Harmonic (NASDAQ:HLIT) Downgraded to Buy Rating by Wall Street Zen

Wall Street Zen lowered shares of Harmonic (NASDAQ:HLIT) from a strong-buy rating to a buy rating in a report issued on Saturday.

Several other brokerages have also recently commented on HLIT. Rosenblatt Securities reaffirmed a “buy” rating and set a $20.00 target price on shares of Harmonic in a report on Monday, June 15th. Zacks Research cut Harmonic from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 24th. Barclays increased their price target on Harmonic from $11.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 12th. Weiss Ratings upgraded Harmonic from a “sell (d)” rating to a “sell (d+)” rating in a research note on Friday, July 17th. Finally, Needham & Company LLC lifted their price objective on Harmonic from $17.00 to $18.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Harmonic has a consensus rating of “Hold” and a consensus price target of $16.60.

Harmonic Stock Performance

NASDAQ HLIT opened at $11.55 on Friday. The company has a quick ratio of 2.03, a current ratio of 2.27 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $1.25 billion, a P/E ratio of -31.22 and a beta of 1.29. Harmonic has a 12-month low of $8.25 and a 12-month high of $17.68. The firm has a 50-day moving average price of $13.99 and a two-hundred day moving average price of $11.66.

Insider Activity

In other Harmonic news, Director Stephanie Copeland sold 4,300 shares of the firm’s stock in a transaction dated Thursday, May 14th. The shares were 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 of the company’s stock, valued at $276,001.60. This trade represents a 17.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Neven Haltmayer sold 31,766 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $13.24, for a total transaction of $420,581.84. Following the completion of the transaction, the senior vice president owned 133,924 shares of the company’s stock, valued at $1,773,153.76. The trade was a 19.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.74% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Sei Investments Co. boosted its holdings in shares of Harmonic by 2.0% in the 1st quarter. Sei Investments Co. now owns 70,742 shares of the communications equipment provider’s stock valued at $635,000 after purchasing an additional 1,383 shares in the last quarter. Aristides Capital LLC increased its stake in shares of Harmonic by 7.2% in the 1st quarter. Aristides Capital LLC now owns 21,943 shares of the communications equipment provider’s stock valued at $197,000 after purchasing an additional 1,483 shares during the last quarter. Inspire Investing LLC raised its holdings in shares of Harmonic by 5.4% during the 4th quarter. Inspire Investing LLC now owns 47,233 shares of the communications equipment provider’s stock worth $467,000 after buying an additional 2,428 shares in the last quarter. Stephens Inc. AR raised its holdings in shares of Harmonic by 6.5% during the 4th quarter. Stephens Inc. AR now owns 41,893 shares of the communications equipment provider’s stock worth $414,000 after buying an additional 2,548 shares in the last quarter. Finally, Caxton Associates LLP raised its holdings in shares of Harmonic by 21.2% during the 1st quarter. Caxton Associates LLP now owns 15,937 shares of the communications equipment provider’s stock worth $143,000 after buying an additional 2,789 shares in the last quarter. 99.38% of the stock is currently owned by institutional investors and hedge funds.

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.