Harmonic Inc. (HLIT) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Harmonic Inc. (NASDAQ:HLIT) from a buy rating to a hold rating in a report published on Tuesday.

According to Zacks, “Harmonic provides the supply chain infrastructure – from production through delivery – that enables media companies to engage and prosper in today’s demanding and ever-changing video economy. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers. Its Cable Edge business sells cable edge solutions and related services to cable operators around the world. The Video segment offers a range of products and solutions, as well as software-based media processing platforms. Its products enable customers to create, prepare, and deliver a range of video and broadband services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones. “

HLIT has been the subject of several other research reports. ValuEngine lowered Harmonic from a hold rating to a sell rating in a research note on Monday, October 2nd. BidaskClub lowered Harmonic from a hold rating to a sell rating in a research note on Wednesday, July 19th. TheStreet lowered Harmonic from a c- rating to a d+ rating in a research note on Wednesday, August 9th. Jefferies Group LLC reissued a hold rating and set a $3.50 price objective on shares of Harmonic in a research note on Sunday, September 10th. Finally, Northland Securities set a $6.00 price objective on Harmonic and gave the company a buy rating in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $5.25.

Harmonic (HLIT) traded down 0.847% during trading on Tuesday, hitting $2.925. The stock had a trading volume of 314,814 shares. Harmonic has a 52 week low of $2.80 and a 52 week high of $6.18. The stock’s market capitalization is $237.72 million. The company has a 50-day moving average of $3.06 and a 200-day moving average of $4.41.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings data on Monday, July 31st. The communications equipment provider reported ($0.22) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.24) by $0.02. The company had revenue of $82.30 million during the quarter, compared to analyst estimates of $80.88 million. Harmonic had a negative return on equity of 13.22% and a negative net margin of 21.58%. The company’s quarterly revenue was down 24.9% compared to the same quarter last year. On average, equities analysts expect that Harmonic will post ($0.42) earnings per share for the current fiscal year.

TRADEMARK VIOLATION NOTICE: “Harmonic Inc. (HLIT) Downgraded by Zacks Investment Research” was posted by Week Herald and is the property of of Week Herald. If you are reading this report on another site, it was stolen and republished in violation of international trademark and copyright legislation. The legal version of this report can be read at https://weekherald.com/2017/10/20/harmonic-inc-hlit-downgraded-by-zacks-investment-research.html.

In other Harmonic news, insider Patrick Harshman sold 7,979 shares of Harmonic stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $3.47, for a total transaction of $27,687.13. Following the completion of the sale, the insider now owns 570,733 shares of the company’s stock, valued at $1,980,443.51. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 4.27% of the company’s stock.

A number of hedge funds have recently modified their holdings of HLIT. Wellington Management Group LLP lifted its stake in Harmonic by 118.7% during the first quarter. Wellington Management Group LLP now owns 3,742,068 shares of the communications equipment provider’s stock worth $22,265,000 after purchasing an additional 2,031,135 shares during the last quarter. Vanguard Group Inc. lifted its stake in Harmonic by 3.6% during the second quarter. Vanguard Group Inc. now owns 5,803,837 shares of the communications equipment provider’s stock worth $30,470,000 after purchasing an additional 203,002 shares during the last quarter. State Street Corp lifted its stake in Harmonic by 7.0% during the second quarter. State Street Corp now owns 1,961,470 shares of the communications equipment provider’s stock worth $10,303,000 after purchasing an additional 129,086 shares during the last quarter. Bank of America Corp DE lifted its stake in Harmonic by 13.3% during the first quarter. Bank of America Corp DE now owns 747,733 shares of the communications equipment provider’s stock worth $4,448,000 after purchasing an additional 87,702 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its stake in Harmonic by 10.5% during the first quarter. Schwab Charles Investment Management Inc. now owns 813,106 shares of the communications equipment provider’s stock worth $4,838,000 after purchasing an additional 77,305 shares during the last quarter. 99.08% of the stock is owned by hedge funds and other institutional investors.

About Harmonic

Harmonic Inc (Harmonic) designs, manufactures and sells video infrastructure products, and system solutions. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers.

Get a free copy of the Zacks research report on Harmonic (HLIT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Harmonic Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Harmonic Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply