Harmonic (NASDAQ:HLIT) Price Target Increased to $14.00 by Analysts at Barclays

Harmonic (NASDAQ:HLITGet Rating) had its target price lifted by Barclays from $13.00 to $14.00 in a research note issued to investors on Tuesday morning, The Fly reports. The firm currently has an overweight rating on the communications equipment provider’s stock.

A number of other research analysts have also recently weighed in on the stock. TheStreet cut shares of Harmonic from a b- rating to a c rating in a report on Monday, May 2nd. StockNews.com raised shares of Harmonic from a hold rating to a buy rating in a research note on Wednesday, May 4th. Finally, Rosenblatt Securities started coverage on shares of Harmonic in a report on Monday, May 23rd. They issued a buy rating and a $15.00 target price on the stock. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Buy and an average price target of $15.17.

Harmonic Price Performance

Shares of HLIT stock opened at $11.34 on Tuesday. The company’s 50-day simple moving average is $9.49 and its two-hundred day simple moving average is $9.31. Harmonic has a one year low of $8.25 and a one year high of $12.22. The company has a market capitalization of $1.18 billion, a P/E ratio of 35.44 and a beta of 1.02. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.52 and a quick ratio of 1.06.

Harmonic (NASDAQ:HLITGet Rating) last posted its quarterly earnings results on Monday, August 1st. The communications equipment provider reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.07. The business had revenue of $157.45 million during the quarter, compared to analysts’ expectations of $150.08 million. Harmonic had a net margin of 5.91% and a return on equity of 10.46%. The business’s quarterly revenue was up 38.8% on a year-over-year basis. During the same quarter last year, the company posted $0.01 earnings per share. As a group, equities analysts anticipate that Harmonic will post 0.24 EPS for the current year.

Insiders Place Their Bets

In related news, SVP Ian Graham sold 15,573 shares of Harmonic stock in a transaction that occurred on Thursday, June 2nd. The stock was sold at an average price of $9.89, for a total value of $154,016.97. Following the sale, the senior vice president now owns 100,358 shares of the company’s stock, valued at approximately $992,540.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Patrick Harshman sold 50,000 shares of the business’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $10.88, for a total transaction of $544,000.00. Following the completion of the transaction, the chief executive officer now owns 571,768 shares of the company’s stock, valued at approximately $6,220,835.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Ian Graham sold 15,573 shares of the company’s stock in a transaction dated Thursday, June 2nd. The stock was sold at an average price of $9.89, for a total value of $154,016.97. Following the completion of the transaction, the senior vice president now directly owns 100,358 shares of the company’s stock, valued at approximately $992,540.62. The disclosure for this sale can be found here. Company insiders own 3.78% of the company’s stock.

Institutional Investors Weigh In On Harmonic

Several institutional investors and hedge funds have recently made changes to their positions in the business. Trigran Investments Inc. lifted its holdings in shares of Harmonic by 54.0% in the first quarter. Trigran Investments Inc. now owns 5,621,899 shares of the communications equipment provider’s stock valued at $52,228,000 after purchasing an additional 1,970,863 shares in the last quarter. Leeward Investments LLC MA purchased a new stake in Harmonic in the first quarter worth $14,264,000. Invesco Ltd. boosted its holdings in shares of Harmonic by 103.0% in the fourth quarter. Invesco Ltd. now owns 1,098,615 shares of the communications equipment provider’s stock worth $12,920,000 after acquiring an additional 557,496 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of Harmonic by 75.5% in the first quarter. Assenagon Asset Management S.A. now owns 1,093,604 shares of the communications equipment provider’s stock worth $10,160,000 after acquiring an additional 470,299 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Harmonic by 52.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,267,298 shares of the communications equipment provider’s stock worth $11,773,000 after acquiring an additional 437,146 shares during the period. Institutional investors own 98.14% of the company’s stock.

About Harmonic

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Harmonic Inc, together with its subsidiaries, provide video delivery software, products, system solutions, and services worldwide. The company operates in two segments, Video and Cable Access. The Video segment sells video processing, production, and playout solutions and services to cable operators, and satellite and telecommunications Pay-TV service providers, as well as to broadcast and media, including streaming media companies.

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