Harmonic (NASDAQ:HLIT) Shares Gap Up to $9.40

Shares of Harmonic Inc. (NASDAQ:HLIT) gapped up before the market opened on Tuesday . The stock had previously closed at $9.40, but opened at $11.85. Harmonic shares last traded at $11.16, with a volume of 2,597,627 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. StockNews.com upgraded shares of Harmonic from a “sell” rating to a “hold” rating in a report on Wednesday, February 28th. TheStreet upgraded shares of Harmonic from a “c” rating to a “b” rating in a report on Monday, January 29th. Needham & Company LLC reiterated a “buy” rating and set a $18.00 price objective on shares of Harmonic in a report on Tuesday. Rosenblatt Securities decreased their price objective on shares of Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, January 30th. Finally, Raymond James decreased their price objective on shares of Harmonic from $19.00 to $18.00 and set a “strong-buy” rating for the company in a report on Tuesday, January 30th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Harmonic presently has a consensus rating of “Buy” and an average target price of $17.20.

Harmonic Stock Performance

The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.91 and a current ratio of 1.09. The firm has a market cap of $1.24 billion, a P/E ratio of 18.48 and a beta of 0.90. The firm’s fifty day moving average price is $12.07 and its 200 day moving average price is $11.77.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings results on Monday, April 29th. The communications equipment provider reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.04). Harmonic had a net margin of 12.37% and a return on equity of 1.35%. The business had revenue of $122.06 million during the quarter, compared to the consensus estimate of $121.70 million. During the same quarter in the prior year, the firm posted $0.06 EPS. The company’s revenue for the quarter was down 22.6% compared to the same quarter last year. Sell-side analysts expect that Harmonic Inc. will post 0.32 EPS for the current fiscal year.

Insider Transactions at Harmonic

In other news, SVP Neven Haltmayer sold 10,558 shares of Harmonic stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $13.11, for a total value of $138,415.38. Following the transaction, the senior vice president now owns 171,306 shares of the company’s stock, valued at approximately $2,245,821.66. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Harmonic news, SVP Neven Haltmayer sold 10,558 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $13.11, for a total transaction of $138,415.38. Following the sale, the senior vice president now owns 171,306 shares of the company’s stock, valued at approximately $2,245,821.66. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Nimrod Ben-Natan sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $12.91, for a total transaction of $1,291,000.00. Following the sale, the senior vice president now directly owns 302,214 shares in the company, valued at approximately $3,901,582.74. The disclosure for this sale can be found here. Insiders have sold a total of 125,305 shares of company stock valued at $1,631,154 in the last 90 days. Insiders own 2.20% of the company’s stock.

Institutional Trading of Harmonic

Several large investors have recently bought and sold shares of HLIT. Trigran Investments Inc. boosted its holdings in shares of Harmonic by 38.5% in the 3rd quarter. Trigran Investments Inc. now owns 9,636,809 shares of the communications equipment provider’s stock valued at $92,802,000 after acquiring an additional 2,677,338 shares during the last quarter. Scopia Capital Management LP boosted its holdings in shares of Harmonic by 78.5% in the 3rd quarter. Scopia Capital Management LP now owns 5,649,163 shares of the communications equipment provider’s stock valued at $54,401,000 after acquiring an additional 2,484,825 shares during the last quarter. Westfield Capital Management Co. LP purchased a new stake in shares of Harmonic in the 4th quarter valued at $19,257,000. Wolf Hill Capital Management LP purchased a new stake in shares of Harmonic in the 4th quarter valued at $16,879,000. Finally, Toronado Partners LLC boosted its holdings in shares of Harmonic by 149.5% in the 3rd quarter. Toronado Partners LLC now owns 2,011,532 shares of the communications equipment provider’s stock valued at $19,371,000 after acquiring an additional 1,205,380 shares during the last quarter. Hedge funds and other institutional investors own 99.38% of the company’s stock.

About Harmonic

Harmonic Inc, together with its subsidiaries, provides broadband solutions worldwide. The company operates through Broadband and Video segments. The Broadband segment sells broadband access solutions and related services, including cOS software-based broadband access solutions to broadband operators; and cOS central cloud services, a subscription service for cOS customers.