Harmonic (NASDAQ:HLIT) Cut to Outperform at Raymond James

Harmonic (NASDAQ:HLIT) was downgraded by Raymond James from a “strong-buy” rating to an “outperform” rating in a research note issued to investors on Tuesday, Marketbeat reports. They presently have a $14.00 price objective on the communications equipment provider’s stock, down from their prior price objective of $17.00. Raymond James’ price target points to a potential upside of 20.90% from the stock’s previous close.

HLIT has been the topic of a number of other reports. Barclays upped their price objective on Harmonic from $14.00 to $20.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price target on shares of Harmonic in a research note on Tuesday. Finally, Rosenblatt Securities restated a “buy” rating and set a $18.00 target price on shares of Harmonic in a research report on Tuesday, October 15th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $15.25.

Harmonic Trading Up 4.3 %

Shares of HLIT stock opened at $11.58 on Tuesday. The company has a current ratio of 1.87, a quick ratio of 1.32 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $1.30 billion, a price-to-earnings ratio of 19.30 and a beta of 0.87. Harmonic has a 12-month low of $9.10 and a 12-month high of $15.46. The stock’s 50-day moving average price is $14.00 and its 200-day moving average price is $12.58.

Harmonic (NASDAQ:HLIT) last posted its earnings results on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.09. Harmonic had a net margin of 10.22% and a return on equity of 0.27%. The firm had revenue of $195.80 million during the quarter, compared to analyst estimates of $181.77 million. During the same period last year, the firm posted ($0.05) earnings per share. Harmonic’s revenue for the quarter was up 53.9% compared to the same quarter last year. Equities research analysts predict that Harmonic will post 0.44 EPS for the current fiscal year.

Institutional Investors Weigh In On Harmonic

Large investors have recently modified their holdings of the business. Clearline Capital LP raised its stake in Harmonic by 777.6% in the second quarter. Clearline Capital LP now owns 1,570,461 shares of the communications equipment provider’s stock worth $18,484,000 after buying an additional 1,391,504 shares in the last quarter. Jane Street Group LLC raised its position in shares of Harmonic by 1,276.3% in the 1st quarter. Jane Street Group LLC now owns 1,203,297 shares of the communications equipment provider’s stock worth $16,172,000 after acquiring an additional 1,115,870 shares in the last quarter. Marshall Wace LLP lifted its stake in shares of Harmonic by 1,952.4% during the 2nd quarter. Marshall Wace LLP now owns 978,127 shares of the communications equipment provider’s stock worth $11,513,000 after purchasing an additional 930,469 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in Harmonic during the second quarter valued at about $7,687,000. Finally, Assenagon Asset Management S.A. grew its stake in Harmonic by 117.7% in the third 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 purchasing an additional 642,033 shares during the last quarter. 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.