Harmonic Inc. (NASDAQ:HLIT – Get Rating) shares traded down 7.8% during mid-day trading on Monday after an insider sold shares in the company. The stock traded as low as $13.86 and last traded at $13.86. 18,836 shares changed hands during trading, a decline of 98% from the average session volume of 1,013,662 shares. The stock had previously closed at $15.03.Specifically, CEO Patrick Harshman sold 150,000 shares of the company’s stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $12.00, for a total value of $1,800,000.00. Following the sale, the chief executive officer now directly owns 428,173 shares of the company’s stock, valued at approximately $5,138,076. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Harmonic news, SVP Nimrod Ben-Natan sold 149,835 shares of the stock in a transaction dated Thursday, November 3rd. The shares were sold at an average price of $14.07, for a total value of $2,108,178.45. Following the transaction, the senior vice president now directly owns 298,576 shares of the company’s stock, valued at approximately $4,200,964.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Patrick Harshman sold 150,000 shares of the stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $12.00, for a total transaction of $1,800,000.00. Following the completion of the transaction, the chief executive officer now directly owns 428,173 shares in the company, valued at $5,138,076. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 380,822 shares of company stock valued at $5,103,390. 3.50% of the stock is owned by company insiders.
Analysts Set New Price Targets
A number of brokerages have issued reports on HLIT. Raymond James increased their target price on shares of Harmonic from $13.00 to $18.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 1st. Rosenblatt Securities increased their target price on shares of Harmonic from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Wednesday, October 19th. Barclays increased their target price on shares of Harmonic from $14.00 to $17.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 1st. Needham & Company LLC increased their target price on shares of Harmonic from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Friday, September 16th. Finally, StockNews.com lowered shares of Harmonic from a “buy” rating to a “hold” rating in a research report on Thursday, November 3rd. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $17.33.
Harmonic Price Performance
The company has a current ratio of 1.52, a quick ratio of 1.07 and a debt-to-equity ratio of 0.41. The firm has a market cap of $1.45 billion, a price-to-earnings ratio of 35.72 and a beta of 0.84. The company’s 50-day moving average is $14.03 and its 200-day moving average is $11.51.
Harmonic (NASDAQ:HLIT – Get Rating) last posted its quarterly earnings results on Monday, October 31st. The communications equipment provider reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.03. The business had revenue of $155.70 million for the quarter, compared to analyst estimates of $153.27 million. Harmonic had a net margin of 6.80% and a return on equity of 11.89%. The firm’s revenue for the quarter was up 23.3% on a year-over-year basis. During the same quarter last year, the business posted $0.03 EPS. Equities research analysts predict that Harmonic Inc. will post 0.32 earnings per share for the current year.
Institutional Trading of Harmonic
A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in Harmonic by 0.5% in the first quarter. BlackRock Inc. now owns 16,004,878 shares of the communications equipment provider’s stock valued at $148,685,000 after buying an additional 72,246 shares in the last quarter. Vanguard Group Inc. boosted its position in Harmonic by 5.5% in the third quarter. Vanguard Group Inc. now owns 7,459,977 shares of the communications equipment provider’s stock valued at $97,501,000 after buying an additional 389,000 shares in the last quarter. Trigran Investments Inc. boosted its position in Harmonic by 13.0% in the third quarter. Trigran Investments Inc. now owns 6,835,062 shares of the communications equipment provider’s stock valued at $89,334,000 after buying an additional 784,597 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Harmonic by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 4,768,594 shares of the communications equipment provider’s stock valued at $44,300,000 after buying an additional 51,817 shares in the last quarter. Finally, State Street Corp boosted its position in Harmonic by 2.1% in the third quarter. State Street Corp now owns 3,282,322 shares of the communications equipment provider’s stock valued at $42,900,000 after buying an additional 68,405 shares in the last quarter. Institutional investors and hedge funds own 97.62% of the company’s stock.
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.