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

Harmonic Inc. (NASDAQ:HLIT) has earned an average recommendation of “Moderate Buy” from the six ratings firms that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1-year price objective among brokers that have covered the stock in the last year is $15.25.

A number of equities research analysts recently commented on the company. Jefferies Financial Group lowered Harmonic from a “buy” rating to a “hold” rating and decreased their price target for the stock from $14.00 to $12.50 in a research report on Tuesday, October 29th. Needham & Company LLC restated a “buy” rating and set a $18.00 target price on shares of Harmonic in a report on Tuesday, October 29th. Barclays cut their price target on Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a report on Tuesday, October 29th. Rosenblatt Securities decreased their price objective on shares of Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Finally, Raymond James downgraded shares of Harmonic from a “strong-buy” rating to an “outperform” rating and dropped their target price for the stock from $17.00 to $14.00 in a research note on Tuesday, October 29th.

Institutional Trading of Harmonic

Several institutional investors and hedge funds have recently added to or reduced their stakes in HLIT. Dimensional Fund Advisors LP grew its position 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 buying an additional 294,922 shares during the period. Geode Capital Management LLC boosted its stake in Harmonic by 0.7% in the third quarter. Geode Capital Management LLC now owns 2,675,268 shares of the communications equipment provider’s stock valued at $38,986,000 after acquiring an additional 17,665 shares during the last quarter. Wasatch Advisors LP grew its holdings in Harmonic by 15.3% during the 3rd quarter. Wasatch Advisors LP now owns 1,659,823 shares of the communications equipment provider’s stock worth $24,184,000 after acquiring an additional 219,685 shares during the period. Clearline Capital LP raised its position in shares of Harmonic by 777.6% during the 2nd quarter. Clearline Capital LP now owns 1,570,461 shares of the communications equipment provider’s stock valued at $18,484,000 after acquiring an additional 1,391,504 shares during the last quarter. Finally, Point72 Asset Management L.P. lifted its stake in shares of Harmonic by 85.1% in the 3rd quarter. Point72 Asset Management L.P. now owns 1,208,829 shares of the communications equipment provider’s stock valued at $17,613,000 after purchasing an additional 555,737 shares during the period. 99.38% of the stock is owned by institutional investors.

Harmonic Stock Down 1.1 %

Shares of NASDAQ HLIT opened at $13.08 on Friday. Harmonic has a 52-week low of $9.10 and a 52-week high of $15.46. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.62 and a current ratio of 2.08. The business has a fifty day moving average of $12.70 and a two-hundred day moving average of $13.07. The stock has a market cap of $1.52 billion, a PE ratio of 17.92 and a beta of 0.92.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.09. The firm had revenue of $195.80 million during the quarter, compared to the consensus estimate of $181.77 million. Harmonic had a net margin of 13.62% and a return on equity of 7.56%. The firm’s quarterly revenue was up 53.9% on a year-over-year basis. During the same period last year, the firm posted ($0.05) EPS. As a group, equities research analysts expect that Harmonic will post 0.52 earnings per share for the current fiscal year.

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.