Harmonic Inc. (NASDAQ:HLIT) SVP Sells $577,393.50 in Stock

Harmonic Inc. (NASDAQ:HLIT) SVP Ian Graham sold 52,730 shares of Harmonic stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $10.95, for a total value of $577,393.50. Following the transaction, the senior vice president now directly owns 63,616 shares in the company, valued at approximately $696,595.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Harmonic Price Performance

Shares of Harmonic stock traded down $0.12 during trading on Monday, reaching $10.84. The company’s stock had a trading volume of 1,106,032 shares, compared to its average volume of 2,089,830. The company has a quick ratio of 0.78, a current ratio of 1.09 and a debt-to-equity ratio of 0.03. Harmonic Inc. has a 12-month low of $8.80 and a 12-month high of $18.43. The company has a market capitalization of $1.22 billion, a P/E ratio of 18.27 and a beta of 0.90. The business has a 50 day moving average price of $11.98 and a 200-day moving average price of $11.79.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings results on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). The business had revenue of $122.06 million during the quarter, compared to analysts’ expectations of $121.70 million. Harmonic had a net margin of 12.37% and a return on equity of 1.35%. The firm’s quarterly revenue was down 22.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.06 earnings per share. As a group, sell-side analysts anticipate that Harmonic Inc. will post 0.36 EPS for the current year.

Institutional Trading of Harmonic

Institutional investors have recently bought and sold shares of the company. Silverberg Bernstein Capital Management LLC acquired a new position in shares of Harmonic in the fourth quarter worth $10,481,000. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Harmonic by 551.3% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 122,937 shares of the communications equipment provider’s stock worth $1,184,000 after acquiring an additional 104,061 shares during the last quarter. DigitalBridge Group Inc. raised its holdings in shares of Harmonic by 126.4% in the third quarter. DigitalBridge Group Inc. now owns 932,096 shares of the communications equipment provider’s stock worth $8,976,000 after acquiring an additional 520,369 shares during the last quarter. Jupiter Asset Management Ltd. raised its holdings in shares of Harmonic by 247.7% in the third quarter. Jupiter Asset Management Ltd. now owns 168,194 shares of the communications equipment provider’s stock worth $1,620,000 after acquiring an additional 119,815 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Harmonic by 9.9% in the third quarter. Vanguard Group Inc. now owns 9,396,603 shares of the communications equipment provider’s stock worth $90,489,000 after acquiring an additional 847,808 shares during the last quarter. 99.38% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on HLIT. TheStreet raised Harmonic from a “c” rating to a “b” rating in a research report on Monday, January 29th. Needham & Company LLC reissued a “buy” rating and issued a $18.00 target price on shares of Harmonic in a report on Tuesday, April 30th. Rosenblatt Securities dropped their target price on Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, January 30th. Raymond James dropped their target price on Harmonic from $19.00 to $18.00 and set a “strong-buy” rating on the stock in a report on Tuesday, January 30th. Finally, StockNews.com raised Harmonic from a “sell” rating to a “hold” rating in a report on Wednesday, February 28th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $17.20.

About Harmonic

Harmonic Inc, together with its subsidiaries, provides broadband solutions worldwide. The company operates through Broadband and Video segments. The Broadband segment sells broadband access solutions and related services, including cOS software-based broadband access solutions to broadband operators; and cOS central cloud services, a subscription service for cOS customers.