Harmonic Inc. (NASDAQ:HLIT) Receives $16.60 Average Target Price from Brokerages

Shares of Harmonic Inc. (NASDAQ:HLIT) have earned a consensus rating of “Hold” from the six ratings firms that are covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $16.60.

A number of research firms recently issued reports on HLIT. Needham & Company LLC upped their target price on Harmonic from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Barclays upped their target price on Harmonic from $11.00 to $15.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 12th. Weiss Ratings lowered Harmonic from a “hold (c)” rating to a “sell (d)” rating in a research note on Friday, March 6th. Rosenblatt Securities upped their target price on Harmonic from $16.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Finally, Northland Securities set a $15.00 target price on Harmonic in a research note on Tuesday, May 12th.

Harmonic Stock Performance

HLIT opened at $15.20 on Monday. The stock has a market cap of $1.65 billion, a P/E ratio of -41.08 and a beta of 1.24. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.27 and a quick ratio of 2.03. The stock’s 50 day simple moving average is $10.61 and its 200 day simple moving average is $10.22. Harmonic has a 1-year low of $7.80 and a 1-year high of $15.39.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings results on Thursday, February 19th. The communications equipment provider reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.04). Harmonic had a positive return on equity of 7.84% and a negative net margin of 7.50%.The firm had revenue of ($53.02) million during the quarter, compared to analyst estimates of $140.98 million. During the same quarter in the prior year, the company earned $0.45 EPS. The business’s revenue was down 42.6% on a year-over-year basis. As a group, equities analysts anticipate that Harmonic will post 0.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other Harmonic news, Director Stephanie Copeland sold 4,300 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $13.30, for a total transaction of $57,190.00. Following the transaction, the director owned 20,752 shares of the company’s stock, valued at $276,001.60. This represents a 17.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Neven Haltmayer sold 31,766 shares of the stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $13.24, for a total value of $420,581.84. Following the transaction, the senior vice president directly owned 133,924 shares in the company, valued at approximately $1,773,153.76. This represents a 19.17% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.74% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Harmonic by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,664 shares of the communications equipment provider’s stock worth $630,000 after buying an additional 2,853 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Harmonic by 9.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 353,538 shares of the communications equipment provider’s stock worth $3,390,000 after buying an additional 31,276 shares during the period. Jane Street Group LLC raised its position in shares of Harmonic by 978.5% in the 1st quarter. Jane Street Group LLC now owns 247,480 shares of the communications equipment provider’s stock worth $2,373,000 after buying an additional 224,534 shares during the period. American Century Companies Inc. raised its position in shares of Harmonic by 239.3% in the 2nd quarter. American Century Companies Inc. now owns 110,892 shares of the communications equipment provider’s stock worth $1,050,000 after buying an additional 78,214 shares during the period. Finally, Norges Bank purchased a new position in shares of Harmonic in the 2nd quarter worth $1,426,000. Hedge funds and other institutional investors own 99.38% of the company’s stock.

About Harmonic

Harmonic Inc (NASDAQ:HLIT) is a leading provider of video delivery infrastructure that enables service providers, broadcasters and content owners to capture, process and distribute high‐quality video across broadcast, cable, satellite and IP networks. The company’s portfolio spans real‐time video compression solutions, including encoders and transcoders, as well as storage and server products designed for live production, playout and streaming on any device.

Harmonic’s product lines include cable edge QAM modules and set‐top video processing platforms for traditional pay‐TV operators, alongside cloud‐native software for over‐the‐top (OTT) delivery, origin servers and content delivery network (CDN) services.