Harmonic (NASDAQ:HLIT) Earns “Buy” Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Harmonic (NASDAQ:HLITFree Report) in a report released on Monday morning, Benzinga reports. They currently have a $18.00 price objective on the communications equipment provider’s stock.

Separately, StockNews.com upgraded Harmonic from a sell rating to a hold rating in a report on Wednesday, February 28th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Buy and an average target price of $17.20.

Get Our Latest Analysis on Harmonic

Harmonic Trading Down 3.1 %

Shares of HLIT opened at $11.09 on Monday. Harmonic has a 1-year low of $8.80 and a 1-year high of $18.43. The company has a current ratio of 1.09, a quick ratio of 0.78 and a debt-to-equity ratio of 0.03. The firm’s 50-day moving average price is $11.05 and its 200-day moving average price is $11.97. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of 18.48 and a beta of 0.90.

Harmonic (NASDAQ:HLITGet Free Report) last issued its quarterly earnings data on Monday, April 29th. The communications equipment provider reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.04). Harmonic had a return on equity of 1.35% and a net margin of 12.37%. The company had revenue of $122.06 million during the quarter, compared to analysts’ expectations of $121.70 million. During the same quarter last year, the business earned $0.06 earnings per share. The business’s quarterly revenue was down 22.6% on a year-over-year basis. Sell-side analysts anticipate that Harmonic will post 0.36 EPS for the current year.

Insiders Place Their Bets

In other news, SVP Ian Graham sold 52,730 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $10.95, for a total transaction of $577,393.50. Following the completion of the transaction, the senior vice president now directly owns 63,616 shares in the company, valued at $696,595.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Harmonic

A number of hedge funds have recently added to or reduced their stakes in HLIT. Vanguard Group Inc. boosted its stake in Harmonic by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 9,852,064 shares of the communications equipment provider’s stock valued at $132,412,000 after purchasing an additional 166,018 shares during the last quarter. Trigran Investments Inc. increased its holdings in Harmonic by 38.5% in the 3rd quarter. Trigran Investments Inc. now owns 9,636,809 shares of the communications equipment provider’s stock worth $92,802,000 after buying an additional 2,677,338 shares in the last quarter. Wellington Management Group LLP raised its position in Harmonic by 12.7% in the 4th quarter. Wellington Management Group LLP now owns 8,796,165 shares of the communications equipment provider’s stock worth $114,702,000 after buying an additional 990,425 shares during the last quarter. Scopia Capital Management LP lifted its stake in Harmonic by 78.5% during the 3rd quarter. Scopia Capital Management LP now owns 5,649,163 shares of the communications equipment provider’s stock valued at $54,401,000 after acquiring an additional 2,484,825 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Harmonic by 2.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,389,426 shares of the communications equipment provider’s stock valued at $44,198,000 after acquiring an additional 82,822 shares during the last quarter. 99.38% of the stock is currently owned by hedge funds and other institutional investors.

About Harmonic

(Get Free Report)

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.

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Analyst Recommendations for Harmonic (NASDAQ:HLIT)

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