Harmonic (NASDAQ:HLIT) Raised to “Strong-Buy” at Zacks Research

Harmonic (NASDAQ:HLIT) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Thursday,Zacks.com reports.

HLIT has been the topic of a number of other reports. Wall Street Zen upgraded shares of Harmonic from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 6th. Weiss Ratings raised shares of Harmonic from a “sell (d)” rating to a “sell (d+)” rating in a report on Wednesday, June 17th. Barclays lifted their price target on Harmonic from $11.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 12th. Rosenblatt Securities reissued a “buy” rating and set a $20.00 price objective on shares of Harmonic in a research note on Monday, June 15th. Finally, Jefferies Financial Group restated a “hold” rating and set a $15.00 price objective on shares of Harmonic in a research report on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $16.60.

Harmonic Trading Up 0.3%

Shares of HLIT opened at $14.90 on Thursday. The company’s fifty day moving average is $13.40 and its 200 day moving average is $11.15. Harmonic has a fifty-two week low of $7.80 and a fifty-two week high of $17.68. The stock has a market capitalization of $1.62 billion, a PE ratio of -40.27 and a beta of 1.32. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.03 and a current ratio of 2.27.

Insider Activity at Harmonic

In other news, Director Stephanie Copeland sold 4,300 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $13.30, for a total value of $57,190.00. Following the sale, the director directly owned 20,752 shares in the company, valued at approximately $276,001.60. This represents a 17.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Neven Haltmayer sold 31,766 shares of the firm’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $13.24, for a total value of $420,581.84. Following the sale, the senior vice president directly owned 133,924 shares of the company’s stock, valued at $1,773,153.76. This represents a 19.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.74% of the stock is owned by insiders.

Institutional Trading of Harmonic

Hedge funds and other institutional investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Harmonic by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,664 shares of the communications equipment provider’s stock worth $630,000 after purchasing an additional 2,853 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Harmonic by 9.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 353,538 shares of the communications equipment provider’s stock worth $3,390,000 after purchasing an additional 31,276 shares during the last quarter. Jane Street Group LLC grew its holdings in shares of Harmonic by 978.5% in the first quarter. Jane Street Group LLC now owns 247,480 shares of the communications equipment provider’s stock worth $2,373,000 after purchasing an additional 224,534 shares during the last quarter. American Century Companies Inc. increased its stake in Harmonic by 239.3% in the 2nd quarter. American Century Companies Inc. now owns 110,892 shares of the communications equipment provider’s stock worth $1,050,000 after buying an additional 78,214 shares during the period. Finally, Norges Bank purchased a new position in Harmonic in the 2nd quarter worth about $1,426,000. Hedge funds and other institutional investors own 99.38% of the company’s stock.

About Harmonic

Harmonic Inc (NASDAQ:HLIT) is a leading provider of video delivery infrastructure that enables service providers, broadcasters and content owners to capture, process and distribute high‐quality video across broadcast, cable, satellite and IP networks. The company’s portfolio spans real‐time video compression solutions, including encoders and transcoders, as well as storage and server products designed for live production, playout and streaming on any device.

Harmonic’s product lines include cable edge QAM modules and set‐top video processing platforms for traditional pay‐TV operators, alongside cloud‐native software for over‐the‐top (OTT) delivery, origin servers and content delivery network (CDN) services.