Harmonic’s (HLIT) Hold Rating Reiterated at Jefferies Group LLC

Jefferies Group LLC reissued their hold rating on shares of Harmonic Inc. (NASDAQ:HLIT) in a report issued on Sunday. Jefferies Group LLC currently has a $3.50 target price on the communications equipment provider’s stock.

HLIT has been the subject of a number of other research reports. Zacks Investment Research lowered shares of Harmonic from a hold rating to a strong sell rating in a report on Tuesday, July 18th. ValuEngine lowered shares of Harmonic from a hold rating to a sell rating in a report on Friday, August 4th. BidaskClub lowered shares of Harmonic from a hold rating to a sell rating in a report on Wednesday, July 19th. Finally, TheStreet lowered shares of Harmonic from a c- rating to a d+ rating in a report on Wednesday, August 9th. Three investment analysts have rated the stock with a sell rating, two have given 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 $5.50.

Harmonic (HLIT) opened at 2.90 on Friday. The firm’s 50-day moving average price is $3.56 and its 200-day moving average price is $4.94. The company’s market capitalization is $235.69 million. Harmonic has a 52 week low of $2.80 and a 52 week high of $6.18.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings results on Monday, July 31st. The communications equipment provider reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates 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 net margin of 21.58% and a negative return on equity of 13.22%. The company’s quarterly revenue was down 24.9% on a year-over-year basis. On average, equities analysts expect that Harmonic will post ($0.42) earnings per share for the current year.

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In related news, insider Patrick Harshman sold 7,979 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $3.47, for a total value of $27,687.13. Following the completion of the sale, the insider now owns 570,733 shares of the company’s stock, valued at $1,980,443.51. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 5.53% of the company’s stock.

Several institutional investors have recently modified their holdings of HLIT. OppenheimerFunds Inc. grew its holdings in Harmonic by 20.1% during the 1st quarter. OppenheimerFunds Inc. now owns 53,215 shares of the communications equipment provider’s stock worth $317,000 after acquiring an additional 8,912 shares during the period. Royce & Associates LP grew its holdings in Harmonic by 3.1% during the 2nd quarter. Royce & Associates LP now owns 1,170,499 shares of the communications equipment provider’s stock worth $6,145,000 after acquiring an additional 35,000 shares during the period. Russell Investments Group Ltd. grew its holdings in Harmonic by 69.2% during the 1st quarter. Russell Investments Group Ltd. now owns 780,775 shares of the communications equipment provider’s stock worth $4,645,000 after acquiring an additional 319,289 shares during the period. Mackenzie Financial Corp grew its holdings in Harmonic by 18.4% during the 1st quarter. Mackenzie Financial Corp now owns 518,066 shares of the communications equipment provider’s stock worth $3,082,000 after acquiring an additional 80,515 shares during the period. Finally, Menta Capital LLC grew its holdings in Harmonic by 17.2% during the 1st quarter. Menta Capital LLC now owns 164,311 shares of the communications equipment provider’s stock worth $978,000 after acquiring an additional 24,100 shares during the period. 99.08% of the stock is owned by institutional investors and hedge funds.

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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