Brokerages Set Harmonic Inc (HLIT) PT at $5.33

Harmonic Inc (NASDAQ:HLIT) has been given an average recommendation of “Hold” by the eight research firms that are covering the firm, MarketBeat reports. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $5.33.

A number of brokerages have recently commented on HLIT. ValuEngine raised shares of Harmonic from a “hold” rating to a “buy” rating in a research report on Monday. BidaskClub upgraded shares of Harmonic from a “sell” rating to a “hold” rating in a research report on Wednesday, June 6th. Raymond James upgraded shares of Harmonic from an “underperform” rating to a “market perform” rating in a research report on Tuesday, May 1st. Finally, Zacks Investment Research cut shares of Harmonic from a “hold” rating to a “sell” rating in a research report on Thursday, March 15th.

In related news, Director Floyd E. Kvamme acquired 20,000 shares of the stock in a transaction that occurred on Monday, May 7th. The stock was acquired at an average cost of $3.70 per share, for a total transaction of $74,000.00. Following the transaction, the director now directly owns 758,922 shares in the company, valued at $2,808,011.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.20% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Polar Asset Management Partners Inc. increased its position in Harmonic by 16.4% during the 1st quarter. Polar Asset Management Partners Inc. now owns 1,932,646 shares of the communications equipment provider’s stock worth $7,344,000 after purchasing an additional 271,674 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Harmonic by 5.5% during the first quarter. Principal Financial Group Inc. now owns 644,105 shares of the communications equipment provider’s stock worth $2,448,000 after buying an additional 33,348 shares during the last quarter. MetLife Investment Advisors LLC raised its holdings in Harmonic by 111.5% during the first quarter. MetLife Investment Advisors LLC now owns 39,538 shares of the communications equipment provider’s stock worth $150,000 after buying an additional 20,842 shares during the last quarter. Epoch Investment Partners Inc. raised its holdings in Harmonic by 2.3% during the first quarter. Epoch Investment Partners Inc. now owns 4,836,440 shares of the communications equipment provider’s stock worth $18,379,000 after buying an additional 109,202 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp acquired a new position in Harmonic during the first quarter worth $107,000. Institutional investors and hedge funds own 88.79% of the company’s stock.

Shares of Harmonic traded up $0.10, reaching $4.45, during midday trading on Friday, according to MarketBeat. The stock had a trading volume of 383,200 shares, compared to its average volume of 586,475. Harmonic has a one year low of $2.80 and a one year high of $5.50. The company has a market cap of $370.69 million, a PE ratio of -8.24 and a beta of 0.80. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.28 and a quick ratio of 1.10.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings data on Monday, April 30th. The communications equipment provider reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.05. Harmonic had a negative net margin of 19.87% and a negative return on equity of 14.52%. The company had revenue of $90.10 million during the quarter, compared to the consensus estimate of $88.36 million. During the same quarter last year, the firm posted ($0.14) EPS. The company’s quarterly revenue was up 8.7% on a year-over-year basis. analysts expect that Harmonic will post -0.12 earnings per share for the current year.

About Harmonic

Harmonic Inc designs, manufactures, and sells video infrastructure products and system solutions worldwide. Its products enable customers to create, prepare, and deliver a range of video and broadband services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones.

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