Harmonic Inc. (NASDAQ:HLIT) Receives $12.33 Consensus Price Target from Analysts

Shares of Harmonic Inc. (NASDAQ:HLITGet Free Report) have earned an average rating of “Moderate Buy” from the six ratings firms that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $12.33.

A number of brokerages recently commented on HLIT. Barclays restated an “underperform” rating on shares of Harmonic in a research note on Tuesday, April 29th. Needham & Company LLC restated a “buy” rating and issued a $14.00 price target on shares of Harmonic in a research report on Tuesday, April 29th. Northland Securities decreased their price objective on shares of Harmonic from $14.00 to $12.50 and set an “outperform” rating on the stock in a research note on Tuesday, February 11th. Jefferies Financial Group began coverage on shares of Harmonic in a research note on Friday, February 21st. They issued a “hold” rating for the company. Finally, Wall Street Zen upgraded Harmonic from a “hold” rating to a “buy” rating in a research report on Thursday, March 27th.

Check Out Our Latest Analysis on HLIT

Institutional Trading of Harmonic

A number of hedge funds and other institutional investors have recently modified their holdings of HLIT. Amundi increased its stake in shares of Harmonic by 113.3% in the 4th quarter. Amundi now owns 71,976 shares of the communications equipment provider’s stock valued at $962,000 after buying an additional 38,230 shares during the period. Russell Investments Group Ltd. raised its holdings in Harmonic by 5,388.1% during the 4th quarter. Russell Investments Group Ltd. now owns 5,543 shares of the communications equipment provider’s stock worth $73,000 after purchasing an additional 5,442 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Harmonic during the 4th quarter valued at about $4,292,000. Principal Financial Group Inc. lifted its position in Harmonic by 3.2% during the 4th quarter. Principal Financial Group Inc. now owns 568,187 shares of the communications equipment provider’s stock valued at $7,517,000 after purchasing an additional 17,562 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Harmonic by 13.3% in the 4th quarter. Northern Trust Corp now owns 1,252,837 shares of the communications equipment provider’s stock valued at $16,575,000 after purchasing an additional 147,274 shares during the last quarter. Institutional investors and hedge funds own 99.38% of the company’s stock.

Harmonic Stock Performance

NASDAQ HLIT opened at $9.40 on Monday. The company’s fifty day moving average is $9.08 and its two-hundred day moving average is $10.82. Harmonic has a 52-week low of $7.91 and a 52-week high of $15.46. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.18 and a quick ratio of 1.80. The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of 28.49 and a beta of 1.03.

Harmonic (NASDAQ:HLITGet Free Report) last released its earnings results on Monday, April 28th. The communications equipment provider reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.06. The business had revenue of $133.14 million during the quarter, compared to analysts’ expectations of $127.51 million. Harmonic had a net margin of 5.78% and a return on equity of 15.90%. The business’s revenue was up 9.1% on a year-over-year basis. Equities research analysts forecast that Harmonic will post 0.31 EPS for the current year.

Harmonic announced that its board has approved a stock buyback plan on Monday, February 10th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the communications equipment provider to repurchase up to 15.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Harmonic Company Profile

(Get Free Report

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.

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Analyst Recommendations for Harmonic (NASDAQ:HLIT)

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