Harmonic (NASDAQ:HLIT) Price Target Lowered to $16.00 at Rosenblatt Securities

Harmonic (NASDAQ:HLIT) had its price objective decreased by Rosenblatt Securities from $18.00 to $16.00 in a research note published on Tuesday, Benzinga reports. Rosenblatt Securities currently has a buy rating on the communications equipment provider’s stock.

Other equities research analysts have also issued research reports about the stock. Northland Securities dropped their price objective on shares of Harmonic from $16.00 to $14.00 and set an “outperform” rating on the stock in a research note on Tuesday. Barclays dropped their price target on Harmonic from $20.00 to $17.00 and set an “overweight” rating on the stock in a research report on Tuesday. Needham & Company LLC restated a “buy” rating and issued a $18.00 price target on shares of Harmonic in a research note on Tuesday. Finally, Raymond James cut Harmonic from a “strong-buy” rating to an “outperform” rating and lowered their price objective for the company from $17.00 to $14.00 in a research note on Tuesday. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $15.25.

Harmonic Stock Down 25.1 %

Shares of NASDAQ:HLIT opened at $11.10 on Tuesday. The firm has a market capitalization of $1.25 billion, a P/E ratio of 18.50 and a beta of 0.87. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.32 and a current ratio of 1.87. The stock has a 50 day moving average price of $14.06 and a 200-day moving average price of $12.57. Harmonic has a 52-week low of $9.10 and a 52-week high of $15.46.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings data on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.09. The business had revenue of $195.80 million during the quarter, compared to the consensus estimate of $181.77 million. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The firm’s quarterly revenue was up 53.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.05) earnings per share. As a group, equities research analysts anticipate that Harmonic will post 0.44 EPS for the current fiscal year.

Hedge Funds Weigh In On Harmonic

A number of hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC increased 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 worth $36,000 after purchasing an additional 1,323 shares in the last quarter. Dark Forest Capital Management LP boosted its position in shares of Harmonic by 7.2% during the second quarter. Dark Forest Capital Management LP now owns 20,192 shares of the communications equipment provider’s stock valued at $238,000 after buying an additional 1,362 shares during the last quarter. Rhumbline Advisers boosted its position in shares of Harmonic by 0.4% during the second quarter. Rhumbline Advisers now owns 320,516 shares of the communications equipment provider’s stock valued at $3,772,000 after buying an additional 1,382 shares during the last quarter. Texas Permanent School Fund Corp increased its holdings in Harmonic by 1.5% in the 1st quarter. Texas Permanent School Fund Corp now owns 98,377 shares of the communications equipment provider’s stock worth $1,322,000 after buying an additional 1,462 shares in the last quarter. Finally, ProShare Advisors LLC raised its position in Harmonic by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 22,256 shares of the communications equipment provider’s stock worth $299,000 after buying an additional 1,532 shares during the last quarter. 99.38% of the stock is currently owned by hedge funds and other institutional investors.

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.