Harmonic (NASDAQ:HLIT) Price Target Lowered to $10.00 at Barclays

Harmonic (NASDAQ:HLIT) had its price target lowered by Barclays from $14.00 to $10.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an equal weight rating on the communications equipment provider’s stock.

A number of other research firms also recently commented on HLIT. Jefferies Financial Group downgraded Harmonic from a “buy” rating to a “hold” rating and dropped their price objective for the company from $14.00 to $12.50 in a report 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 report on Tuesday. Raymond James downgraded Harmonic from a “strong-buy” rating to an “outperform” rating and dropped their price objective for the company from $17.00 to $14.00 in a report on Tuesday, October 29th. Needham & Company LLC dropped their price target on Harmonic from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Rosenblatt Securities restated a “buy” rating and set a $16.00 price target on shares of Harmonic in a research note on Tuesday, February 4th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Harmonic has an average rating of “Moderate Buy” and an average target price of $12.50.

Harmonic Price Performance

Shares of HLIT opened at $9.42 on Tuesday. Harmonic has a twelve month low of $8.42 and a twelve month high of $15.46. The firm’s fifty day simple moving average is $12.54 and its 200-day simple moving average is $13.11. The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of 12.90 and a beta of 0.89. 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 released its quarterly earnings data on Monday, February 10th. The communications equipment provider reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.01. Harmonic had a return on equity of 7.56% and a net margin of 13.62%. Equities analysts forecast that Harmonic will post 0.52 EPS for the current fiscal year.

Harmonic announced that its board has authorized a share repurchase program on Monday, February 10th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the communications equipment provider to purchase up to 15.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Institutional Trading of Harmonic

A number of hedge funds have recently added to or reduced their stakes in HLIT. GAMMA Investing LLC lifted its position in Harmonic by 117.6% during the 3rd quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock worth $36,000 after acquiring an additional 1,323 shares during the period. AlphaQuest LLC lifted its holdings in shares of Harmonic by 14,765.9% in the 4th quarter. AlphaQuest LLC now owns 6,095 shares of the communications equipment provider’s stock valued at $81,000 after buying an additional 6,054 shares during the period. KBC Group NV lifted its holdings in shares of Harmonic by 84.8% in the 4th 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 lifted its holdings in shares of Harmonic by 274.2% in the 3rd 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 period. Finally, Cibc World Markets Corp acquired a new stake in shares of Harmonic in the 4th quarter valued at approximately $137,000. 99.38% of the stock is 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.