Harmonic (NASDAQ:HLIT) Given New $12.50 Price Target at Northland Securities

Harmonic (NASDAQ:HLIT) had its price objective reduced by analysts at Northland Securities from $14.00 to $12.50 in a report issued on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the communications equipment provider’s stock. Northland Securities’ price target would suggest a potential upside of 12.41% from the stock’s current price.

A number of other research analysts have also recently commented on the company. Barclays lowered Harmonic from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $17.00 to $14.00 in a research report on Thursday, January 9th. Needham & Company LLC restated a “buy” rating and set a $18.00 target price on shares of Harmonic in a report on Tuesday, October 29th. Rosenblatt Securities reiterated a “buy” rating and set a $16.00 price target on shares of Harmonic in a research note on Tuesday, February 4th. Jefferies Financial Group lowered shares of Harmonic from a “buy” rating to a “hold” rating and lowered their price objective for the company from $14.00 to $12.50 in a research note on Tuesday, October 29th. Finally, Raymond James lowered shares of Harmonic from a “strong-buy” rating to an “outperform” rating and reduced their target price for the stock from $17.00 to $14.00 in a report on Tuesday, October 29th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $13.83.

Harmonic Stock Performance

Shares of Harmonic stock opened at $11.12 on Tuesday. The firm has a market cap of $1.30 billion, a PE ratio of 15.23 and a beta of 0.89. The company has a quick ratio of 1.62, a current ratio of 2.08 and a debt-to-equity ratio of 0.29. Harmonic has a 52 week low of $9.10 and a 52 week high of $15.46. The business’s fifty day simple moving average is $12.61 and its 200-day simple moving average is $13.13.

Harmonic (NASDAQ:HLIT) last posted its earnings results on Monday, February 10th. The communications equipment provider reported $0.38 EPS 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%. Equities analysts forecast that Harmonic will post 0.52 earnings per share for the current year.

Harmonic announced that its Board of Directors has authorized a stock buyback plan 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 reacquire up to 15.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its holdings 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 increased its holdings in Harmonic by 14,765.9% in the fourth 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 last quarter. KBC Group NV raised its stake in Harmonic by 84.8% in 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 in the last quarter. CWM LLC lifted its holdings in Harmonic by 274.2% during the 3rd quarter. CWM LLC now owns 8,439 shares of the communications equipment provider’s stock worth $123,000 after buying an additional 6,184 shares during the last quarter. Finally, Cibc World Markets Corp acquired a new position in shares of Harmonic during the 4th quarter worth about $137,000. Institutional investors and hedge funds 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.