Rosenblatt Securities Has Lowered Expectations for Harmonic (NASDAQ:HLIT) Stock Price

Harmonic (NASDAQ:HLIT) had its target price cut by analysts at Rosenblatt Securities from $18.00 to $16.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the communications equipment provider’s stock. Rosenblatt Securities’ price objective indicates a potential upside of 38.17% from the company’s previous close.

A number of other research firms have also commented on HLIT. Raymond James lowered shares of Harmonic from a “strong-buy” rating to an “outperform” rating and dropped their price objective for the company from $17.00 to $14.00 in a research note on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price objective on shares of Harmonic in a research report on Tuesday. Northland Securities cut their price target on Harmonic from $16.00 to $14.00 and set an “outperform” rating for the company in a research note on Tuesday. Finally, Barclays dropped their price objective on shares of Harmonic from $20.00 to $17.00 and set an “overweight” rating on the stock in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $15.25.

Harmonic Stock Up 4.3 %

Shares of NASDAQ HLIT opened at $11.58 on Tuesday. The business has a 50-day moving average of $14.00 and a two-hundred day moving average of $12.58. The company 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 1 year low of $9.10 and a 1 year high of $15.46. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.87 and a quick ratio of 1.32.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.09. The company had revenue of $195.80 million during the quarter, compared to the consensus estimate of $181.77 million. Harmonic had a net margin of 10.22% and a return on equity of 0.27%. Harmonic’s revenue for the quarter was up 53.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.05) earnings per share. On average, analysts forecast that Harmonic will post 0.44 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in HLIT. GAMMA Investing LLC boosted its stake 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 worth $36,000 after acquiring an additional 1,323 shares in the last quarter. Dark Forest Capital Management LP boosted its position in shares of Harmonic by 7.2% in the 2nd quarter. Dark Forest Capital Management LP now owns 20,192 shares of the communications equipment provider’s stock worth $238,000 after buying an additional 1,362 shares in the last quarter. Rhumbline Advisers grew its stake in Harmonic by 0.4% in the 2nd quarter. Rhumbline Advisers now owns 320,516 shares of the communications equipment provider’s stock valued at $3,772,000 after acquiring an additional 1,382 shares during the last quarter. Texas Permanent School Fund Corp increased its stake in shares of Harmonic by 1.5% during the 1st quarter. Texas Permanent School Fund Corp now owns 98,377 shares of the communications equipment provider’s stock worth $1,322,000 after purchasing an additional 1,462 shares in the last quarter. Finally, ProShare Advisors LLC grew its holdings in Harmonic by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 22,256 shares of the communications equipment provider’s stock valued at $299,000 after buying an additional 1,532 shares during the last quarter. 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.