Rosenblatt Securities Cuts Harmonic (NASDAQ:HLIT) Price Target to $12.00

Harmonic (NASDAQ:HLIT) had its target price decreased by Rosenblatt Securities from $16.00 to $12.00 in a report issued on Tuesday morning,Benzinga reports. Rosenblatt Securities currently has a buy rating on the communications equipment provider’s stock.

A number of other equities research analysts have also recently commented on HLIT. Barclays decreased their target price on shares of Harmonic from $14.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Raymond James cut shares of Harmonic from a “strong-buy” rating to an “outperform” rating and decreased their target price for the stock from $17.00 to $14.00 in a research note on Tuesday, October 29th. Jefferies Financial Group cut shares of Harmonic from a “buy” rating to a “hold” rating and decreased their target price for the stock from $14.00 to $12.50 in a research note on Tuesday, October 29th. Northland Securities decreased their target price on shares of Harmonic from $14.00 to $12.50 and set an “outperform” rating on the stock in a research note on Tuesday. Finally, Needham & Company LLC decreased their target price on shares of Harmonic from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $12.50.

Harmonic Stock Performance

Shares of NASDAQ HLIT opened at $9.79 on Tuesday. The firm’s 50-day moving average price is $12.47 and its 200-day moving average price is $13.09. The company has a quick ratio of 1.62, a current ratio of 2.08 and a debt-to-equity ratio of 0.29. The company has a market cap of $1.14 billion, a PE ratio of 13.41 and a beta of 0.89. Harmonic has a 52-week low of $8.42 and a 52-week high of $15.46.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings data on Monday, February 10th. The communications equipment provider reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Harmonic had a net margin of 13.62% and a return on equity of 7.56%. As a group, analysts anticipate that Harmonic will post 0.52 EPS for the current year.

Harmonic declared that its board has approved a share buyback program on Monday, February 10th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the communications equipment provider to purchase up to 15.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Harmonic

In other news, CFO Walter Jankovic purchased 12,000 shares of the firm’s stock in a transaction on Wednesday, February 12th. The stock was acquired at an average cost of $9.44 per share, with a total value of $113,280.00. Following the completion of the transaction, the chief financial officer now owns 46,129 shares in the company, valued at $435,457.76. This represents a 35.16 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Nimrod Ben-Natan purchased 7,780 shares of the firm’s stock in a transaction on Thursday, February 13th. The shares were purchased at an average cost of $9.65 per share, with a total value of $75,077.00. Following the completion of the transaction, the chief executive officer now owns 347,797 shares of the company’s stock, valued at approximately $3,356,241.05. The trade was a 2.29 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 29,780 shares of company stock worth $286,157. Insiders own 2.36% of the company’s stock.

Hedge Funds Weigh In On Harmonic

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Handelsbanken Fonder AB raised its position in shares of Harmonic by 2.6% in the 4th quarter. Handelsbanken Fonder AB now owns 36,100 shares of the communications equipment provider’s stock valued at $478,000 after purchasing an additional 900 shares during the last quarter. GAMMA Investing LLC raised its position in shares of 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 purchasing an additional 1,323 shares during the last quarter. Barclays PLC raised its position in shares of Harmonic by 0.7% in the 4th quarter. Barclays PLC now owns 203,300 shares of the communications equipment provider’s stock valued at $2,690,000 after purchasing an additional 1,324 shares during the last quarter. Captrust Financial Advisors raised its position in shares of Harmonic by 14.9% in the 3rd quarter. Captrust Financial Advisors now owns 12,671 shares of the communications equipment provider’s stock valued at $185,000 after purchasing an additional 1,647 shares during the last quarter. Finally, Inspire Investing LLC raised its position in shares of Harmonic by 6.9% in the 4th quarter. Inspire Investing LLC now owns 30,154 shares of the communications equipment provider’s stock valued at $399,000 after purchasing an additional 1,944 shares during the last quarter. 99.38% of the stock is owned by hedge funds and other institutional investors.

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.