Harmonic Inc. (NASDAQ:HLIT) Given Average Recommendation of “Moderate Buy” by Brokerages

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

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

Harmonic Stock Down 2.1 %

Harmonic stock opened at $12.32 on Thursday. Harmonic has a 1-year low of $9.10 and a 1-year high of $15.46. The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of 16.88 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 firm has a 50 day simple moving average of $13.46 and a 200 day simple moving average of $12.72.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, October 28th. The communications equipment provider reported $0.26 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $181.77 million. During the same period last year, the firm earned ($0.05) EPS. The business’s quarterly revenue was up 53.9% compared to the same quarter last year. On average, analysts predict that Harmonic will post 0.52 earnings per share for the current year.

Institutional Trading of Harmonic

A number of hedge funds and other institutional investors have recently modified their holdings of HLIT. Jane Street Group LLC raised its position 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 valued at $16,172,000 after purchasing an additional 1,115,870 shares during the period. Assenagon Asset Management S.A. raised its position in shares of Harmonic by 216.5% during the 2nd quarter. Assenagon Asset Management S.A. now owns 545,495 shares of the communications equipment provider’s stock valued at $6,420,000 after purchasing an additional 373,155 shares during the period. Russell Investments Group Ltd. raised its position in shares of Harmonic by 24.0% during the 1st quarter. Russell Investments Group Ltd. now owns 290,842 shares of the communications equipment provider’s stock valued at $3,909,000 after purchasing an additional 56,269 shares during the period. Baker Avenue Asset Management LP bought a new stake in shares of Harmonic during the 3rd quarter valued at $833,000. Finally, Silvercrest Asset Management Group LLC bought a new stake in shares of Harmonic during the 1st quarter valued at $8,295,000. 99.38% of the stock is owned by hedge funds and other institutional investors.

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.