Harmonic Inc. (NASDAQ:HLIT) was downgraded by ValuEngine from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Monday.

Other equities research analysts have also recently issued research reports about the company. Zacks Investment Research upgraded Harmonic from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 4th. BidaskClub cut shares of Harmonic from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Jefferies Group LLC reaffirmed a “hold” rating and set a $4.00 price target (up from $3.50) on shares of Harmonic in a research note on Tuesday, August 1st. Finally, TheStreet cut shares of Harmonic from a “c-” rating to a “d+” rating in a research note on Wednesday, August 9th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $5.50.

Harmonic (HLIT) traded up 3.28% during mid-day trading on Monday, hitting $3.15. The stock had a trading volume of 439,839 shares. The company has a 50-day moving average price of $3.14 and a 200 day moving average price of $4.64. The company’s market cap is $256.01 million. Harmonic has a 1-year low of $2.80 and a 1-year high of $6.18.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings data on Monday, July 31st. The communications equipment provider reported ($0.22) earnings per share 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 analysts’ expectations of $80.88 million. Harmonic had a negative return on equity of 13.22% and a negative net margin of 21.58%. Harmonic’s quarterly revenue was down 24.9% compared to the same quarter last year. Equities research analysts forecast that Harmonic will post ($0.42) EPS for the current fiscal year.

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In other news, insider Patrick Harshman sold 7,979 shares of the firm’s stock in a transaction dated 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 owns 570,733 shares in the company, valued at approximately $1,980,443.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.53% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HLIT. The Manufacturers Life Insurance Company boosted its position in Harmonic by 7.9% during 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 purchasing an additional 4,942 shares during the last quarter. 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. Voya Investment Management LLC grew its stake in 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 purchasing an additional 4,742 shares in the last quarter. Epoch Investment Partners Inc. grew its stake in 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 purchasing an additional 52,062 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in 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 purchasing an additional 58,240 shares in the last quarter. Institutional investors and hedge funds own 99.08% of the company’s stock.

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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