Harmonic (NASDAQ:HLIT) Given New $14.00 Price Target at Northland Securities

Harmonic (NASDAQ:HLIT) had its target price lowered by Northland Securities from $16.00 to $14.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has an outperform rating on the communications equipment provider’s stock.

A number of other equities research analysts have also recently issued reports on HLIT. 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. Raymond James cut shares of Harmonic from a “strong-buy” rating to an “outperform” rating and cut their target price for the stock from $17.00 to $14.00 in a research note on Tuesday. Barclays reduced their price target on shares of Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Tuesday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price objective on shares of Harmonic in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $15.25.

Harmonic Trading Down 25.1 %

Shares of Harmonic stock opened at $11.10 on Tuesday. The firm has a 50-day simple moving average of $14.06 and a two-hundred day simple moving average of $12.57. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.32 and a current ratio of 1.87. Harmonic has a fifty-two week low of $9.10 and a fifty-two week high of $15.46. The company has a market cap of $1.25 billion, a P/E ratio of 18.50 and a beta of 0.87.

Harmonic (NASDAQ:HLIT) last released 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. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The company 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 posted ($0.05) EPS. Harmonic’s quarterly revenue was up 53.9% compared to the same quarter last year. As a group, equities analysts predict that Harmonic will post 0.44 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Harmonic

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in Harmonic by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 9,686,046 shares of the communications equipment provider’s stock worth $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 first quarter. Principal Financial Group Inc. now owns 585,533 shares of the communications equipment provider’s stock valued at $7,870,000 after purchasing an additional 2,142 shares during the last quarter. BNP Paribas Financial Markets lifted its position in Harmonic by 37.2% during the first quarter. BNP Paribas Financial Markets now owns 98,124 shares of the communications equipment provider’s stock worth $1,319,000 after buying an additional 26,622 shares in the last quarter. GSA Capital Partners LLP acquired a new position in Harmonic during the first quarter worth $923,000. Finally, Texas Permanent School Fund Corp grew its holdings in Harmonic by 1.5% in the 1st quarter. Texas Permanent School Fund Corp now owns 98,377 shares of the communications equipment provider’s stock valued at $1,322,000 after buying an additional 1,462 shares in the last quarter. 99.38% of the stock is currently owned by institutional investors and hedge funds.

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.