Harmonic Inc. (NASDAQ:HLIT) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Harmonic Inc. (NASDAQ:HLIT) have been assigned a consensus recommendation of “Moderate Buy” from the six ratings firms that are covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $14.75.

Several analysts have recently weighed in on HLIT shares. Rosenblatt Securities lowered their price objective 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. Barclays lowered shares of Harmonic from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $17.00 to $14.00 in a research note on Thursday, January 9th. Northland Securities lowered their price objective 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 lowered 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 research note on Tuesday, October 29th. Finally, Needham & Company LLC restated a “buy” rating and set a $18.00 price target on shares of Harmonic in a research note on Tuesday, October 29th.

Harmonic Stock Down 2.4 %

Shares of NASDAQ HLIT opened at $11.56 on Tuesday. The company’s 50 day moving average price is $12.85 and its 200-day moving average price is $13.20. The company has a market capitalization of $1.35 billion, a P/E ratio of 15.84 and a beta of 0.91. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.62 and a current ratio of 2.08. Harmonic has a 52-week low of $9.10 and a 52-week high of $15.46.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share 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 analyst estimates of $181.77 million. Harmonic had a net margin of 13.62% and a return on equity of 7.56%. Harmonic’s revenue for the quarter was up 53.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.05) EPS. Equities analysts forecast that Harmonic will post 0.52 earnings per share for the current year.

Hedge Funds Weigh In On Harmonic

A number of hedge funds have recently bought and sold shares of the company. Yorktown Management & Research Co Inc purchased a new position in Harmonic during the 4th quarter worth $344,000. KBC Group NV boosted its holdings in Harmonic by 84.8% during the 4th quarter. KBC Group NV now owns 6,295 shares of the communications equipment provider’s stock worth $83,000 after acquiring an additional 2,888 shares during the last quarter. Inspire Investing LLC boosted its holdings in Harmonic by 6.9% during the 4th quarter. Inspire Investing LLC now owns 30,154 shares of the communications equipment provider’s stock worth $399,000 after acquiring an additional 1,944 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Harmonic by 18.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 246,944 shares of the communications equipment provider’s stock worth $3,598,000 after acquiring an additional 38,137 shares during the last quarter. Finally, Franklin Resources Inc. boosted its holdings in Harmonic by 6.0% during the 3rd quarter. Franklin Resources Inc. now owns 39,041 shares of the communications equipment provider’s stock worth $538,000 after acquiring an additional 2,207 shares during the last quarter. 99.38% of the stock is owned by hedge funds and other institutional investors.

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.