Harmonic Inc. (NASDAQ:HLIT – Get Rating) CFO Sanjay Kalra sold 53,585 shares of the business’s stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $11.36, for a total value of $608,725.60. Following the completion of the sale, the chief financial officer now owns 96,419 shares in the company, valued at approximately $1,095,319.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.
Harmonic Stock Performance
Shares of HLIT stock traded down $0.16 during trading on Monday, reaching $11.06. 359,525 shares of the company’s stock were exchanged, compared to its average volume of 731,352. The company has a quick ratio of 1.15, a current ratio of 1.52 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $1.16 billion, a PE ratio of 34.56 and a beta of 1.02. Harmonic Inc. has a twelve month low of $8.25 and a twelve month high of $12.22. The firm’s fifty day moving average price is $10.09 and its 200-day moving average price is $9.46.
Harmonic (NASDAQ:HLIT – Get Rating) last posted its earnings results on Monday, August 1st. The communications equipment provider reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.07. The business had revenue of $157.45 million for the quarter, compared to analyst estimates of $150.08 million. Harmonic had a return on equity of 10.46% and a net margin of 5.91%. The firm’s revenue was up 38.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.01 EPS. As a group, sell-side analysts anticipate that Harmonic Inc. will post 0.27 EPS for the current year.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in HLIT. Trigran Investments Inc. grew its holdings in Harmonic by 54.0% in the 1st quarter. Trigran Investments Inc. now owns 5,621,899 shares of the communications equipment provider’s stock valued at $52,228,000 after buying an additional 1,970,863 shares in the last quarter. Leeward Investments LLC MA bought a new stake in shares of Harmonic during the 1st quarter valued at $14,264,000. Millennium Management LLC lifted 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. Invesco Ltd. lifted its position in shares of Harmonic by 103.0% during the 4th quarter. Invesco Ltd. now owns 1,098,615 shares of the communications equipment provider’s stock valued at $12,920,000 after acquiring an additional 557,496 shares during the period. Finally, Assenagon Asset Management S.A. lifted its position in shares of Harmonic by 75.5% during the 1st quarter. Assenagon Asset Management S.A. now owns 1,093,604 shares of the communications equipment provider’s stock valued at $10,160,000 after acquiring an additional 470,299 shares during the period. 98.14% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several research firms have commented on HLIT. Needham & Company LLC boosted their target price on Harmonic from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, August 2nd. Barclays upped their price objective on Harmonic from $13.00 to $14.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 2nd. TheStreet upgraded Harmonic from a “c+” rating to a “b+” rating in a research note on Monday, August 1st. StockNews.com upgraded Harmonic from a “hold” rating to a “buy” rating in a research note on Wednesday, May 4th. Finally, Raymond James upped their price objective on Harmonic from $12.00 to $13.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 2nd. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $15.17.
Harmonic Company Profile
Harmonic Inc, together with its subsidiaries, provide video delivery software, products, system solutions, and services worldwide. The company operates in two segments, Video and Cable Access. The Video segment sells video processing, production, and playout solutions and services to cable operators, and satellite and telecommunications Pay-TV service providers, as well as to broadcast and media, including streaming media companies.