Harmonic Inc. (NASDAQ:HLIT) Receives $16.60 Average Price Target from Brokerages

Harmonic Inc. (NASDAQ:HLIT) has received an average rating of “Moderate Buy” from the six ratings firms that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $16.60.

A number of brokerages have commented on HLIT. Jefferies Financial Group reaffirmed a “hold” rating and issued a $15.00 price target on shares of Harmonic in a research note on Tuesday, May 12th. Needham & Company LLC raised their target price on shares of Harmonic from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Zacks Research raised shares of Harmonic from a “hold” rating to a “strong-buy” rating in a research note on Thursday, June 25th. Northland Securities set a $15.00 price target on shares of Harmonic in a report on Tuesday, May 12th. Finally, Barclays increased their price target on shares of Harmonic from $11.00 to $15.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 12th.

Harmonic Trading Down 2.7%

NASDAQ HLIT opened at $13.67 on Tuesday. Harmonic has a 1-year low of $7.80 and a 1-year high of $17.68. The company has a current ratio of 2.27, a quick ratio of 2.03 and a debt-to-equity ratio of 0.31. The stock has a 50-day moving average of $14.25 and a 200-day moving average of $11.48. The firm has a market cap of $1.48 billion, a PE ratio of -36.94 and a beta of 1.29.

Insider Transactions at Harmonic

In other news, Director Stephanie Copeland sold 4,300 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $13.30, for a total transaction of $57,190.00. Following the completion of the sale, the director directly owned 20,752 shares in the company, valued at approximately $276,001.60. This represents a 17.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Neven Haltmayer sold 31,766 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $13.24, for a total value of $420,581.84. Following the completion of the sale, the senior vice president directly owned 133,924 shares in the company, valued at $1,773,153.76. The trade was a 19.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.74% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of HLIT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Harmonic by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,664 shares of the communications equipment provider’s stock worth $630,000 after buying an additional 2,853 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Harmonic by 9.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 353,538 shares of the communications equipment provider’s stock valued at $3,390,000 after buying an additional 31,276 shares during the period. Jane Street Group LLC raised its holdings in shares of Harmonic by 978.5% during the first quarter. Jane Street Group LLC now owns 247,480 shares of the communications equipment provider’s stock valued at $2,373,000 after acquiring an additional 224,534 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Harmonic by 239.3% during the second quarter. American Century Companies Inc. now owns 110,892 shares of the communications equipment provider’s stock valued at $1,050,000 after acquiring an additional 78,214 shares in the last quarter. Finally, Norges Bank purchased a new stake in Harmonic in the second quarter worth $1,426,000. Institutional investors own 99.38% of the company’s stock.

About Harmonic

Harmonic Inc (NASDAQ:HLIT) is a leading provider of video delivery infrastructure that enables service providers, broadcasters and content owners to capture, process and distribute high‐quality video across broadcast, cable, satellite and IP networks. The company’s portfolio spans real‐time video compression solutions, including encoders and transcoders, as well as storage and server products designed for live production, playout and streaming on any device.

Harmonic’s product lines include cable edge QAM modules and set‐top video processing platforms for traditional pay‐TV operators, alongside cloud‐native software for over‐the‐top (OTT) delivery, origin servers and content delivery network (CDN) services.