Harmonic (NASDAQ:HLIT) Raised to “Outperform” at Raymond James

Harmonic (NASDAQ:HLIT) was upgraded by stock analysts at Raymond James from a “market perform” rating to an “outperform” rating in a research note issued on Friday, The Fly reports.

Other equities research analysts have also issued research reports about the stock. BidaskClub raised shares of Harmonic from a “hold” rating to a “buy” rating in a report on Thursday, May 9th. Zacks Investment Research raised shares of Harmonic from a “hold” rating to a “buy” rating and set a $6.25 price target for the company in a report on Thursday, April 11th. Finally, Stifel Nicolaus began coverage on shares of Harmonic in a report on Wednesday, February 20th. They issued a “buy” rating and a $7.00 price target for the company. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Harmonic has an average rating of “Buy” and a consensus target price of $7.10.

NASDAQ:HLIT opened at $5.10 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.35 and a debt-to-equity ratio of 0.58. The company has a market cap of $451.96 million, a PE ratio of 170.00 and a beta of 0.90. Harmonic has a 1-year low of $4.05 and a 1-year high of $6.32.

Harmonic (NASDAQ:HLIT) last posted its earnings results on Monday, April 29th. The communications equipment provider reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.01. The firm had revenue of $80.10 million during the quarter, compared to analyst estimates of $85.52 million. Harmonic had a negative net margin of 4.74% and a negative return on equity of 0.08%. The business’s quarterly revenue was down 11.1% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.01) EPS. Analysts expect that Harmonic will post -0.11 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. increased its holdings in Harmonic by 1.1% in the 1st quarter. BlackRock Inc. now owns 12,658,172 shares of the communications equipment provider’s stock worth $68,607,000 after acquiring an additional 139,286 shares in the last quarter. Vanguard Group Inc. increased its holdings in Harmonic by 2.4% in the 3rd quarter. Vanguard Group Inc. now owns 5,216,147 shares of the communications equipment provider’s stock worth $28,689,000 after acquiring an additional 121,411 shares in the last quarter. Wellington Management Group LLP increased its holdings in Harmonic by 37.8% in the 1st quarter. Wellington Management Group LLP now owns 2,985,830 shares of the communications equipment provider’s stock worth $16,183,000 after acquiring an additional 818,909 shares in the last quarter. Wells Fargo & Company MN increased its holdings in Harmonic by 3.9% in the 1st quarter. Wells Fargo & Company MN now owns 1,189,269 shares of the communications equipment provider’s stock worth $6,446,000 after acquiring an additional 44,333 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Harmonic by 7.7% during the 1st quarter. Geode Capital Management LLC now owns 1,069,623 shares of the communications equipment provider’s stock worth $5,797,000 after purchasing an additional 76,035 shares during the last quarter. 88.72% of the stock is owned by institutional investors.

About Harmonic

Harmonic Inc designs, manufactures, and sells video infrastructure products and system solutions worldwide. Its products enable customers to create, prepare, and deliver a range of video and broadband services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones.

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