane Street Group LLC lifted its stake in Harmonic by 1,276.3% during the first quarter. Jane Street Group LLC now owns 1,203,297 shares of the communications equipment provider’s stock worth $16,172,000 after purchasing an additional 1,115,870 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Harmonic by 216.5% in the 2nd quarter. Assenagon Asset Management S.A. now owns 545,495 shares of the communications equipment provider’s stock valued at $6,420,000 after purchasing an additional 373,155 shares in the last quarter. Ghisallo Capital Management LLC bought a new position in shares of Harmonic in the 4th quarter valued at $2,848,000. Finally, Lisanti Capital Growth LLC bought a new position in shares of Harmonic in the 1st quarter valued at $3,659,000. Institutional investors and hedge funds own 99.38% of the company’s stock.

Harmonic Stock Up 0.1 %

Shares of HLIT stock opened at $14.49 on Wednesday. Harmonic has a 52-week low of $8.80 and a 52-week high of $15.31. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of 24.15 and a beta of 0.87. The firm’s 50-day moving average is $13.70 and its 200-day moving average is $12.38. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.32 and a current ratio of 1.87.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.04. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The firm had revenue of $138.70 million for the quarter, compared to analyst estimates of $133.67 million. During the same quarter in the prior year, the company earned $0.07 earnings per share. The business’s revenue for the quarter was down 11.1% compared to the same quarter last year. Sell-side analysts predict that Harmonic will post 0.44 EPS for the current year.

Harmonic Company Profile

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.