Harmonic (NASDAQ:HLIT) Given “Buy” Rating at Rosenblatt Securities

Rosenblatt Securities reiterated their buy rating on shares of Harmonic (NASDAQ:HLIT) in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a $18.00 target price on the communications equipment provider’s stock.

Several other research firms also recently weighed in on HLIT. Barclays lifted their price objective on Harmonic from $14.00 to $20.00 and gave the company an overweight rating in a report on Tuesday, July 30th. Needham & Company LLC reiterated a buy rating and issued a $18.00 target price on shares of Harmonic in a report on Tuesday, July 30th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Buy and a consensus target price of $18.50.

Harmonic Stock Up 2.8 %

Shares of HLIT opened at $14.16 on Tuesday. The company has a current ratio of 1.87, a quick ratio of 1.32 and a debt-to-equity ratio of 0.30. The firm has a fifty day moving average price of $13.86 and a 200-day moving average price of $12.43. The firm has a market capitalization of $1.59 billion, a P/E ratio of 23.60 and a beta of 0.87. Harmonic has a 12-month low of $9.10 and a 12-month high of $15.31.

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

Insiders Place Their Bets

In other news, SVP Neven Haltmayer sold 40,000 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $14.41, for a total transaction of $576,400.00. Following the transaction, the senior vice president now owns 122,211 shares in the company, valued at $1,761,060.51. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Harmonic

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Harmonic by 1.7% during the first quarter. Vanguard Group Inc. now owns 9,852,064 shares of the communications equipment provider’s stock valued at $132,412,000 after acquiring an additional 166,018 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Harmonic by 12.7% during the fourth quarter. Wellington Management Group LLP now owns 8,796,165 shares of the communications equipment provider’s stock valued at $114,702,000 after acquiring an additional 990,425 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Harmonic by 8.6% during the second quarter. Dimensional Fund Advisors LP now owns 3,741,998 shares of the communications equipment provider’s stock valued at $44,043,000 after acquiring an additional 294,922 shares in the last quarter. Leeward Investments LLC MA increased its holdings in shares of Harmonic by 5.6% during the second quarter. Leeward Investments LLC MA now owns 1,975,966 shares of the communications equipment provider’s stock valued at $23,257,000 after acquiring an additional 105,162 shares in the last quarter. Finally, Clearline Capital LP increased its holdings in shares of Harmonic by 777.6% during the second quarter. Clearline Capital LP now owns 1,570,461 shares of the communications equipment provider’s stock valued at $18,484,000 after acquiring an additional 1,391,504 shares in the last quarter. Institutional investors and hedge funds own 99.38% of the company’s stock.

About Harmonic

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.