Barclays Lowers Harmonic (NASDAQ:HLIT) Price Target to $10.00

Harmonic (NASDAQ:HLIT) had its price objective reduced by Barclays from $14.00 to $10.00 in a report released on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the communications equipment provider’s stock.

Other research analysts have also recently issued research reports about the company. Needham & Company LLC reduced their price objective on Harmonic from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Tuesday. Raymond James cut 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, October 29th. Rosenblatt Securities restated a “buy” rating and set a $16.00 price objective on shares of Harmonic in a research note on Tuesday, February 4th. Northland Securities cut their price target on Harmonic from $14.00 to $12.50 and set an “outperform” rating on the stock in a research note on Tuesday. Finally, Jefferies Financial Group cut Harmonic from a “buy” rating to a “hold” rating and cut their price target for the stock from $14.00 to $12.50 in a research note on Tuesday, October 29th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.50.

Harmonic Price Performance

Shares of Harmonic stock opened at $9.42 on Tuesday. Harmonic has a twelve month low of $8.42 and a twelve month high of $15.46. The stock has a market capitalization of $1.10 billion, a P/E ratio of 12.90 and a beta of 0.89. The company has a current ratio of 2.08, a quick ratio of 1.62 and a debt-to-equity ratio of 0.29. The business’s fifty day moving average price is $12.54 and its 200 day moving average price is $13.11.

Harmonic (NASDAQ:HLIT) last issued its earnings results on Monday, February 10th. The communications equipment provider reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. Harmonic had a return on equity of 7.56% and a net margin of 13.62%. As a group, research analysts anticipate that Harmonic will post 0.52 earnings per share for the current year.

Harmonic declared that its board has approved a share repurchase program on Monday, February 10th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the communications equipment provider to buy up to 15.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Harmonic by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 11,063,328 shares of the communications equipment provider’s stock worth $146,368,000 after purchasing an additional 235,188 shares during the period. Geode Capital Management LLC raised its position in shares of Harmonic by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 2,675,268 shares of the communications equipment provider’s stock worth $38,986,000 after purchasing an additional 17,665 shares during the period. Wasatch Advisors LP raised its position in shares of Harmonic by 15.3% during the 3rd quarter. Wasatch Advisors LP now owns 1,659,823 shares of the communications equipment provider’s stock worth $24,184,000 after purchasing an additional 219,685 shares during the period. Point72 Asset Management L.P. raised its position in shares of Harmonic by 85.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,208,829 shares of the communications equipment provider’s stock worth $17,613,000 after purchasing an additional 555,737 shares during the period. Finally, Assenagon Asset Management S.A. increased its position in Harmonic by 117.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,187,528 shares of the communications equipment provider’s stock valued at $17,302,000 after acquiring an additional 642,033 shares during the period. Institutional investors own 99.38% of the company’s stock.

Harmonic Company Profile

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.