In a report released today, Richard Valera from Needham reiterated a Buy rating on Harmonic (HLIT), with a price target of $9.00. The company’s shares closed last Tuesday at $5.67.
According to TipRanks.com, Valera is a 5-star analyst with an average return of 13.8% and a 62.5% success rate. Valera covers the Technology sector, focusing on stocks such as Zoom Video Communications, Trimble Navigation, and Altair Engineering.
Harmonic has an analyst consensus of Moderate Buy, with a price target consensus of $7.70.
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Based on Harmonic’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $73.99 million and GAAP net loss of $15.4 million. In comparison, last year the company earned revenue of $84.87 million and had a GAAP net loss of $11.85 million.
Based on the recent corporate insider activity of 44 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of HLIT in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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.