Harmonic Inc. (NASDAQ:HLIT) Receives Consensus Rating of "Hold" from Brokerages

Key Points

• Analysts have a consensus “Hold” rating on Harmonic, with one sell, three hold and two buy recommendations. The average 12-month price target is $16.60, compared with the stock’s recent opening price of $11.55.
• Recent analyst actions were mixed: Zacks Research downgraded the stock to “Hold,” while Rosenblatt Securities and Needham maintained or issued “Buy” ratings, with Needham raising its price target to $18.
• Two company insiders sold shares in May, reducing their individual holdings by roughly 17% to 19%; institutional investors and hedge funds collectively own 99.38% of Harmonic’s stock.

Shares of Harmonic Inc. (NASDAQ:HLIT - Get Free Report) have received an average recommendation of "Hold" from the six analysts that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and two have given a buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $16.60.

Several research firms recently commented on HLIT. Zacks Research downgraded shares of Harmonic from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 24th. Wall Street Zen downgraded shares of Harmonic from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Rosenblatt Securities reiterated a "buy" rating and set a $20.00 price target on shares of Harmonic in a report on Monday, June 15th. Weiss Ratings upgraded Harmonic from a "sell (d)" rating to a "sell (d+)" rating in a report on Friday, July 17th. Finally, Needham & Company LLC increased their price objective on Harmonic from $17.00 to $18.00 and gave the company a "buy" rating in a report on Tuesday, May 12th.

Insider Activity

In related news, Director Stephanie Copeland sold 4,300 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $13.30, for a total value of $57,190.00. Following the sale, the director directly owned 20,752 shares in the company, valued at $276,001.60. This represents a 17.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Neven Haltmayer sold 31,766 shares of the company's stock in a transaction that occurred on Wednesday, May 13th. The shares were 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 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 disclosure for this sale is available in the SEC filing. Corporate insiders own 1.74% of the company's stock.

Institutional Investors Weigh In On Harmonic

Several large investors have recently modified their holdings of the company. iSAM Funds UK Ltd acquired a new position in Harmonic in the third quarter valued at $49,000. Global Retirement Partners LLC grew its holdings in Harmonic by 23,193.5% during the 4th quarter. Global Retirement Partners LLC now owns 7,221 shares of the communications equipment provider's stock worth $71,000 after acquiring an additional 7,190 shares during the period. KBC Group NV grew its holdings in Harmonic by 130.7% during the 4th quarter. KBC Group NV now owns 7,476 shares of the communications equipment provider's stock worth $74,000 after acquiring an additional 4,236 shares during the period. Public Employees Retirement System of Ohio bought a new position in shares of Harmonic in the 1st quarter worth about $75,000. Finally, Royal Bank of Canada lifted its stake in shares of Harmonic by 64.6% in the 4th quarter. Royal Bank of Canada now owns 7,645 shares of the communications equipment provider's stock valued at $75,000 after purchasing an additional 3,000 shares during the period. 99.38% of the stock is currently owned by institutional investors and hedge funds.

Harmonic Stock Performance

Shares of HLIT stock opened at $11.55 on Friday. The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of -31.22 and a beta of 1.29. 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 business's 50-day moving average price is $13.99 and its 200-day moving average price is $11.66. Harmonic has a 12 month low of $8.25 and a 12 month high of $17.68.

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.

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