Zacks Investment Research Lowers Harmonic (NASDAQ:HLIT) to Sell

Zacks Investment Research cut shares of Harmonic (NASDAQ:HLIT) from a hold rating to a sell rating in a report issued on Wednesday, Zacks.com reports.

According to Zacks, “Harmonic Inc. enables media companies and service providers to deliver ultra-high-quality broadcast and OTT video services to consumers globally.The company has also revolutionized cable access networking via the industry’s first virtualized CCAP solution, enabling cable operators to more flexibly deploy gigabit internet service to consumers’ homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software-as-a-service (SaaS) technologies, or powering the delivery of gigabit internet cable services, Harmonic is changing the way media companies and service providers monetize live and VOD content on every screen. “

HLIT has been the subject of a number of other reports. JPMorgan Chase & Co. cut shares of Harmonic from an overweight rating to a neutral rating and reduced their price target for the company from $7.50 to $6.00 in a research report on Monday, June 1st. ValuEngine upgraded shares of Harmonic from a hold rating to a buy rating in a research note on Friday, July 10th. Barclays began coverage on shares of Harmonic in a research note on Friday, May 22nd. They issued an equal weight rating and a $6.00 price objective on the stock. Needham & Company LLC dropped their price objective on shares of Harmonic from $10.00 to $9.00 and set a buy rating on the stock in a research note on Tuesday, April 28th. Finally, Northland Securities dropped their price objective on shares of Harmonic from $9.00 to $7.25 and set an outperform rating on the stock in a research note on Tuesday, April 28th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $7.05.

Shares of HLIT opened at $5.58 on Wednesday. Harmonic has a 1-year low of $4.44 and a 1-year high of $8.57. The stock has a market cap of $538.92 million, a PE ratio of -31.00 and a beta of 0.76. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.18 and a quick ratio of 1.00. The firm has a fifty day moving average price of $5.02 and a 200 day moving average price of $5.94.

Several institutional investors have recently modified their holdings of the company. Zebra Capital Management LLC bought a new position in Harmonic during the first quarter worth $62,000. Aperio Group LLC bought a new stake in Harmonic in the 1st quarter valued at $64,000. Heritage Investors Management Corp bought a new stake in Harmonic in the 2nd quarter valued at $56,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Harmonic by 90.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,790 shares of the communications equipment provider’s stock valued at $61,000 after buying an additional 6,065 shares during the period. Finally, Raymond James & Associates increased its holdings in Harmonic by 17.8% in the 4th quarter. Raymond James & Associates now owns 13,058 shares of the communications equipment provider’s stock valued at $102,000 after buying an additional 1,973 shares during the period. Institutional investors and hedge funds own 88.14% of the company’s stock.

About Harmonic

Harmonic Inc designs, manufactures, and sells video infrastructure products and system solutions worldwide. 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.

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