Harmonic’s (NASDAQ:HLIT) Hold Rating Reiterated at Jefferies Group LLC
Jefferies Group LLC reissued their hold rating on shares of Harmonic Inc. (NASDAQ:HLIT) in a research note issued to investors on Tuesday. Jefferies Group LLC currently has a $4.00 price objective on the communications equipment provider’s stock, up from their prior price objective of $3.50.
HLIT has been the topic of a number of other reports. Zacks Investment Research upgraded shares of Harmonic from a sell rating to a hold rating in a report on Wednesday, May 3rd. BidaskClub downgraded shares of Harmonic from a hold rating to a sell rating in a report on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. Harmonic has a consensus rating of Hold and an average target price of $5.44.
Shares of Harmonic (NASDAQ HLIT) traded up 1.27% during mid-day trading on Tuesday, reaching $4.00. 414,217 shares of the company’s stock were exchanged. The stock’s 50-day moving average is $4.89 and its 200-day moving average is $5.33. Harmonic has a 52-week low of $3.01 and a 52-week high of $6.18. The stock’s market cap is $322.67 million.
Harmonic (NASDAQ:HLIT) last issued its earnings results on Monday, July 31st. The communications equipment provider reported ($0.22) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.24) by $0.02. The business had revenue of $82.30 million for the quarter, compared to the consensus estimate of $80.88 million. Harmonic had a negative net margin of 21.58% and a negative return on equity of 13.22%. Harmonic’s revenue was down 24.9% on a year-over-year basis. On average, equities analysts expect that Harmonic will post ($0.42) EPS for the current year.
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In other Harmonic news, CFO Harold L. Covert sold 13,172 shares of the company’s stock in a transaction on Thursday, May 11th. The shares were sold at an average price of $5.14, for a total value of $67,704.08. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 4.27% of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP increased its position in Harmonic by 118.7% in the first quarter. Wellington Management Group LLP now owns 3,742,068 shares of the communications equipment provider’s stock valued at $22,265,000 after buying an additional 2,031,135 shares in the last quarter. Netols Asset Management Inc. bought a new position in Harmonic during the first quarter valued at approximately $4,706,000. Russell Investments Group Ltd. increased its position in Harmonic by 69.2% in the first quarter. Russell Investments Group Ltd. now owns 780,775 shares of the communications equipment provider’s stock valued at $4,645,000 after buying an additional 319,289 shares in the last quarter. Vanguard Group Inc. increased its position in Harmonic by 3.0% in the first quarter. Vanguard Group Inc. now owns 5,600,835 shares of the communications equipment provider’s stock valued at $33,325,000 after buying an additional 163,290 shares in the last quarter. Finally, State Street Corp increased its position in Harmonic by 6.2% in the fourth quarter. State Street Corp now owns 1,790,466 shares of the communications equipment provider’s stock valued at $8,954,000 after buying an additional 103,988 shares in the last quarter. Hedge funds and other institutional investors own 98.08% of the company’s stock.
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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