Harmonic Inc. (NASDAQ:HLIT) Receives $15.25 Consensus PT from Analysts

Harmonic Inc. (NASDAQ:HLIT) has been assigned an average rating of “Moderate Buy” from the six ratings firms that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $15.25.

Several analysts have recently weighed in on the stock. Raymond James downgraded shares of Harmonic from a “strong-buy” rating to an “outperform” rating and decreased their price target for the company from $17.00 to $14.00 in a research note on Tuesday, October 29th. Northland Securities decreased their target price on Harmonic from $16.00 to $14.00 and set an “outperform” rating for the company in a research report on Tuesday, October 29th. Jefferies Financial Group cut Harmonic from a “buy” rating to a “hold” rating and lowered their target price for the stock from $14.00 to $12.50 in a report on Tuesday, October 29th. Barclays cut their price target on Harmonic from $20.00 to $17.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 29th. Finally, Needham & Company LLC restated a “buy” rating and issued a $18.00 price objective on shares of Harmonic in a report on Tuesday, October 29th.

Hedge Funds Weigh In On Harmonic

Large investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its position in shares of Harmonic by 117.6% in the 3rd quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock worth $36,000 after buying an additional 1,323 shares during the last quarter. CWM LLC boosted its stake in Harmonic by 274.2% in the third quarter. CWM LLC now owns 8,439 shares of the communications equipment provider’s stock valued at $123,000 after acquiring an additional 6,184 shares in the last quarter. iSAM Funds UK Ltd purchased a new position in Harmonic in the third quarter worth $166,000. Captrust Financial Advisors increased its position in shares of Harmonic by 14.9% during the third quarter. Captrust Financial Advisors now owns 12,671 shares of the communications equipment provider’s stock worth $185,000 after purchasing an additional 1,647 shares in the last quarter. Finally, Versor Investments LP acquired a new position in shares of Harmonic during the third quarter worth $227,000. 99.38% of the stock is currently owned by institutional investors.

Harmonic Price Performance

Shares of HLIT stock opened at $13.55 on Friday. The stock has a 50 day moving average price of $12.68 and a 200 day moving average price of $13.10. The firm has a market capitalization of $1.58 billion, a P/E ratio of 18.56 and a beta of 0.91. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.62 and a current ratio of 2.08. Harmonic has a 52-week low of $9.10 and a 52-week high of $15.46.

Harmonic (NASDAQ:HLIT) last issued its earnings results on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.09. The firm had revenue of $195.80 million during the quarter, compared to analyst estimates of $181.77 million. Harmonic had a net margin of 13.62% and a return on equity of 7.56%. The business’s revenue was up 53.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.05) earnings per share. As a group, sell-side analysts predict that Harmonic will post 0.52 earnings per share for the current year.

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.