ValuEngine cut shares of Harmonic Inc. (NASDAQ:HLIT) from a sell rating to a strong sell rating in a research report report published on Friday.

Several other research analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of Harmonic from a hold rating to a strong sell rating in a research report on Tuesday, July 18th. BidaskClub downgraded shares of Harmonic from a hold rating to a sell rating in a research report on Wednesday, July 19th. TheStreet downgraded shares of Harmonic from a c- rating to a d+ rating in a research report on Wednesday, August 9th. Finally, Jefferies Group LLC reissued a hold rating and set a $4.00 price objective (up from $3.50) on shares of Harmonic in a research report on Tuesday, August 1st. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $5.67.

Harmonic (NASDAQ:HLIT) traded up 4.62% on Friday, reaching $3.40. 645,233 shares of the company were exchanged. Harmonic has a 52 week low of $3.18 and a 52 week high of $6.18. The stock’s market capitalization is $276.32 million. The stock has a 50-day moving average price of $3.77 and a 200 day moving average price of $5.05.

Harmonic (NASDAQ:HLIT) last posted its earnings results on Monday, July 31st. The communications equipment provider reported ($0.22) EPS for the quarter, beating the Zacks’ consensus estimate 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 net margin of 21.58% and a negative return on equity of 13.22%. The firm’s revenue for the quarter was down 24.9% compared to the same quarter last year. Analysts forecast that Harmonic will post ($0.42) earnings per share for the current year.

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In other Harmonic news, insider Patrick Harshman sold 7,979 shares of the firm’s stock in a transaction on Wednesday, August 16th. The shares were 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 approximately $1,980,443.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.27% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company increased its position in shares of Harmonic by 7.9% in the second quarter. The Manufacturers Life Insurance Company now owns 67,464 shares of the communications equipment provider’s stock valued at $354,000 after buying an additional 4,942 shares during the last quarter. State Street Corp increased its position in shares of Harmonic by 7.0% in the second quarter. State Street Corp now owns 1,961,470 shares of the communications equipment provider’s stock valued at $10,303,000 after buying an additional 129,086 shares during the last quarter. Voya Investment Management LLC increased its position in shares of Harmonic by 12.1% in the second quarter. Voya Investment Management LLC now owns 43,910 shares of the communications equipment provider’s stock valued at $231,000 after buying an additional 4,742 shares during the last quarter. Epoch Investment Partners Inc. increased its position in shares of Harmonic by 1.0% in the second quarter. Epoch Investment Partners Inc. now owns 5,012,838 shares of the communications equipment provider’s stock valued at $26,317,000 after buying an additional 52,062 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Harmonic by 0.9% in the second quarter. Dimensional Fund Advisors LP now owns 6,629,442 shares of the communications equipment provider’s stock valued at $34,805,000 after buying an additional 58,240 shares during the last quarter. 99.08% of the stock is currently owned by institutional investors.

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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