Harmonic Inc. (NASDAQ:HLIT) Receives $15.25 Average Price Target from Analysts

Shares of Harmonic Inc. (NASDAQ:HLIT) have been given an average rating of “Moderate Buy” by the six ratings firms that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $15.25.

HLIT has been the subject of a number of research reports. Needham & Company LLC reiterated a “buy” rating and set a $18.00 target price on shares of Harmonic in a report on Tuesday, October 29th. Jefferies Financial Group lowered Harmonic from a “buy” rating to a “hold” rating and dropped their target price for the company from $14.00 to $12.50 in a research report on Tuesday, October 29th. Northland Securities reduced their price target on Harmonic from $16.00 to $14.00 and set an “outperform” rating for the company in a research report on Tuesday, October 29th. Raymond James downgraded shares of Harmonic from a “strong-buy” rating to an “outperform” rating and lowered their price objective for the company from $17.00 to $14.00 in a report on Tuesday, October 29th. Finally, Barclays reduced their target price on shares of Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a report on Tuesday, October 29th.

Institutional Trading of Harmonic

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jane Street Group LLC increased its stake in shares of Harmonic by 1,276.3% during 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 purchasing an additional 1,115,870 shares during the last quarter. Assenagon Asset Management S.A. increased its position in Harmonic by 216.5% during the second quarter. Assenagon Asset Management S.A. now owns 545,495 shares of the communications equipment provider’s stock worth $6,420,000 after buying an additional 373,155 shares during the last quarter. Russell Investments Group Ltd. raised its stake in Harmonic by 24.0% in the first quarter. Russell Investments Group Ltd. now owns 290,842 shares of the communications equipment provider’s stock valued at $3,909,000 after buying an additional 56,269 shares during the period. Baker Avenue Asset Management LP acquired a new stake in shares of Harmonic in the third quarter valued at approximately $833,000. Finally, Silvercrest Asset Management Group LLC bought a new position in shares of Harmonic during the 1st quarter worth approximately $8,295,000. 99.38% of the stock is owned by institutional investors.

Harmonic Stock Up 0.3 %

NASDAQ:HLIT opened at $11.95 on Thursday. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of 16.37 and a beta of 0.89. The company has a current ratio of 2.08, a quick ratio of 1.62 and a debt-to-equity ratio of 0.29. The stock has a 50-day moving average price of $13.40 and a two-hundred day moving average price of $12.76. Harmonic has a 1 year low of $9.10 and a 1 year high of $15.46.

Harmonic (NASDAQ:HLIT) last announced its quarterly 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 13.62% and a return on equity of 7.56%. The firm had revenue of $195.80 million for the quarter, compared to analyst estimates of $181.77 million. During the same quarter in the previous year, the firm posted ($0.05) earnings per share. The business’s revenue was up 53.9% on a year-over-year basis. As a group, equities analysts expect that Harmonic will post 0.52 earnings per share for the current year.

Harmonic Company Profile

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.