Harmonic (NASDAQ:HLIT) Price Target Lowered to $14.00 at Northland Securities

Harmonic (NASDAQ:HLIT) had its price objective cut by equities researchers at Northland Securities from $16.00 to $14.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has an “outperform” rating on the communications equipment provider’s stock. Northland Securities’ price target suggests a potential downside of 5.53% from the stock’s previous close.

A number of other equities analysts also recently issued reports on HLIT. Needham & Company LLC reiterated a “buy” rating and set a $18.00 price target on shares of Harmonic in a research report on Tuesday. Barclays decreased their target price on Harmonic from $20.00 to $17.00 and set an “overweight” rating on the stock in a research report on Tuesday. Rosenblatt Securities reissued a “buy” rating and issued a $18.00 price target on shares of Harmonic in a report on Tuesday, October 15th. Finally, Raymond James downgraded shares of Harmonic from a “strong-buy” rating to an “outperform” rating and decreased their price objective for the company from $17.00 to $14.00 in a report on Tuesday. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $16.20.

Harmonic Price Performance

Shares of NASDAQ HLIT opened at $14.82 on Tuesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.87 and a quick ratio of 1.32. The stock has a market capitalization of $1.66 billion, a price-to-earnings ratio of 24.70 and a beta of 0.87. The firm’s 50 day simple moving average is $14.06 and its 200-day simple moving average is $12.57. Harmonic has a 12 month low of $9.10 and a 12 month high of $15.46.

Harmonic (NASDAQ:HLIT) last released 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. The company had revenue of $195.80 million for the quarter, compared to analyst estimates of $181.77 million. Harmonic had a net margin of 10.22% and a return on equity of 0.27%. The firm’s revenue was up 53.9% on a year-over-year basis. During the same quarter last year, the business earned ($0.05) earnings per share. Analysts expect that Harmonic will post 0.44 EPS for the current year.

Insider Buying and Selling at Harmonic

In other news, SVP Neven Haltmayer sold 40,000 shares of the company’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $14.41, for a total transaction of $576,400.00. Following the completion of the sale, the senior vice president now owns 122,211 shares of the company’s stock, valued at $1,761,060.51. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Harmonic

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Harmonic by 1.7% during the first quarter. Vanguard Group Inc. now owns 9,852,064 shares of the communications equipment provider’s stock worth $132,412,000 after buying an additional 166,018 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Harmonic by 8.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,741,998 shares of the communications equipment provider’s stock worth $44,043,000 after acquiring an additional 294,922 shares during the period. Leeward Investments LLC MA boosted its position in shares of Harmonic by 5.6% during the 2nd quarter. Leeward Investments LLC MA now owns 1,975,966 shares of the communications equipment provider’s stock valued at $23,257,000 after acquiring an additional 105,162 shares during the last quarter. Clearline Capital LP grew its holdings in shares of Harmonic by 777.6% in the second quarter. Clearline Capital LP now owns 1,570,461 shares of the communications equipment provider’s stock valued at $18,484,000 after purchasing an additional 1,391,504 shares during the period. Finally, Jane Street Group LLC increased its position in Harmonic by 1,276.3% during the first 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. 99.38% of the stock is currently 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.