Zacks Investment Research lowered shares of Harmonic Inc (NASDAQ:HLIT) from a hold rating to a strong sell rating in a research report released on Tuesday, May 9th.
According to Zacks, “Harmonic designs, manufactures and markets digital and fiber optic systems for delivering video, voice and data services over cable, satellite, telephone, and wireless networks. The company’s advanced solutions enable cable television and other network operators to provide a range of broadcast and interactive broadband services that include high-speed Internet access, telephony and video on demand. The company offers a broad range of fiber optic transmission and digital headend products for hybrid fiber coax, satellite and wireless networks. “
A number of other equities research analysts have also recently commented on HLIT. Jefferies Group LLC upped their target price on shares of Harmonic from $4.00 to $4.75 and gave the company a hold rating in a report on Wednesday, March 1st. Drexel Hamilton cut shares of Harmonic from a buy rating to a hold rating in a report on Tuesday, March 14th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $5.44.
Harmonic (NASDAQ:HLIT) opened at 4.95 on Tuesday. The company’s market cap is $398.63 million. Harmonic has a 52-week low of $2.53 and a 52-week high of $6.18. The company’s 50-day moving average price is $5.47 and its 200-day moving average price is $5.31.
Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, May 1st. The communications equipment provider reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by $0.09. Harmonic had a negative net margin of 18.23% and a negative return on equity of 6.80%. The company had revenue of $82.90 million during the quarter, compared to analysts’ expectations of $92.62 million. During the same period last year, the firm earned ($0.11) earnings per share. Harmonic’s revenue was up 1.3% on a year-over-year basis. Equities research analysts expect that Harmonic will post $0.06 EPS for the current fiscal year.
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In other news, insider Neven Haltmayer sold 28,000 shares of the business’s stock in a transaction dated Thursday, March 9th. The shares were sold at an average price of $5.91, for a total transaction of $165,480.00. Following the transaction, the insider now directly owns 48,964 shares in the company, valued at $289,377.24. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Harold L. Covert sold 136,709 shares of the business’s stock in a transaction dated Friday, March 3rd. The stock was sold at an average price of $5.72, for a total transaction of $781,975.48. Following the transaction, the chief financial officer now owns 133,979 shares in the company, valued at $766,359.88. The disclosure for this sale can be found here. Insiders sold 214,082 shares of company stock valued at $1,226,458 over the last ninety days. Corporate insiders own 4.27% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Municipal Employees Retirement System of Michigan raised its position in shares of Harmonic by 2.7% in the third quarter. Municipal Employees Retirement System of Michigan now owns 17,170 shares of the communications equipment provider’s stock worth $102,000 after buying an additional 450 shares during the period. Texas Permanent School Fund raised its position in shares of Harmonic by 1.1% in the first quarter. Texas Permanent School Fund now owns 57,756 shares of the communications equipment provider’s stock worth $344,000 after buying an additional 613 shares during the period. Metropolitan Life Insurance Co. NY raised its position in shares of Harmonic by 1.7% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 54,612 shares of the communications equipment provider’s stock worth $273,000 after buying an additional 929 shares during the period. Louisiana State Employees Retirement System raised its position in shares of Harmonic by 3.2% in the first quarter. Louisiana State Employees Retirement System now owns 32,500 shares of the communications equipment provider’s stock worth $193,000 after buying an additional 1,000 shares during the period. Finally, Arizona State Retirement System raised its position in shares of Harmonic by 3.0% in the first quarter. Arizona State Retirement System now owns 41,518 shares of the communications equipment provider’s stock worth $247,000 after buying an additional 1,200 shares during the period. Institutional investors and hedge funds own 96.88% of the company’s stock.
Harmonic Company Profile
Harmonic Inc (Harmonic) designs, manufactures and sells video infrastructure products, and system solutions. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers.
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