Zacks Investment Research downgraded shares of Harmonic (NASDAQ:HLIT) from a buy rating to a hold rating in a research report released on Wednesday.

According to Zacks, “Harmonic Inc. enables media companies and service providers to deliver ultra-high-quality broadcast and OTT video services to consumers globally.The company has also revolutionized cable access networking via the industry’s first virtualized CCAP solution, enabling cable operators to more flexibly deploy gigabit internet service to consumers’ homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software-as-a-service (SaaS) technologies, or powering the delivery of gigabit internet cable services, Harmonic is changing the way media companies and service providers monetize live and VOD content on every screen. “

Several other brokerages have also weighed in on HLIT. Northland Securities set a $6.00 price objective on shares of Harmonic and gave the company a buy rating in a report on Tuesday, October 17th. Jefferies Group restated a hold rating and issued a $3.50 price objective on shares of Harmonic in a report on Sunday, September 10th. Dougherty & Co restated a buy rating and issued a $6.50 price objective on shares of Harmonic in a report on Monday, October 23rd. BidaskClub upgraded shares of Harmonic from a sell rating to a hold rating in a report on Tuesday, December 12th. Finally, ValuEngine upgraded shares of Harmonic from a sell rating to a hold rating in a report on Friday, December 1st. One analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $5.06.

Shares of Harmonic (NASDAQ HLIT) traded up $0.10 during midday trading on Wednesday, reaching $4.05. 622,900 shares of the company traded hands, compared to its average volume of 571,733. Harmonic has a fifty-two week low of $2.80 and a fifty-two week high of $6.18. The firm has a market capitalization of $343.38, a price-to-earnings ratio of -3.97 and a beta of 1.05. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.20 and a quick ratio of 0.99.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings data on Monday, October 30th. The communications equipment provider reported ($0.01) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.07. Harmonic had a negative net margin of 22.02% and a negative return on equity of 13.06%. The business had revenue of $92.00 million for the quarter, compared to analyst estimates of $85.63 million. During the same period in the prior year, the business posted ($0.01) earnings per share. Harmonic’s revenue was down 9.3% compared to the same quarter last year. equities research analysts anticipate that Harmonic will post -0.51 earnings per share for the current fiscal year.

In other Harmonic news, SVP Bart Spriester sold 8,004 shares of the stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $3.81, for a total value of $30,495.24. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Neven Haltmayer sold 8,311 shares of the stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $3.81, for a total transaction of $31,664.91. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,933 shares of company stock worth $98,389. Company insiders own 4.27% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of HLIT. Vanguard Group Inc. raised its holdings in Harmonic by 3.6% in the second quarter. Vanguard Group Inc. now owns 5,803,837 shares of the communications equipment provider’s stock worth $30,470,000 after purchasing an additional 203,002 shares during the period. Schwab Charles Investment Management Inc. raised its holdings in shares of Harmonic by 21.6% during the third quarter. Schwab Charles Investment Management Inc. now owns 936,171 shares of the communications equipment provider’s stock worth $2,856,000 after acquiring an additional 166,398 shares during the period. State Street Corp raised its holdings in shares of Harmonic by 7.0% during the second quarter. State Street Corp now owns 1,961,470 shares of the communications equipment provider’s stock worth $10,303,000 after acquiring an additional 129,086 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Harmonic during the third quarter worth $190,000. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Harmonic by 0.9% during the second quarter. Dimensional Fund Advisors LP now owns 6,629,442 shares of the communications equipment provider’s stock worth $34,805,000 after acquiring an additional 58,240 shares during the period. Institutional investors own 95.98% of the company’s stock.

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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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