Harmonic (HLIT) Rating Lowered to Hold at Zacks Investment Research

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Harmonic (NASDAQ:HLIT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday, Zacks.com reports.

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. “

Other equities analysts also recently issued research reports about the stock. BidaskClub downgraded shares of Harmonic from a “buy” rating to a “hold” rating in a report on Saturday, March 30th. ValuEngine downgraded shares of Harmonic from a “buy” rating to a “hold” rating in a report on Tuesday, February 5th. Stifel Nicolaus began coverage on shares of Harmonic in a report on Wednesday, February 20th. They issued a “buy” rating and a $7.00 price target on the stock. Finally, Needham & Company LLC began coverage on shares of Harmonic in a report on Wednesday, February 13th. They issued a “buy” rating and a $7.00 price target on the stock. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Harmonic has a consensus rating of “Buy” and an average price target of $7.10.

Shares of Harmonic stock opened at $5.65 on Tuesday. The company has a market capitalization of $502.81 million, a P/E ratio of 188.33 and a beta of 0.88. The company has a quick ratio of 1.25, a current ratio of 1.44 and a debt-to-equity ratio of 0.56. Harmonic has a 52 week low of $3.35 and a 52 week high of $6.32.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings results on Monday, February 4th. The communications equipment provider reported $0.08 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.06. Harmonic had a negative net margin of 5.21% and a negative return on equity of 0.08%. The company had revenue of $113.60 million for the quarter, compared to the consensus estimate of $113.13 million. The company’s revenue for the quarter was up 12.4% on a year-over-year basis. Analysts expect that Harmonic will post -0.05 EPS for the current fiscal year.

Large investors have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Harmonic in the 4th quarter worth approximately $32,000. LS Investment Advisors LLC grew its stake in shares of Harmonic by 493.6% during the 4th quarter. LS Investment Advisors LLC now owns 13,048 shares of the communications equipment provider’s stock worth $62,000 after purchasing an additional 10,850 shares during the period. SG Americas Securities LLC grew its stake in shares of Harmonic by 11.3% during the 4th quarter. SG Americas Securities LLC now owns 19,690 shares of the communications equipment provider’s stock worth $93,000 after purchasing an additional 1,993 shares during the period. Metropolitan Life Insurance Co. NY grew its stake in shares of Harmonic by 293.9% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 24,239 shares of the communications equipment provider’s stock worth $114,000 after purchasing an additional 18,086 shares during the period. Finally, Municipal Employees Retirement System of Michigan acquired a new stake in shares of Harmonic during the 4th quarter worth approximately $117,000. Institutional investors own 85.18% of the company’s stock.

About Harmonic

Harmonic Inc designs, manufactures, and sells video infrastructure products and system solutions worldwide. Its products enable customers to create, prepare, and deliver a range of video and broadband services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones.

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