Rosenblatt Securities Reiterates “Buy” Rating for Harmonic (NASDAQ:HLIT)

Harmonic (NASDAQ:HLIT)‘s stock had its “buy” rating restated by analysts at Rosenblatt Securities in a report released on Thursday,Benzinga reports. They currently have a $14.00 target price on the communications equipment provider’s stock. Rosenblatt Securities’ price objective would indicate a potential upside of 31.09% from the stock’s previous close.

A number of other research analysts have also recently weighed in on HLIT. Weiss Ratings reiterated a “hold (c-)” rating on shares of Harmonic in a report on Thursday, January 22nd. Needham & Company LLC restated a “buy” rating and issued a $15.00 price objective on shares of Harmonic in a report on Tuesday, December 9th. Finally, Barclays lifted their price objective on Harmonic from $8.00 to $11.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 5th. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Harmonic has a consensus rating of “Hold” and an average price target of $13.33.

Harmonic Price Performance

Harmonic stock opened at $10.68 on Thursday. Harmonic has a 1 year low of $7.80 and a 1 year high of $11.49. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.64 and a current ratio of 2.08. The firm has a 50 day moving average price of $10.10 and a 200 day moving average price of $9.87. The company has a market cap of $1.20 billion, a price-to-earnings ratio of 25.43 and a beta of 1.05.

Insider Transactions at Harmonic

In related news, Director David Krall bought 47,528 shares of the stock in a transaction dated Thursday, December 11th. The stock was acquired at an average price of $10.50 per share, for a total transaction of $499,044.00. Following the completion of the purchase, the director owned 223,125 shares in the company, valued at $2,342,812.50. This represents a 27.07% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Neven Haltmayer sold 23,835 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $10.41, for a total value of $248,122.35. Following the transaction, the senior vice president directly owned 149,570 shares in the company, valued at $1,557,023.70. This trade represents a 13.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.21% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Harmonic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Harmonic by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,664 shares of the communications equipment provider’s stock valued at $630,000 after buying an additional 2,853 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Harmonic by 9.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 353,538 shares of the communications equipment provider’s stock valued at $3,390,000 after purchasing an additional 31,276 shares during the last quarter. Jane Street Group LLC grew its stake in Harmonic by 978.5% during the 1st quarter. Jane Street Group LLC now owns 247,480 shares of the communications equipment provider’s stock valued at $2,373,000 after purchasing an additional 224,534 shares in the last quarter. Janney Montgomery Scott LLC purchased a new stake in Harmonic during the 2nd quarter worth approximately $415,000. Finally, CWM LLC increased its holdings in Harmonic by 277.7% during the 2nd quarter. CWM LLC now owns 26,886 shares of the communications equipment provider’s stock worth $255,000 after purchasing an additional 19,767 shares during the last quarter. Hedge funds and other institutional investors own 99.38% of the company’s stock.

About Harmonic

Harmonic Inc (NASDAQ:HLIT) is a leading provider of video delivery infrastructure that enables service providers, broadcasters and content owners to capture, process and distribute high?quality video across broadcast, cable, satellite and IP networks. The company’s portfolio spans real?time video compression solutions, including encoders and transcoders, as well as storage and server products designed for live production, playout and streaming on any device.

Harmonic’s product lines include cable edge QAM modules and set?top video processing platforms for traditional pay?TV operators, alongside cloud?native software for over?the?top (OTT) delivery, origin servers and content delivery network (CDN) services.