Zacks Investment Research Upgrades Harmonic Inc. (HLIT) to Hold

Zacks Investment Research upgraded shares of Harmonic Inc. (NASDAQ:HLIT) from a strong sell rating to a hold rating in a report released on Wednesday, September 13th.

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 research analysts also recently issued reports on the company. BidaskClub downgraded Harmonic from a hold rating to a sell rating in a report on Wednesday, July 19th. ValuEngine downgraded Harmonic from a hold rating to a sell rating in a report on Friday, August 4th. Jefferies Group LLC reiterated a hold rating and set a $4.00 price objective (up from $3.50) on shares of Harmonic in a report on Tuesday, August 1st. Finally, TheStreet downgraded Harmonic from a c- rating to a d+ rating in a report on Wednesday, August 9th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $5.50.

Shares of Harmonic (HLIT) traded up 3.45% on Wednesday, hitting $3.00. 378,858 shares of the company were exchanged. Harmonic has a 52-week low of $2.80 and a 52-week high of $6.18. The company has a 50-day moving average price of $3.35 and a 200 day moving average price of $4.82. The firm’s market cap is $243.82 million.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, July 31st. The communications equipment provider reported ($0.22) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.02. The company had revenue of $82.30 million during 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 firm’s revenue for the quarter was down 24.9% compared to the same quarter last year. Analysts predict that Harmonic will post ($0.42) EPS for the current fiscal year.

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In other Harmonic news, insider Patrick Harshman sold 7,979 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 570,733 shares in the company, valued at $1,980,443.51. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 4.27% of the stock is owned by company insiders.

A number of hedge funds have recently bought and sold shares of HLIT. Wellington Management Group LLP grew its stake in Harmonic by 118.7% in the first quarter. Wellington Management Group LLP now owns 3,742,068 shares of the communications equipment provider’s stock valued at $22,265,000 after purchasing an additional 2,031,135 shares in the last quarter. Netols Asset Management Inc. bought a new position in Harmonic in the first quarter valued at approximately $4,706,000. Russell Investments Group Ltd. grew its stake in Harmonic by 69.2% in the first quarter. Russell Investments Group Ltd. now owns 780,775 shares of the communications equipment provider’s stock valued at $4,645,000 after purchasing an additional 319,289 shares in the last quarter. Vanguard Group Inc. grew its stake 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 valued at $30,470,000 after purchasing an additional 203,002 shares in the last quarter. Finally, State Street Corp grew its stake in 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 purchasing an additional 129,086 shares in the last quarter. Hedge funds and other institutional investors own 99.08% of the company’s stock.

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.

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