Harmonic (NASDAQ:HLIT) Price Target Lowered to $16.00 at Rosenblatt Securities

Harmonic (NASDAQ:HLIT) had its price objective cut by Rosenblatt Securities from $18.00 to $16.00 in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a buy rating on the communications equipment provider’s stock.

A number of other analysts have also recently commented on the stock. Northland Securities reduced their target price on shares of Harmonic from $16.00 to $14.00 and set an “outperform” rating for the company in a report on Tuesday. Raymond James lowered Harmonic from a “strong-buy” rating to an “outperform” rating and reduced their price objective for the stock from $17.00 to $14.00 in a research note on Tuesday. Needham & Company LLC reiterated a “buy” rating and set a $18.00 target price on shares of Harmonic in a research report on Tuesday. Finally, Barclays reduced their price target on Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Tuesday. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $15.25.

Harmonic Stock Performance

HLIT stock opened at $11.10 on Tuesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.87 and a quick ratio of 1.32. Harmonic has a 1 year low of $9.10 and a 1 year high of $15.46. The company has a market cap of $1.25 billion, a P/E ratio of 18.50 and a beta of 0.87. The stock’s fifty day moving average price is $14.06 and its 200-day moving average price is $12.57.

Harmonic (NASDAQ:HLIT) last announced its earnings results on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.09. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The business had revenue of $195.80 million for the quarter, compared to analysts’ expectations of $181.77 million. During the same period last year, the firm posted ($0.05) earnings per share. The business’s revenue for the quarter was up 53.9% on a year-over-year basis. On average, equities analysts forecast that Harmonic will post 0.44 earnings per share for the current year.

Hedge Funds Weigh In On Harmonic

Several large investors have recently made changes to their positions in HLIT. Vanguard Group Inc. grew its position in shares of Harmonic by 1.7% during the first quarter. Vanguard Group Inc. now owns 9,852,064 shares of the communications equipment provider’s stock worth $132,412,000 after purchasing an additional 166,018 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Harmonic by 8.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,741,998 shares of the communications equipment provider’s stock worth $44,043,000 after purchasing an additional 294,922 shares during the period. Leeward Investments LLC MA boosted its stake in Harmonic by 5.6% in the 2nd quarter. Leeward Investments LLC MA now owns 1,975,966 shares of the communications equipment provider’s stock worth $23,257,000 after purchasing an additional 105,162 shares during the period. Clearline Capital LP grew its holdings in Harmonic by 777.6% during the 2nd quarter. Clearline Capital LP now owns 1,570,461 shares of the communications equipment provider’s stock valued at $18,484,000 after buying an additional 1,391,504 shares in the last quarter. Finally, Jane Street Group LLC raised its position in shares of Harmonic by 1,276.3% during the first quarter. Jane Street Group LLC now owns 1,203,297 shares of the communications equipment provider’s stock valued at $16,172,000 after buying an additional 1,115,870 shares during the last quarter. 99.38% of the stock is currently owned by hedge funds and other institutional investors.

About Harmonic

Harmonic Inc, together with its subsidiaries, provides broadband solutions worldwide. The company operates through Broadband and Video segments. The Broadband segment sells broadband access solutions and related services, including cOS software-based broadband access solutions to broadband operators; and cOS central cloud services, a subscription service for cOS customers.