Harmonic (NASDAQ:HLIT) Sees Strong Trading Volume

Shares of Harmonic Inc. (NASDAQ:HLIT) saw strong trading volume on Friday . 5,654,063 shares changed hands during trading, an increase of 183% from the previous session’s volume of 1,994,623 shares.The stock last traded at $9.31 and had previously closed at $9.20.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Needham & Company LLC reiterated a “buy” rating and set a $18.00 target price on shares of Harmonic in a report on Wednesday, April 17th. StockNews.com upgraded Harmonic from a “sell” rating to a “hold” rating in a report on Wednesday, February 28th. TheStreet upgraded Harmonic from a “c” rating to a “b” rating in a report on Monday, January 29th. Rosenblatt Securities cut their price target on Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, January 30th. Finally, Raymond James cut their price target on Harmonic from $19.00 to $18.00 and set a “strong-buy” rating on the stock in a report on Tuesday, January 30th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $17.20.

Harmonic Stock Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 1.21 and a quick ratio of 0.91. The business has a 50-day moving average of $12.25 and a 200-day moving average of $11.74. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of 12.96 and a beta of 0.84.

Harmonic (NASDAQ:HLIT) last released its earnings results on Monday, January 29th. The communications equipment provider reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.03. The business had revenue of $167.10 million for the quarter, compared to the consensus estimate of $158.98 million. Harmonic had a return on equity of 4.71% and a net margin of 13.82%. Harmonic’s quarterly revenue was up 1.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.12 earnings per share. Research analysts anticipate that Harmonic Inc. will post 0.32 EPS for the current year.

Insider Activity at Harmonic

In related news, SVP Neven Haltmayer sold 14,747 shares of Harmonic stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $13.68, for a total value of $201,738.96. Following the sale, the senior vice president now owns 156,559 shares of the company’s stock, valued at $2,141,727.12. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Harmonic news, SVP Neven Haltmayer sold 14,747 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $13.68, for a total transaction of $201,738.96. Following the transaction, the senior vice president now owns 156,559 shares of the company’s stock, valued at $2,141,727.12. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Nimrod Ben-Natan sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $12.91, for a total value of $1,291,000.00. Following the transaction, the senior vice president now directly owns 302,214 shares in the company, valued at approximately $3,901,582.74. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 150,000 shares of company stock valued at $1,917,122. 2.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Harmonic

A number of institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC bought a new stake in shares of Harmonic during the third quarter worth approximately $299,000. Exchange Traded Concepts LLC bought a new stake in shares of Harmonic during the third quarter worth approximately $522,000. Harbor Capital Advisors Inc. boosted its holdings in shares of Harmonic by 41.4% during the third quarter. Harbor Capital Advisors Inc. now owns 27,212 shares of the communications equipment provider’s stock worth $262,000 after acquiring an additional 7,962 shares during the period. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Harmonic by 551.3% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 122,937 shares of the communications equipment provider’s stock worth $1,184,000 after acquiring an additional 104,061 shares during the period. Finally, Inspire Investing LLC boosted its holdings in shares of Harmonic by 65.8% during the third quarter. Inspire Investing LLC now owns 32,184 shares of the communications equipment provider’s stock worth $310,000 after acquiring an additional 12,778 shares during the period. Institutional investors and hedge funds 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.