Harmonic (NASDAQ:HLIT) Rating Increased to Strong-Buy at Zacks Research

Harmonic (NASDAQ:HLIT) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Thursday,Zacks.com reports.

A number of other equities research analysts have also weighed in on the company. Barclays lifted their target price on Harmonic from $11.00 to $15.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 12th. Weiss Ratings raised Harmonic from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday, June 17th. Needham & Company LLC raised their price target on Harmonic from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Wall Street Zen upgraded Harmonic from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 6th. Finally, Northland Securities set a $15.00 price objective on Harmonic in a report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $16.60.

Harmonic Stock Up 0.3%

Shares of NASDAQ HLIT opened at $14.90 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.03 and a current ratio of 2.27. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of -40.27 and a beta of 1.32. The stock has a 50 day moving average price of $13.40 and a 200 day moving average price of $11.15. Harmonic has a 52-week low of $7.80 and a 52-week high of $17.68.

Insiders Place Their Bets

In other news, Director Stephanie Copeland sold 4,300 shares of Harmonic stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $13.30, for a total value of $57,190.00. Following the transaction, the director directly owned 20,752 shares in the company, valued at approximately $276,001.60. This trade represents a 17.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Neven Haltmayer sold 31,766 shares of Harmonic stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $13.24, for a total value of $420,581.84. Following the completion of the transaction, the senior vice president owned 133,924 shares in the company, valued at $1,773,153.76. This represents a 19.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.74% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Harmonic

A number of institutional investors have recently added to or reduced their stakes in HLIT. Arrowstreet Capital Limited Partnership grew its stake in Harmonic by 290.3% in the third quarter. Arrowstreet Capital Limited Partnership now owns 980,484 shares of the communications equipment provider’s stock valued at $9,981,000 after purchasing an additional 729,269 shares during the last quarter. Walleye Capital LLC purchased a new stake in shares of Harmonic during the fourth quarter valued at about $7,182,000. Renaissance Technologies LLC boosted its holdings in shares of Harmonic by 120.7% in the 1st quarter. Renaissance Technologies LLC now owns 1,052,927 shares of the communications equipment provider’s stock valued at $9,455,000 after buying an additional 575,800 shares in the last quarter. Lazard Asset Management LLC boosted its holdings in shares of Harmonic by 249.1% in the 2nd quarter. Lazard Asset Management LLC now owns 718,996 shares of the communications equipment provider’s stock valued at $6,808,000 after buying an additional 513,022 shares in the last quarter. Finally, Qube Research & Technologies Ltd grew its position in shares of Harmonic by 37.1% in the 2nd quarter. Qube Research & Technologies Ltd now owns 1,371,746 shares of the communications equipment provider’s stock worth $12,990,000 after buying an additional 371,302 shares during the last quarter. Institutional investors own 99.38% of the company’s stock.

Harmonic Company Profile

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.