Harmonic (NASDAQ:HLIT) Rating Lowered to Equal Weight at Barclays

Harmonic (NASDAQ:HLIT) was downgraded by research analysts at Barclays from an “overweight” rating to an “equal weight” rating in a report released on Thursday, MarketBeat.com reports. They presently have a $14.00 target price on the communications equipment provider’s stock, down from their previous target price of $17.00. Barclays‘s price target would suggest a potential upside of 12.54% from the stock’s current price.

A number of other brokerages have also recently commented on HLIT. Raymond James cut Harmonic from a “strong-buy” rating to an “outperform” rating and dropped their price target for the company from $17.00 to $14.00 in a research report on Tuesday, October 29th. Rosenblatt Securities dropped their price objective on shares of Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Northland Securities reduced their target price 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. Jefferies Financial Group lowered shares of Harmonic from a “buy” rating to a “hold” rating and lowered their price target for the company from $14.00 to $12.50 in a research report on Tuesday, October 29th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Harmonic in a report on Tuesday, October 29th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $14.75.

Harmonic Stock Performance

NASDAQ HLIT opened at $12.44 on Thursday. The company has a market capitalization of $1.45 billion, a PE ratio of 17.04 and a beta of 0.91. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.62 and a current ratio of 2.08. Harmonic has a 52-week low of $9.10 and a 52-week high of $15.46. The company has a 50-day simple moving average of $12.78 and a 200 day simple moving average of $13.15.

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. The company had revenue of $195.80 million during the quarter, compared to analyst estimates of $181.77 million. Harmonic had a net margin of 13.62% and a return on equity of 7.56%. Harmonic’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. On average, research analysts predict that Harmonic will post 0.52 EPS for the current year.

Institutional Trading of Harmonic

Hedge funds and other institutional investors have recently bought and sold shares of the company. Jane Street Group LLC grew its position in shares of Harmonic by 40.3% during the 3rd quarter. Jane Street Group LLC now owns 201,386 shares of the communications equipment provider’s stock valued at $2,934,000 after purchasing an additional 57,888 shares in the last quarter. Baker Avenue Asset Management LP bought a new stake in Harmonic during the third quarter valued at $833,000. Lisanti Capital Growth LLC purchased a new position in Harmonic during the third quarter worth about $2,915,000. Intech Investment Management LLC bought a new position in Harmonic in the 2nd quarter worth about $444,000. Finally, Geode Capital Management LLC raised its holdings in shares of Harmonic by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,675,268 shares of the communications equipment provider’s stock valued at $38,986,000 after acquiring an additional 17,665 shares in the last quarter. 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.