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

Harmonic (NASDAQ:HLIT) had its target price decreased by research analysts at Rosenblatt Securities from $16.00 to $12.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the communications equipment provider’s stock. Rosenblatt Securities’ price objective would suggest a potential upside of 23.18% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. Barclays reduced their price objective on shares of Harmonic from $14.00 to $10.00 and set an “equal weight” rating for the company in a research report on Tuesday. Jefferies Financial Group downgraded shares of Harmonic from a “buy” rating to a “hold” rating and cut their price target for the stock from $14.00 to $12.50 in a report on Tuesday, October 29th. Raymond James lowered shares of 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 research note on Tuesday, October 29th. Northland Securities dropped their price objective on 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 Harmonic from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Tuesday. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.50.

Harmonic Stock Down 12.4 %

Shares of NASDAQ HLIT traded down $1.38 during midday trading on Tuesday, hitting $9.74. 3,619,617 shares of the stock traded hands, compared to its average volume of 1,158,767. 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 one year low of $8.42 and a one year high of $15.46. The business has a 50 day moving average price of $12.61 and a two-hundred day moving average price of $13.13. The company has a market cap of $1.14 billion, a PE ratio of 13.39 and a beta of 0.89.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, February 10th. The communications equipment provider reported $0.38 earnings per share for the quarter, beating 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%. On average, equities analysts predict that Harmonic will post 0.52 EPS for the current year.

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

Hedge Funds Weigh In On Harmonic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its stake 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 in the last quarter. AlphaQuest LLC lifted its stake in Harmonic by 14,765.9% in the fourth quarter. AlphaQuest LLC now owns 6,095 shares of the communications equipment provider’s stock worth $81,000 after purchasing an additional 6,054 shares during the last quarter. KBC Group NV boosted its position in Harmonic by 84.8% during the fourth quarter. KBC Group NV now owns 6,295 shares of the communications equipment provider’s stock valued at $83,000 after buying an additional 2,888 shares during the period. CWM LLC grew its stake in shares of Harmonic by 274.2% during the third quarter. CWM LLC now owns 8,439 shares of the communications equipment provider’s stock valued at $123,000 after buying an additional 6,184 shares during the last quarter. Finally, Cibc World Markets Corp purchased a new position in shares of Harmonic in the fourth quarter worth about $137,000. 99.38% of the stock is currently 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.