Rosenblatt Securities Cuts Harmonic (NASDAQ:HLIT) Price Target to $16.00

by · The Markets Daily

Harmonic (NASDAQ:HLIT – Free Report) had its price target trimmed by Rosenblatt Securities from $18.00 to $16.00 in a research report sent to investors on Tuesday, Benzinga reports. The brokerage currently has a buy rating on the communications equipment provider’s stock.

Other equities analysts have also issued research reports about the stock. Needham & Company LLC reiterated a “buy” rating and set a $18.00 target price on shares of Harmonic in a research report on Tuesday. Northland Securities dropped their price objective on Harmonic from $16.00 to $14.00 and set an “outperform” rating on the stock in a report on Tuesday. Raymond James lowered Harmonic from a “strong-buy” rating to an “outperform” rating and reduced their target price for the company from $17.00 to $14.00 in a report on Tuesday. Finally, Barclays lowered their price target on shares of Harmonic from $20.00 to $17.00 and set an “overweight” rating on the stock in a report on Tuesday. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Harmonic presently has a consensus rating of “Moderate Buy” and an average price target of $15.25.

Check Out Our Latest Stock Report on Harmonic

Harmonic Stock Down 4.2 %

HLIT stock opened at $11.09 on Tuesday. The stock has a market cap of $1.29 billion, a P/E ratio of 15.19 and a beta of 0.87. The company has a current ratio of 2.08, a quick ratio of 1.32 and a debt-to-equity ratio of 0.29. The stock’s fifty day simple moving average is $13.95 and its two-hundred day simple moving average is $12.57. Harmonic has a 1-year low of $9.10 and a 1-year high of $15.46.

Harmonic (NASDAQ:HLIT – Get Free Report) last issued its quarterly earnings results on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.09. The company had revenue of $195.80 million for 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 in the previous year, the firm earned ($0.05) EPS. Analysts expect that Harmonic will post 0.49 EPS for the current year.

Institutional Trading of Harmonic

A number of large investors have recently modified their holdings of HLIT. Vanguard Group Inc. raised its stake in Harmonic by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 9,686,046 shares of the communications equipment provider’s stock valued at $126,306,000 after purchasing an additional 289,443 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Harmonic by 0.4% in the 1st quarter. Principal Financial Group Inc. now owns 585,533 shares of the communications equipment provider’s stock worth $7,870,000 after buying an additional 2,142 shares during the last quarter. BNP Paribas Financial Markets raised its position in shares of Harmonic by 37.2% during the 1st quarter. BNP Paribas Financial Markets now owns 98,124 shares of the communications equipment provider’s stock valued at $1,319,000 after buying an additional 26,622 shares in the last quarter. GSA Capital Partners LLP bought a new stake in shares of Harmonic during the 1st quarter worth $923,000. Finally, Texas Permanent School Fund Corp grew its position in Harmonic by 1.5% in the first quarter. Texas Permanent School Fund Corp now owns 98,377 shares of the communications equipment provider’s stock worth $1,322,000 after acquiring an additional 1,462 shares in the last quarter. Institutional investors own 99.38% of the company’s stock.

Harmonic Company Profile

(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.

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