Harmonic (NASDAQ:HLIT – Get Free Report)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a report issued on Tuesday, Benzinga reports. They presently have a $18.00 price target on the communications equipment provider’s stock. Needham & Company LLC’s price objective points to a potential upside of 21.46% from the company’s previous close.
A number of other research analysts have also commented on the company. Rosenblatt Securities reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Harmonic in a report on Tuesday, October 15th. Barclays increased their target price on shares of Harmonic from $14.00 to $20.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Harmonic has a consensus rating of “Moderate Buy” and an average target price of $17.50.
Harmonic Stock Up 0.3 %
Harmonic (NASDAQ:HLIT – Get Free Report) last announced its quarterly earnings results on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.04. The business 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 company’s quarterly revenue was down 11.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.07 EPS. Sell-side analysts anticipate that Harmonic will post 0.44 earnings per share for the current year.
Insider Buying and Selling
In related news, SVP Neven Haltmayer sold 40,000 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $14.41, for a total value of $576,400.00. Following the sale, the senior vice president now owns 122,211 shares of the company’s stock, valued at $1,761,060.51. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.20% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Harmonic
Several hedge funds and other institutional investors have recently bought and sold shares of HLIT. GSA Capital Partners LLP bought a new position in shares of Harmonic during the 1st quarter worth about $923,000. Jane Street Group LLC raised its holdings in shares of Harmonic by 1,276.3% in the first quarter. Jane Street Group LLC now owns 1,203,297 shares of the communications equipment provider’s stock valued at $16,172,000 after purchasing an additional 1,115,870 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Harmonic by 216.5% during the second quarter. Assenagon Asset Management S.A. now owns 545,495 shares of the communications equipment provider’s stock valued at $6,420,000 after purchasing an additional 373,155 shares in the last quarter. Lisanti Capital Growth LLC bought a new stake in Harmonic in the 1st quarter worth about $3,659,000. Finally, Russell Investments Group Ltd. boosted its stake in shares of Harmonic by 24.0% in the 1st quarter. Russell Investments Group Ltd. now owns 290,842 shares of the communications equipment provider’s stock worth $3,909,000 after buying an additional 56,269 shares during 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.
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