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

Harmonic (NASDAQ:HLIT) had its price objective lowered by equities research analysts at Rosenblatt Securities from $18.00 to $16.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the communications equipment provider’s stock. Rosenblatt Securities’ target price indicates a potential upside of 38.17% from the stock’s current price.

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

Harmonic Stock Performance

NASDAQ:HLIT opened at $11.58 on Tuesday. Harmonic has a twelve month low of $9.10 and a twelve month high of $15.46. The company 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 current ratio of 1.87, a quick ratio of 1.32 and a debt-to-equity ratio of 0.30. The company’s 50-day moving average price is $14.00 and its 200-day moving average price is $12.58.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings results on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share (EPS) for the quarter, beating 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 business had revenue of $195.80 million during the quarter, compared to analyst estimates of $181.77 million. During the same period in the prior year, the business earned ($0.05) earnings per share. The business’s revenue was up 53.9% compared to the same quarter last year. On average, sell-side analysts forecast that Harmonic will post 0.44 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. CWM LLC lifted its holdings in Harmonic by 780.9% during the 2nd quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock worth $27,000 after buying an additional 1,999 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Harmonic by 117.6% in the third 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 period. Innealta Capital LLC purchased a new position in Harmonic in the second quarter valued at $47,000. SageView Advisory Group LLC acquired a new position in Harmonic during the 1st quarter worth $114,000. Finally, Verdence Capital Advisors LLC acquired a new stake in Harmonic in the 2nd quarter valued at about $140,000. Hedge funds and other institutional investors own 99.38% of the company’s stock.

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.