Zacks Investment Research cut shares of Harmonic Inc. (NASDAQ:HLIT) from a buy rating to a hold rating in a research note released on Tuesday morning.

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. “

A number of other analysts also recently weighed in on HLIT. Jefferies Group restated a hold rating and issued a $4.00 price objective (up from $3.50) on shares of Harmonic in a report on Monday, November 14th. Drexel Hamilton restated a buy rating and issued a $6.00 price objective on shares of Harmonic in a report on Thursday, November 10th. Finally, TheStreet upgraded Harmonic from a sell rating to a hold rating in a report on Tuesday, August 30th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $4.94.

Shares of Harmonic (NASDAQ:HLIT) opened at 4.70 on Tuesday. Harmonic has a one year low of $2.51 and a one year high of $6.13. The stock has a 50 day moving average price of $5.06 and a 200-day moving average price of $4.05. The company’s market capitalization is $368.23 million.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Wednesday, November 9th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by $0.04. The company had revenue of $101.40 million for the quarter, compared to analyst estimates of $107.24 million. Harmonic had a negative return on equity of 6.80% and a negative net margin of 18.23%. The company’s revenue was up 22.1% compared to the same quarter last year. On average, equities research analysts expect that Harmonic will post ($0.03) EPS for the current year.

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In related news, Director Nikos Theodosopoulos acquired 25,000 shares of the business’s stock in a transaction dated 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 transaction, the director now directly owns 40,831 shares of the company’s stock, valued at $193,947.25. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 4.27% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in HLIT. Price T Rowe Associates Inc. MD boosted its position in Harmonic by 17.6% in the third quarter. Price T Rowe Associates Inc. MD now owns 10,874,659 shares of the company’s stock worth $64,487,000 after buying an additional 1,626,476 shares during the period. Emerald Acquisition Ltd. bought a new position in Harmonic during the second quarter worth about $1,462,000. Eagle Asset Management Inc. bought a new position in Harmonic during the third quarter worth about $2,565,000. BlackRock Fund Advisors boosted its position in Harmonic by 7.8% in the third quarter. BlackRock Fund Advisors now owns 5,633,271 shares of the company’s stock worth $33,405,000 after buying an additional 409,531 shares during the period. Finally, Royce & Associates LP boosted its position in Harmonic by 16.1% in the second quarter. Royce & Associates LP now owns 2,074,257 shares of the company’s stock worth $5,912,000 after buying an additional 287,500 shares during the period. 95.27% of the stock is currently owned by institutional investors.

About Harmonic

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.

5 Day Chart for NASDAQ:HLIT

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