Harmonic (NASDAQ:HLIT) Shares Gap Down to $13.14

Harmonic Inc. (NASDAQ:HLIT - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $13.14, but opened at $12.21. Harmonic shares last traded at $11.56, with a volume of 411,060 shares.

Analysts Set New Price Targets

Several analysts have commented on the stock. TheStreet upgraded shares of Harmonic from a "c" rating to a "b" rating in a report on Monday, January 29th. Needham & Company LLC restated a "buy" rating and issued a $18.00 price objective on shares of Harmonic in a report on Tuesday. Rosenblatt Securities lowered their price objective on shares of Harmonic from $18.00 to $16.00 and set a "buy" rating for the company in a report on Tuesday, January 30th. StockNews.com upgraded shares of Harmonic from a "sell" rating to a "hold" rating in a report on Wednesday, February 28th. Finally, Raymond James lowered their target price on shares of Harmonic from $19.00 to $18.00 and set a "strong-buy" rating for the company in a report on Tuesday, January 30th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Harmonic presently has an average rating of "Buy" and a consensus target price of $17.20.

Harmonic Stock Down 14.6 %

The company's fifty day moving average price is $13.09 and its 200-day moving average price is $11.72. The stock has a market capitalization of $1.26 billion, a PE ratio of 15.80 and a beta of 0.84. The company has a quick ratio of 0.91, a current ratio of 1.21 and a debt-to-equity ratio of 0.02.

Harmonic (NASDAQ:HLIT - Get Free Report) last announced its quarterly earnings data on Monday, January 29th. The communications equipment provider reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.10 by $0.03. Harmonic had a net margin of 13.82% and a return on equity of 4.71%. The company had revenue of $167.10 million during the quarter, compared to analyst estimates of $158.98 million. During the same period in the previous year, the business earned $0.12 EPS. The firm's revenue for the quarter was up 1.7% on a year-over-year basis. Analysts forecast that Harmonic Inc. will post 0.35 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP Neven Haltmayer sold 24,695 shares of the business's stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $11.58, for a total value of $285,968.10. Following the completion of the transaction, the senior vice president now directly owns 181,864 shares in the company, valued at approximately $2,105,985.12. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Harmonic news, SVP Neven Haltmayer sold 24,695 shares of Harmonic stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $11.58, for a total value of $285,968.10. Following the completion of the sale, the senior vice president now owns 181,864 shares of the company's stock, valued at approximately $2,105,985.12. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Nimrod Ben-Natan sold 100,000 shares of Harmonic stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $12.91, for a total transaction of $1,291,000.00. Following the completion of the sale, the senior vice president now directly owns 302,214 shares of the company's stock, valued at approximately $3,901,582.74. The disclosure for this sale can be found here. Insiders sold a total of 150,000 shares of company stock worth $1,917,122 in the last three months. Insiders own 2.20% of the company's stock.

Institutional Investors Weigh In On Harmonic

A number of large investors have recently added to or reduced their stakes in HLIT. Trigran Investments Inc. grew its position in Harmonic by 38.5% in the 3rd quarter. Trigran Investments Inc. now owns 9,636,809 shares of the communications equipment provider's stock worth $92,802,000 after purchasing an additional 2,677,338 shares during the period. Scopia Capital Management LP grew its position in Harmonic by 78.5% in the 3rd quarter. Scopia Capital Management LP now owns 5,649,163 shares of the communications equipment provider's stock worth $54,401,000 after purchasing an additional 2,484,825 shares during the period. Westfield Capital Management Co. LP bought a new stake in shares of Harmonic during the 4th quarter valued at $19,257,000. Millennium Management LLC grew its position in shares of Harmonic by 276.3% during the 2nd quarter. Millennium Management LLC now owns 1,837,589 shares of the communications equipment provider's stock valued at $15,932,000 after acquiring an additional 1,349,242 shares during the period. Finally, Wolf Hill Capital Management LP bought a new stake in shares of Harmonic during the 4th quarter valued at $16,879,000. Institutional investors own 99.38% of the company's stock.

About Harmonic

Harmonic Inc, together with its subsidiaries, provides broadband solutions worldwide. The company operates through Broadband and Video segments. The Broadband segment sells broadband access solutions and related services, including cOS software-based broadband access solutions to broadband operators; and cOS central cloud services, a subscription service for cOS customers.