Harmonic Inc. (NASDAQ:HLIT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The brokerage currently has a $3.75 price target on the communications equipment provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 20.97% from the stock’s current price.

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 topic of several other reports. TheStreet lowered Harmonic from a “c-” rating to a “d+” rating in a report on Wednesday, August 9th. Jefferies Group LLC restated a “hold” rating and set a $3.50 target price on shares of Harmonic in a report on Sunday, September 10th. ValuEngine lowered Harmonic from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. Finally, BidaskClub lowered Harmonic from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. Harmonic has a consensus rating of “Hold” and an average price target of $5.06.

Shares of Harmonic (HLIT) traded down 4.62% during midday trading on Wednesday, reaching $3.10. The company’s stock had a trading volume of 596,287 shares. The stock’s market capitalization is $251.94 million. The stock has a 50-day moving average price of $3.12 and a 200 day moving average price of $4.61. Harmonic has a 52 week low of $2.80 and a 52 week high of $6.18.

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

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In related news, insider Patrick Harshman sold 7,979 shares of the business’s 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 transaction, the insider now directly owns 570,733 shares in the company, valued at $1,980,443.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 5.53% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of HLIT. Municipal Employees Retirement System of Michigan increased its stake in Harmonic by 5.6% during the second quarter. Municipal Employees Retirement System of Michigan now owns 19,030 shares of the communications equipment provider’s stock valued at $100,000 after acquiring an additional 1,010 shares during the period. Mason Street Advisors LLC increased its stake in Harmonic by 9.0% during the first quarter. Mason Street Advisors LLC now owns 18,654 shares of the communications equipment provider’s stock valued at $111,000 after acquiring an additional 1,534 shares during the period. Sei Investments Co. bought a new position in Harmonic during the second quarter valued at about $142,000. Louisiana State Employees Retirement System increased its stake in Harmonic by 0.9% during the second quarter. Louisiana State Employees Retirement System now owns 32,800 shares of the communications equipment provider’s stock valued at $172,000 after acquiring an additional 300 shares during the period. Finally, BNP Paribas Arbitrage SA increased its stake in Harmonic by 36.3% during the second quarter. BNP Paribas Arbitrage SA now owns 35,456 shares of the communications equipment provider’s stock valued at $186,000 after acquiring an additional 9,437 shares during the period. Hedge funds and other institutional investors own 99.08% of the company’s stock.

Harmonic Company Profile

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.

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