Harmonic (HLIT) Stock Rating Lowered by Zacks Investment Research

Harmonic (NASDAQ:HLIT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

According to Zacks, “Harmonic Inc. enables media companies and service providers to deliver ultra-high-quality broadcast and OTT video services to consumers globally.The company has also revolutionized cable access networking via the industry’s first virtualized CCAP solution, enabling cable operators to more flexibly deploy gigabit internet service to consumers’ homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software-as-a-service (SaaS) technologies, or powering the delivery of gigabit internet cable services, Harmonic is changing the way media companies and service providers monetize live and VOD content on every screen. “

Several other equities research analysts have also commented on the stock. BidaskClub lowered shares of Harmonic from a “hold” rating to a “sell” rating in a research report on Thursday, December 21st. ValuEngine upgraded shares of Harmonic from a “sell” rating to a “hold” rating in a research report on Friday, December 1st. Dougherty & Co restated a “buy” rating and set a $6.50 target price on shares of Harmonic in a research report on Monday, October 23rd. Northland Securities set a $6.00 target price on shares of Harmonic and gave the stock a “buy” rating in a research report on Tuesday, October 17th. Finally, Jefferies Group restated a “hold” rating and set a $3.50 target price on shares of Harmonic in a research report on Sunday, September 10th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $5.06.

Shares of Harmonic (NASDAQ HLIT) traded up $0.10 during midday trading on Wednesday, hitting $4.05. 622,900 shares of the company’s stock traded hands, compared to its average volume of 571,733. The stock has a market cap of $343.38, a price-to-earnings ratio of -3.97 and a beta of 1.05. Harmonic has a 52 week low of $2.80 and a 52 week high of $6.18. The company has a quick ratio of 0.99, a current ratio of 1.20 and a debt-to-equity ratio of 0.56.

Harmonic (NASDAQ:HLIT) last issued its earnings results on Monday, October 30th. The communications equipment provider reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.07. The company had revenue of $92.00 million for the quarter, compared to analyst estimates of $85.63 million. Harmonic had a negative net margin of 22.02% and a negative return on equity of 13.06%. The business’s revenue was down 9.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.01) EPS. equities research analysts forecast that Harmonic will post -0.51 earnings per share for the current year.

In related news, SVP Bart Spriester sold 8,004 shares of the business’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $3.81, for a total value of $30,495.24. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Neven Haltmayer sold 8,311 shares of the business’s stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $3.81, for a total transaction of $31,664.91. The disclosure for this sale can be found here. Insiders sold a total of 25,933 shares of company stock worth $98,389 over the last quarter. Insiders own 4.27% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in HLIT. Vanguard Group Inc. lifted its holdings in Harmonic by 3.6% in the 2nd quarter. Vanguard Group Inc. now owns 5,803,837 shares of the communications equipment provider’s stock valued at $30,470,000 after purchasing an additional 203,002 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in Harmonic by 21.6% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 936,171 shares of the communications equipment provider’s stock valued at $2,856,000 after purchasing an additional 166,398 shares in the last quarter. State Street Corp lifted its holdings in Harmonic by 7.0% in the 2nd quarter. State Street Corp now owns 1,961,470 shares of the communications equipment provider’s stock valued at $10,303,000 after purchasing an additional 129,086 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Harmonic in the 3rd quarter valued at about $190,000. Finally, Dimensional Fund Advisors LP lifted its holdings in Harmonic by 0.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,629,442 shares of the communications equipment provider’s stock valued at $34,805,000 after purchasing an additional 58,240 shares in the last quarter. Institutional investors own 95.98% of the company’s stock.

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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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