Harmonic Inc. (NASDAQ:HLIT) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Harmonic Inc. (NASDAQ:HLIT) have earned an average recommendation of “Moderate Buy” from the six analysts that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $15.25.

A number of equities research analysts recently weighed in on HLIT shares. Northland Securities dropped their price target on shares of Harmonic from $16.00 to $14.00 and set an “outperform” rating for the company in a research note on Tuesday, October 29th. Rosenblatt Securities dropped their target price on shares of Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. Needham & Company LLC restated a “buy” rating and issued a $18.00 price target on shares of Harmonic in a research report on Tuesday, October 29th. Jefferies Financial Group cut Harmonic from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $14.00 to $12.50 in a research note on Tuesday, October 29th. Finally, Raymond James lowered Harmonic from a “strong-buy” rating to an “outperform” rating and cut their target price for the company from $17.00 to $14.00 in a research note on Tuesday, October 29th.

Harmonic Stock Performance

NASDAQ:HLIT opened at $12.89 on Monday. The stock has a market capitalization of $1.50 billion, a P/E ratio of 17.66 and a beta of 0.92. Harmonic has a 1 year low of $9.10 and a 1 year high of $15.46. The firm has a 50 day moving average of $12.99 and a 200-day moving average of $12.89. The company has a current ratio of 2.08, a quick ratio of 1.62 and a debt-to-equity ratio of 0.29.

Harmonic (NASDAQ:HLIT) last issued its quarterly 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. Harmonic had a net margin of 13.62% and a return on equity of 7.56%. The business had revenue of $195.80 million for the quarter, compared to the consensus estimate of $181.77 million. During the same quarter in the prior year, the company earned ($0.05) EPS. The firm’s quarterly revenue was up 53.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Harmonic will post 0.52 EPS for the current fiscal year.

Hedge Funds Weigh In On Harmonic

Institutional investors and hedge funds have recently modified their holdings of the business. Assenagon Asset Management S.A. boosted its holdings 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 period. Baker Avenue Asset Management LP bought a new stake in Harmonic in the 3rd quarter valued at $833,000. Lisanti Capital Growth LLC acquired a new position in Harmonic in the 3rd quarter worth $2,915,000. Intech Investment Management LLC bought a new position in Harmonic during the 2nd quarter worth about $444,000. Finally, Mutual of America Capital Management LLC raised its stake in shares of Harmonic by 15.2% in the 2nd quarter. Mutual of America Capital Management LLC now owns 279,996 shares of the communications equipment provider’s stock valued at $3,296,000 after purchasing an additional 36,937 shares during the period. 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.