Zacks Investment Research Upgrades Harmonic Inc. (HLIT) to “Buy”

Zacks Investment Research upgraded shares of Harmonic Inc. (NASDAQ:HLIT) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning. Zacks Investment Research currently has $3.75 target price on the communications equipment provider’s stock.

According to Zacks, “Harmonic provides the supply chain infrastructure – from production through delivery – that enables media companies to engage and prosper in today’s demanding and ever-changing video economy. 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. Its Cable Edge business sells cable edge solutions and related services to cable operators around the world. The Video segment offers a range of products and solutions, as well as software-based media processing platforms. Its products enable customers to create, prepare, and deliver a range of video and broadband services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones. “

A number of other brokerages also recently issued reports on HLIT. BidaskClub downgraded Harmonic from a hold rating to a sell rating in a report on Wednesday, July 19th. Jefferies Group LLC reaffirmed a hold rating and set a $4.00 price target (up from $3.50) on shares of Harmonic in a report on Tuesday, August 1st. ValuEngine downgraded Harmonic from a hold rating to a sell rating in a report on Friday, August 4th. Finally, TheStreet downgraded Harmonic from a c- rating to a d+ rating in a report on Wednesday, August 9th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. The company has an average rating of Hold and a consensus price target of $5.06.

Shares of Harmonic (NASDAQ:HLIT) traded down 3.17% during midday trading on Wednesday, hitting $3.05. The stock had a trading volume of 236,104 shares. The stock’s 50-day moving average is $3.10 and its 200-day moving average is $4.58. The stock’s market cap is $247.88 million. Harmonic has a 12 month low of $2.80 and a 12 month high of $6.18.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, July 31st. The communications equipment provider reported ($0.22) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.02. The firm had revenue of $82.30 million for the quarter, compared to the consensus estimate of $80.88 million. Harmonic had a negative return on equity of 13.22% and a negative net margin of 21.58%. The firm’s revenue was down 24.9% on a year-over-year basis. Equities analysts anticipate that Harmonic will post ($0.42) EPS for the current year.

ILLEGAL ACTIVITY WARNING: “Zacks Investment Research Upgrades Harmonic Inc. (HLIT) to “Buy”” was first posted by Transcript Daily and is the sole property of of Transcript Daily. If you are viewing this piece on another website, it was illegally copied and reposted in violation of US and international copyright & trademark legislation. The correct version of this piece can be accessed at https://transcriptdaily.com/2017/10/08/zacks-investment-research-upgrades-harmonic-inc-hlit-to-buy.html.

In other news, insider Patrick Harshman sold 7,979 shares of the company’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $3.47, for a total transaction of $27,687.13. Following the transaction, the insider now directly owns 570,733 shares of the company’s stock, valued at $1,980,443.51. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 4.27% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Royce & Associates LP increased its position in Harmonic by 3.1% during the second quarter. Royce & Associates LP now owns 1,170,499 shares of the communications equipment provider’s stock valued at $6,145,000 after acquiring an additional 35,000 shares during the last quarter. OppenheimerFunds Inc. increased its position in Harmonic by 20.1% during the first quarter. OppenheimerFunds Inc. now owns 53,215 shares of the communications equipment provider’s stock valued at $317,000 after acquiring an additional 8,912 shares during the last quarter. Mackenzie Financial Corp increased its position in Harmonic by 18.4% during the first quarter. Mackenzie Financial Corp now owns 518,066 shares of the communications equipment provider’s stock valued at $3,082,000 after acquiring an additional 80,515 shares during the last quarter. Menta Capital LLC increased its position in Harmonic by 17.2% during the first quarter. Menta Capital LLC now owns 164,311 shares of the communications equipment provider’s stock valued at $978,000 after acquiring an additional 24,100 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its position in Harmonic by 7.5% during the first quarter. Ameriprise Financial Inc. now owns 431,160 shares of the communications equipment provider’s stock valued at $2,565,000 after acquiring an additional 30,105 shares during the last quarter. Institutional investors own 99.08% of the company’s stock.

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.

Get a free copy of the Zacks research report on Harmonic (HLIT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Harmonic Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Harmonic Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply