Harmonic Inc. (NASDAQ:HLIT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

According to Zacks, “Harmonic designs, manufactures and markets digital and fiber optic systems for delivering video, voice and data services over cable, satellite, telephone, and wireless networks. The company’s advanced solutions enable cable television and other network operators to provide a range of broadcast and interactive broadband services that include high-speed Internet access, telephony and video on demand. The company offers a broad range of fiber optic transmission and digital headend products for hybrid fiber coax, satellite and wireless networks. “

HLIT has been the topic of a number of other research reports. Drexel Hamilton raised Harmonic from a “hold” rating to a “buy” rating and set a $6.00 target price on the stock in a research note on Wednesday, August 10th. TheStreet raised Harmonic from a “sell” rating to a “hold” rating in a research note on Tuesday, August 30th. Finally, Jefferies Group reaffirmed a “hold” rating and issued a $3.50 target price on shares of Harmonic in a research note on Wednesday, August 10th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Harmonic presently has a consensus rating of “Hold” and a consensus price target of $4.94.

Shares of Harmonic (NASDAQ:HLIT) traded up 1.08% during midday trading on Tuesday, hitting $4.70. The stock had a trading volume of 354,385 shares. The stock has a 50-day moving average price of $5.06 and a 200-day moving average price of $4.05. Harmonic has a 12-month low of $2.51 and a 12-month high of $6.13. The stock’s market cap is $368.23 million.

Harmonic (NASDAQ:HLIT) last posted its earnings results on Wednesday, November 9th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by $0.04. Harmonic had a negative net margin of 18.23% and a negative return on equity of 6.80%. The company earned $101.40 million during the quarter, compared to analysts’ expectations of $107.24 million. The firm’s quarterly revenue was up 22.1% on a year-over-year basis. Equities analysts forecast that Harmonic will post ($0.03) earnings per share for the current year.

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In other Harmonic news, Director Nikos Theodosopoulos purchased 25,000 shares of Harmonic stock in a transaction on Tuesday, November 15th. The shares were bought at an average price of $4.75 per share, with a total value of $118,750.00. Following the purchase, the director now directly owns 40,831 shares in the company, valued at approximately $193,947.25. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 4.27% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Morgan Stanley raised its position in shares of Harmonic by 756.1% in the third quarter. Morgan Stanley now owns 17,080 shares of the company’s stock worth $101,000 after buying an additional 15,085 shares in the last quarter. Municipal Employees Retirement System of Michigan increased its stake in Harmonic by 2.7% in the third quarter. Municipal Employees Retirement System of Michigan now owns 17,170 shares of the company’s stock worth $102,000 after buying an additional 450 shares during the last quarter. Arizona State Retirement System increased its stake in Harmonic by 3.1% in the second quarter. Arizona State Retirement System now owns 40,118 shares of the company’s stock worth $114,000 after buying an additional 1,200 shares during the last quarter. BlackRock Inc. increased its stake in Harmonic by 6.6% in the third quarter. BlackRock Inc. now owns 21,021 shares of the company’s stock worth $125,000 after buying an additional 1,299 shares during the last quarter. Finally, KBC Group NV increased its stake in Harmonic by 5.9% in the second quarter. KBC Group NV now owns 49,051 shares of the company’s stock worth $140,000 after buying an additional 2,733 shares during the last quarter. 95.27% of the stock is currently owned by institutional investors.

Harmonic Company Profile

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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