Harmonic Inc. (NASDAQ:HLIT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday.

According to Zacks, “Harmonic provides the supply chain infrastructure – from production through delivery – that enables media companies to engage and prosper in today’s demanding and ever-changing video economy. 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. Its Cable Edge business sells cable edge solutions and related services to cable operators around the world. The Video segment offers a range of products and solutions, as well as software-based media processing platforms. Its products enable customers to create, prepare, and deliver a range of video and broadband services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones. “

A number of other equities analysts have also recently weighed in on the stock. ValuEngine cut shares of Harmonic from a “hold” rating to a “sell” rating in a research report on Monday, October 2nd. Jefferies Group LLC reissued a “hold” rating and issued a $3.50 price objective on shares of Harmonic in a research report on Sunday, September 10th. TheStreet cut shares of Harmonic from a “c-” rating to a “d+” rating in a research report on Wednesday, August 9th. Finally, BidaskClub cut shares of Harmonic from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. Harmonic presently has an average rating of “Hold” and an average target price of $5.06.

Shares of Harmonic (HLIT) opened at 3.05 on Friday. The firm has a 50-day moving average price of $3.10 and a 200-day moving average price of $4.58. The firm’s market capitalization is $247.88 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, beating analysts’ consensus estimates 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 net margin of 21.58% and a negative return on equity of 13.22%. The firm’s revenue was down 24.9% on a year-over-year basis. On average, 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 stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $3.47, for a total transaction of $27,687.13. Following the transaction, the insider now owns 570,733 shares of the company’s stock, valued at $1,980,443.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.27% of the company’s stock.

Several hedge funds have recently modified their holdings of HLIT. Municipal Employees Retirement System of Michigan lifted 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 last quarter. Mason Street Advisors LLC lifted 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 last quarter. Sei Investments Co. bought a new position in shares of Harmonic during the second quarter worth about $142,000. Louisiana State Employees Retirement System lifted 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 last quarter. Finally, BNP Paribas Arbitrage SA lifted 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 last quarter. 99.08% of the stock is currently owned by institutional investors and hedge funds.

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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