Raymond James Downgrades Harmonic (NASDAQ:HLIT) to Outperform

by · The Markets Daily

Raymond James lowered shares of Harmonic (NASDAQ:HLIT – Free Report) from a strong-buy rating to an outperform rating in a research report sent to investors on Tuesday morning, MarketBeat Ratings reports. They currently have $14.00 price target on the communications equipment provider’s stock, down from their prior price target of $17.00.

A number of other research firms have also recently issued reports on HLIT. Rosenblatt Securities restated a “buy” rating and set a $18.00 price target on shares of Harmonic in a report on Tuesday, October 15th. Barclays increased their target price on Harmonic from $14.00 to $20.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 price target on shares of Harmonic in a research report on Tuesday. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Harmonic has an average rating of “Moderate Buy” and an average target price of $15.25.

View Our Latest Stock Report on Harmonic

Harmonic Price Performance

Shares of NASDAQ:HLIT opened at $10.96 on Tuesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.08 and a quick ratio of 1.32. The stock has a market capitalization of $1.27 billion, a P/E ratio of 15.01 and a beta of 0.87. The business has a 50-day moving average of $13.90 and a two-hundred day moving average of $12.56. Harmonic has a fifty-two week low of $9.10 and a fifty-two week high of $15.46.

Harmonic (NASDAQ:HLIT – Get Free Report) last announced 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 firm 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 business earned ($0.05) earnings per share. The company’s revenue was up 53.9% on a year-over-year basis. On average, equities research analysts predict that Harmonic will post 0.49 EPS for the current fiscal year.

Hedge Funds Weigh In On Harmonic

Several large investors have recently added to or reduced their stakes in the company. CWM LLC increased its position in shares of Harmonic by 780.9% during 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 during the period. GAMMA Investing LLC increased its holdings in Harmonic by 117.6% in the 3rd quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock valued at $36,000 after buying an additional 1,323 shares during the period. Innealta Capital LLC acquired a new position in shares of Harmonic in the 2nd quarter valued at $47,000. SageView Advisory Group LLC bought a new position in shares of Harmonic during the 1st quarter worth about $114,000. Finally, Verdence Capital Advisors LLC bought a new position in shares of Harmonic during the 2nd quarter worth about $140,000. Institutional investors and hedge funds own 99.38% of the company’s stock.

About Harmonic

(Get Free Report)

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.

Read More