After Colliers Securities and Raymond James gave Harmonic (NASDAQ: HLIT) a Buy rating last month, the company received another Buy, this time from Northland Securities. Analyst Tim Savageaux assigned a Buy rating to Harmonic today and set a price target of $9.00. The company’s shares closed last Tuesday at $7.08.
According to TipRanks.com, Savageaux is a 5-star analyst with an average return of 23.8% and a 65.4% success rate. Savageaux covers the Technology sector, focusing on stocks such as MACOM Technology Solutions Holdings, Applied Optoelectronics, and Communications Systems.
Harmonic has an analyst consensus of Strong Buy, with a price target consensus of $9.67, a 21.6% upside from current levels. In a report released yesterday, Raymond James also maintained a Buy rating on the stock with a $9.00 price target.
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Based on Harmonic’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $132 million and net profit of $13.47 million. In comparison, last year the company earned revenue of $122 million and had a net profit of $5.57 million.
Based on the recent corporate insider activity of 39 insiders, corporate insider sentiment is neutral on the stock. Most recently, in February 2021, Nimrod Ben-Natan, the SVP & GM, Cable Access of HLIT sold 100,000 shares for a total of $795,381.
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Harmonic, Inc. engages in the development and sale of video delivery software, products, system solutions, and services. It operates through the Video and Cable Edge segments. The Video segment sells video processing and production and playout services to cable operators, satellite and telecommunications pay-TV service providers, and broadcast and media companies, including streaming new media companies. The Cable Edge segment markets cable access solutions and related services, such as CableOS software-based Converged Cable Access Platform (CCAP) solutions. The company was founded in June 1988 and is headquartered in San Jose, CA.