Rosenblatt Securities Reiterates Buy Rating for Harmonic (NASDAQ:HLIT)

Harmonic (NASDAQ:HLIT)‘s stock had its “buy” rating restated by Rosenblatt Securities in a research report issued on Tuesday, Benzinga reports. They presently have a $18.00 target price on the communications equipment provider’s stock. Rosenblatt Securities’ price target suggests a potential upside of 25.87% from the stock’s current price.

A number of other equities analysts have also issued reports on the company. Needham & Company LLC restated a “buy” rating and issued a $18.00 target price on shares of Harmonic in a research note on Tuesday, July 30th. Barclays lifted their price objective on Harmonic from $14.00 to $20.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $18.50.

Harmonic Stock Performance

Shares of HLIT stock opened at $14.30 on Tuesday. The firm has a market capitalization of $1.60 billion, a price-to-earnings ratio of 23.83 and a beta of 0.87. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.87 and a quick ratio of 1.32. The business has a fifty day moving average of $13.87 and a 200 day moving average of $12.44. Harmonic has a 1 year low of $9.10 and a 1 year high of $15.31.

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

Insider Activity

In other news, SVP Neven Haltmayer sold 40,000 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $14.41, for a total transaction of $576,400.00. Following the sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Harmonic

A number of institutional investors have recently modified their holdings of the business. CWM LLC grew its position in shares of Harmonic by 274.2% during the 3rd 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 during the period. GAMMA Investing LLC grew its position in shares of Harmonic by 117.6% during the 3rd quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock valued at $36,000 after acquiring an additional 1,323 shares during the period. Silverberg Bernstein Capital Management LLC grew its position in shares of Harmonic by 0.8% during the 3rd quarter. Silverberg Bernstein Capital Management LLC now owns 794,027 shares of the communications equipment provider’s stock valued at $11,569,000 after acquiring an additional 6,094 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Harmonic during the 3rd quarter valued at about $771,000. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Harmonic during the 2nd quarter valued at about $7,687,000. 99.38% of the stock is currently owned by institutional investors and hedge funds.

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.