Harmonic (NASDAQ:HLIT) Price Target Cut to $17.00 by Analysts at Barclays

Harmonic (NASDAQ:HLIT) had its price objective trimmed by Barclays from $20.00 to $17.00 in a research report released on Tuesday, Benzinga reports. The firm currently has an overweight rating on the communications equipment provider’s stock.

A number of other equities analysts have also recently issued reports on HLIT. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 target price on shares of Harmonic in a report on Tuesday. Raymond James cut Harmonic from a “strong-buy” rating to an “outperform” rating and lowered their target price for the stock from $17.00 to $14.00 in a report on Tuesday. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $18.00 price target on shares of Harmonic in a research note on Tuesday, October 15th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Harmonic currently has an average rating of “Moderate Buy” and a consensus target price of $15.25.

Harmonic Price Performance

Shares of HLIT opened at $10.96 on Tuesday. Harmonic has a 12-month low of $9.10 and a 12-month high of $15.46. The business has a 50-day simple moving average of $13.90 and a two-hundred day simple moving average of $12.56. The company has a quick ratio of 1.32, a current ratio of 2.08 and a debt-to-equity ratio of 0.29. The stock has a market cap of $1.27 billion, a PE ratio of 15.01 and a beta of 0.87.

Harmonic (NASDAQ:HLIT) last issued its earnings results on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.09. Harmonic had a return on equity of 7.56% and a net margin of 13.62%. The business had revenue of $195.80 million during the quarter, compared to analysts’ expectations of $181.77 million. During the same quarter in the prior year, the firm earned ($0.05) EPS. The business’s revenue for the quarter was up 53.9% compared to the same quarter last year. Analysts anticipate that Harmonic will post 0.49 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Harmonic

Several institutional investors and hedge funds have recently made changes to their positions in HLIT. CWM LLC lifted its holdings in shares of Harmonic by 780.9% in the second quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock valued at $27,000 after purchasing an additional 1,999 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Harmonic by 117.6% in the third quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock valued at $36,000 after purchasing an additional 1,323 shares in the last quarter. Innealta Capital LLC bought a new stake in Harmonic during the second quarter valued at $47,000. SageView Advisory Group LLC bought a new stake in Harmonic during the first quarter worth about $114,000. Finally, Verdence Capital Advisors LLC bought a new stake in Harmonic during the second quarter worth about $140,000. Institutional investors own 99.38% of the company’s stock.

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.