Barclays Issues Pessimistic Forecast for Harmonic (NASDAQ:HLIT) Stock Price

Harmonic (NASDAQ:HLIT) had its price objective reduced by equities researchers at Barclays from $20.00 to $17.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the communications equipment provider’s stock. Barclays‘s price objective points to a potential upside of 46.80% from the company’s previous close.

HLIT has been the subject of several other reports. Raymond James downgraded 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 report on Tuesday. Rosenblatt Securities reiterated a “buy” rating and set a $18.00 target price on shares of Harmonic in a research report on Tuesday, October 15th. Finally, Needham & Company LLC restated a “buy” rating and issued a $18.00 price target on shares of Harmonic in a research note on Tuesday. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $15.25.

Harmonic Trading Up 4.3 %

NASDAQ:HLIT opened at $11.58 on Tuesday. The stock has a market cap of $1.30 billion, a P/E ratio of 19.30 and a beta of 0.87. 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 1 year low of $9.10 and a 1 year high of $15.46. The stock has a 50-day simple moving average of $14.00 and a 200-day simple moving average of $12.58.

Harmonic (NASDAQ:HLIT) last released its quarterly 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. The firm had revenue of $195.80 million for the quarter, compared to the consensus estimate of $181.77 million. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The firm’s quarterly revenue was up 53.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.05) EPS. As a group, analysts anticipate that Harmonic will post 0.44 earnings per share for the current fiscal year.

Institutional Trading of Harmonic

Several large investors have recently modified their holdings of the business. GSA Capital Partners LLP purchased a new position in Harmonic during the first quarter worth $923,000. Jane Street Group LLC boosted its stake in shares of Harmonic by 1,276.3% during the 1st quarter. Jane Street Group LLC now owns 1,203,297 shares of the communications equipment provider’s stock worth $16,172,000 after purchasing an additional 1,115,870 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of Harmonic by 216.5% in the second quarter. Assenagon Asset Management S.A. now owns 545,495 shares of the communications equipment provider’s stock valued at $6,420,000 after buying an additional 373,155 shares during the last quarter. Lisanti Capital Growth LLC purchased a new position in shares of Harmonic during the first quarter valued at approximately $3,659,000. Finally, Russell Investments Group Ltd. boosted its position in Harmonic by 24.0% during the first quarter. Russell Investments Group Ltd. now owns 290,842 shares of the communications equipment provider’s stock worth $3,909,000 after acquiring an additional 56,269 shares during the last quarter. 99.38% of the stock is currently owned by institutional investors and hedge funds.

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.