Analysts Set Harmonic Inc. (NASDAQ:HLIT) Price Target at $18.50

Harmonic Inc. (NASDAQ:HLIT) has earned an average rating of “Buy” from the four research firms that are presently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $18.50.

Several brokerages recently weighed in on HLIT. Rosenblatt Securities restated a “buy” rating and set a $18.00 target price on shares of Harmonic in a report on Tuesday, October 15th. Barclays upped their price target on shares of Harmonic from $14.00 to $20.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Finally, Needham & Company LLC restated a “buy” rating and issued a $18.00 price objective on shares of Harmonic in a research report on Tuesday, July 30th.

Harmonic Price Performance

Shares of Harmonic stock opened at $14.54 on Friday. The firm has a market capitalization of $1.63 billion, a PE ratio of 24.23 and a beta of 0.87. The company has a current ratio of 1.87, a quick ratio of 1.32 and a debt-to-equity ratio of 0.30. Harmonic has a 12 month low of $9.10 and a 12 month high of $15.31. The business’s 50-day moving average price is $14.00 and its 200-day moving average price is $12.48.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings data on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. The firm had revenue of $138.70 million during the quarter, compared to analyst estimates of $133.67 million. Harmonic had a net margin of 10.22% and a return on equity of 0.27%. The business’s quarterly revenue was down 11.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.07 EPS. Sell-side analysts forecast that Harmonic will post 0.44 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Neven Haltmayer sold 40,000 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $14.41, for a total transaction of $576,400.00. Following the completion of the transaction, the senior vice president now directly owns 122,211 shares in the company, valued at $1,761,060.51. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Harmonic

Several institutional investors and hedge funds have recently made changes to their positions in the company. CWM LLC lifted its position in Harmonic by 780.9% in the 2nd quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock valued at $27,000 after acquiring an additional 1,999 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Harmonic by 117.6% during the third quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock valued at $36,000 after buying an additional 1,323 shares during the last quarter. Innealta Capital LLC bought a new stake in Harmonic in the 2nd quarter worth about $47,000. SageView Advisory Group LLC bought a new stake in Harmonic in the 1st quarter worth about $114,000. Finally, Verdence Capital Advisors LLC purchased a new position in Harmonic in the 2nd quarter worth about $140,000. Institutional investors own 99.38% of the company’s stock.

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.