Harmonic Inc. (NASDAQ:HLIT) Receives Average Recommendation of “Moderate Buy” from Brokerages

Harmonic Inc. (NASDAQ:HLIT) has earned an average rating of “Moderate Buy” from the six ratings firms that are currently covering the company, 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 issued a report on the stock in the last year is $15.25.

Several brokerages have issued reports on HLIT. Barclays dropped 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, October 29th. Jefferies Financial Group lowered shares of Harmonic from a “buy” rating to a “hold” rating and cut their target price for the company from $14.00 to $12.50 in a research report on Tuesday, October 29th. Raymond James downgraded shares of Harmonic from a “strong-buy” rating to an “outperform” rating and decreased their price target for the stock from $17.00 to $14.00 in a research report on Tuesday, October 29th. Northland Securities cut their price target on Harmonic from $16.00 to $14.00 and set an “outperform” rating for the company in a report on Tuesday, October 29th. Finally, Rosenblatt Securities decreased their price objective on Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CWM LLC boosted 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 worth $27,000 after acquiring an additional 1,999 shares during the last quarter. GAMMA Investing LLC increased its stake in Harmonic by 117.6% in the 3rd quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock worth $36,000 after acquiring an additional 1,323 shares during the last quarter. Innealta Capital LLC bought a new stake in Harmonic in the 2nd quarter worth approximately $47,000. Verdence Capital Advisors LLC purchased a new stake in shares of Harmonic during the 2nd quarter worth approximately $140,000. Finally, iSAM Funds UK Ltd bought a new position in shares of Harmonic during the 3rd quarter valued at approximately $166,000. 99.38% of the stock is currently owned by institutional investors.

Harmonic Price Performance

Shares of NASDAQ:HLIT opened at $13.18 on Monday. The business has a 50-day simple moving average of $12.91 and a two-hundred day simple moving average of $12.92. 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 firm has a market cap of $1.54 billion, a price-to-earnings ratio of 18.05 and a beta of 0.92. Harmonic has a fifty-two week low of $9.10 and a fifty-two week high of $15.46.

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 the consensus estimate of $0.17 by $0.09. The company had revenue of $195.80 million for the quarter, compared to analysts’ expectations 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 quarter last year, the company posted ($0.05) earnings per share. On average, analysts expect that Harmonic will post 0.52 earnings per share for the current 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.