Northland Securities Analysts Give Harmonic Inc. (HLIT) a $6.00 Price Target
Harmonic Inc. (NASDAQ:HLIT) received a $6.00 price target from Northland Securities in a note issued to investors on Tuesday. The firm currently has a “buy” rating on the communications equipment provider’s stock. Northland Securities’ price target would suggest a potential upside of 87.50% from the company’s current price.
Several other analysts also recently weighed in on the company. Zacks Investment Research downgraded Harmonic from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 18th. BidaskClub downgraded Harmonic from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. ValuEngine downgraded Harmonic from a “hold” rating to a “sell” rating in a research note on Friday, August 4th. Jefferies Group LLC reissued a “hold” rating and issued a $3.50 price objective on shares of Harmonic in a research note on Sunday, September 10th. Finally, TheStreet downgraded Harmonic from a “c-” rating to a “d+” rating in a research note on Wednesday, August 9th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $5.25.
Harmonic (HLIT) traded down 2.344% during midday trading on Tuesday, hitting $3.125. The stock had a trading volume of 25,007 shares. The firm’s market cap is $253.98 million. Harmonic has a one year low of $2.80 and a one year high of $6.18. The stock has a 50-day moving average price of $3.08 and a 200 day moving average price of $4.47.
Harmonic (NASDAQ:HLIT) last announced its earnings results on Monday, July 31st. The communications equipment provider reported ($0.22) earnings per share for the quarter, beating the 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 return on equity of 13.22% and a negative net margin of 21.58%. The company’s revenue was down 24.9% compared to the same quarter last year. On average, analysts predict that Harmonic will post ($0.42) earnings per share for the current year.
In other news, insider Patrick Harshman sold 7,979 shares of the business’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $3.47, for a total value of $27,687.13. Following the sale, the insider now owns 570,733 shares of the company’s stock, valued at approximately $1,980,443.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.53% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently bought and sold shares of HLIT. Mason Street Advisors LLC raised its position in shares of Harmonic by 9.0% during the first quarter. Mason Street Advisors LLC now owns 18,654 shares of the communications equipment provider’s stock worth $111,000 after purchasing an additional 1,534 shares during the period. Municipal Employees Retirement System of Michigan raised its position in shares of Harmonic by 5.6% during the second quarter. Municipal Employees Retirement System of Michigan now owns 19,030 shares of the communications equipment provider’s stock worth $100,000 after purchasing an additional 1,010 shares during the period. Sei Investments Co. acquired a new stake in shares of Harmonic during the second quarter worth $142,000. Louisiana State Employees Retirement System raised its position in shares of Harmonic by 0.9% during the second quarter. Louisiana State Employees Retirement System now owns 32,800 shares of the communications equipment provider’s stock worth $172,000 after purchasing an additional 300 shares during the period. Finally, BNP Paribas Arbitrage SA raised its position in shares of Harmonic by 36.3% during the second quarter. BNP Paribas Arbitrage SA now owns 35,456 shares of the communications equipment provider’s stock worth $186,000 after purchasing an additional 9,437 shares during the period. 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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