Harmonic Inc. (NASDAQ:HLIT) Stock Rating Reaffirmed by Jefferies Group LLC

Jefferies Group LLC restated their hold rating on shares of Harmonic Inc. (NASDAQ:HLIT) in a research note issued to investors on Tuesday, August 1st. The firm currently has a $4.00 price target on the communications equipment provider’s stock, up from their previous price target of $3.50.

A number of other research analysts have also weighed in on HLIT. Zacks Investment Research raised Harmonic from a sell rating to a hold rating in a report on Wednesday, May 3rd. BidaskClub lowered Harmonic from a hold rating to a sell rating in a report on Wednesday, July 19th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. The company has an average rating of Hold and an average price target of $5.67.

Harmonic (NASDAQ HLIT) traded down 1.47% during midday trading on Tuesday, reaching $3.35. 571,121 shares of the company’s stock were exchanged. The stock’s market cap is $272.26 million. The firm’s 50-day moving average is $4.28 and its 200 day moving average is $5.18. Harmonic has a 1-year low of $3.25 and a 1-year high of $6.18.

Harmonic (NASDAQ:HLIT) last posted its earnings results on Monday, July 31st. The communications equipment provider reported ($0.22) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.24) by $0.02. The business had revenue of $82.30 million during the quarter, compared to analyst estimates of $80.88 million. Harmonic had a negative return on equity of 13.22% and a negative net margin of 21.58%. The company’s revenue was down 24.9% compared to the same quarter last year. Equities analysts anticipate that Harmonic will post ($0.42) earnings per share for the current fiscal year.

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In other news, insider Patrick Harshman sold 7,979 shares of the business’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $3.47, for a total transaction of $27,687.13. Following the completion of the transaction, the insider now owns 570,733 shares of the company’s stock, valued at $1,980,443.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.27% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the company. Municipal Employees Retirement System of Michigan increased its stake in Harmonic by 5.6% in the second quarter. Municipal Employees Retirement System of Michigan now owns 19,030 shares of the communications equipment provider’s stock worth $100,000 after buying an additional 1,010 shares during the last quarter. Mason Street Advisors LLC increased its stake in Harmonic by 9.0% in the first quarter. Mason Street Advisors LLC now owns 18,654 shares of the communications equipment provider’s stock worth $111,000 after buying an additional 1,534 shares during the last quarter. Sei Investments Co. purchased a new stake in Harmonic during the second quarter worth $142,000. Louisiana State Employees Retirement System increased its stake in Harmonic by 0.9% in the second quarter. Louisiana State Employees Retirement System now owns 32,800 shares of the communications equipment provider’s stock worth $172,000 after buying an additional 300 shares during the last quarter. Finally, BNP Paribas Arbitrage SA increased its stake in Harmonic by 36.3% in the second quarter. BNP Paribas Arbitrage SA now owns 35,456 shares of the communications equipment provider’s stock worth $186,000 after buying an additional 9,437 shares during the last quarter. Institutional investors own 97.27% of the company’s stock.

About Harmonic

Harmonic Inc (Harmonic) designs, manufactures and sells video infrastructure products, and system solutions. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers.

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