Harmonic Inc. (NASDAQ:HLIT) SVP Sells $720,000.00 in Stock

Harmonic Inc. (NASDAQ:HLIT) SVP Neven Haltmayer sold 80,000 shares of the firm’s stock in a transaction dated Wednesday, April 14th. The stock was sold at an average price of $9.00, for a total value of $720,000.00. Following the transaction, the senior vice president now owns 240,789 shares in the company, valued at approximately $2,167,101. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Harmonic stock traded up $0.11 during midday trading on Friday, reaching $8.50. The stock had a trading volume of 591,431 shares, compared to its average volume of 671,900. The firm’s fifty day simple moving average is $8.04 and its 200-day simple moving average is $7.26. Harmonic Inc. has a 1-year low of $4.49 and a 1-year high of $9.20. The stock has a market capitalization of $857.20 million, a P/E ratio of -21.79, a price-to-earnings-growth ratio of 2.32 and a beta of 0.83. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.22 and a current ratio of 1.47.

Harmonic (NASDAQ:HLIT) last announced its earnings results on Sunday, January 31st. The communications equipment provider reported $0.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.05. Harmonic had a negative return on equity of 7.13% and a negative net margin of 10.06%. The business had revenue of $131.53 million for the quarter, compared to analyst estimates of $126.28 million. On average, sell-side analysts anticipate that Harmonic Inc. will post -0.15 earnings per share for the current fiscal year.

A number of brokerages have issued reports on HLIT. Needham & Company LLC raised their target price on Harmonic from $9.00 to $9.50 and gave the stock a “buy” rating in a report on Tuesday, February 2nd. Barclays lifted their price objective on Harmonic from $7.00 to $8.00 and gave the company an “equal weight” rating in a report on Thursday, January 14th. Colliers Securities reiterated a “buy” rating and set a $11.00 price objective on shares of Harmonic in a report on Monday, March 8th. Zacks Investment Research upgraded Harmonic from a “sell” rating to a “hold” rating in a report on Wednesday, March 24th. Finally, Stifel Nicolaus lifted their price objective on Harmonic from $9.00 to $10.00 and gave the company a “buy” rating in a report on Tuesday, February 2nd. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Harmonic currently has an average rating of “Buy” and an average target price of $8.53.

A number of institutional investors have recently made changes to their positions in HLIT. FMR LLC raised its position in Harmonic by 270.6% in the 1st quarter. FMR LLC now owns 290,357 shares of the communications equipment provider’s stock valued at $1,574,000 after buying an additional 212,010 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Harmonic by 7.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 49,872 shares of the communications equipment provider’s stock worth $280,000 after purchasing an additional 3,644 shares during the last quarter. State of Tennessee Treasury Department increased its position in shares of Harmonic by 67.4% during the 3rd quarter. State of Tennessee Treasury Department now owns 77,440 shares of the communications equipment provider’s stock worth $432,000 after purchasing an additional 31,187 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new position in shares of Harmonic during the 3rd quarter worth approximately $335,000. Finally, Brinker Capital Investments LLC acquired a new position in shares of Harmonic during the 3rd quarter worth approximately $113,000. 89.05% of the stock is currently owned by institutional investors and hedge funds.

Harmonic Company Profile

Harmonic Inc, together with its subsidiaries, provide video delivery software, products, system solutions, and services worldwide. Its products enable customers to create, prepare, store, playout, and deliver a range of broadcast and streaming video services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones.

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