Harmonic (NASDAQ:HLIT) Receives “Buy” Rating from Rosenblatt Securities

Harmonic (NASDAQ:HLIT)‘s stock had its “buy” rating restated by analysts at Rosenblatt Securities in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $11.00 target price on the communications equipment provider’s stock. Rosenblatt Securities’ target price points to a potential upside of 25.14% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. 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. Wall Street Zen upgraded shares of Harmonic from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 6th. Barclays reiterated an “underperform” rating on shares of Harmonic in a research note on Tuesday, April 29th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $14.00 price objective on shares of Harmonic in a research note on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $12.33.

Harmonic Price Performance

Shares of Harmonic stock opened at $8.79 on Tuesday. Harmonic has a twelve month low of $7.91 and a twelve month high of $15.46. The company has a quick ratio of 1.69, a current ratio of 2.06 and a debt-to-equity ratio of 0.27. The company has a 50-day simple moving average of $9.13 and a two-hundred day simple moving average of $10.60. The stock has a market capitalization of $994.15 million, a price-to-earnings ratio of 19.53 and a beta of 1.04.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings data on Monday, April 28th. The communications equipment provider reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.06. Harmonic had a net margin of 7.72% and a return on equity of 18.28%. The business had revenue of $133.14 million during the quarter, compared to analysts’ expectations of $127.51 million. The company’s revenue for the quarter was up 9.1% compared to the same quarter last year. Analysts forecast that Harmonic will post 0.31 EPS for the current year.

Hedge Funds Weigh In On Harmonic

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Voya Investment Management LLC raised its position in shares of Harmonic by 44.7% in the 1st quarter. Voya Investment Management LLC now owns 98,457 shares of the communications equipment provider’s stock valued at $944,000 after buying an additional 30,398 shares in the last quarter. Inspire Investing LLC raised its position in shares of Harmonic by 181.7% in the 1st quarter. Inspire Investing LLC now owns 84,930 shares of the communications equipment provider’s stock valued at $814,000 after buying an additional 54,776 shares in the last quarter. Intech Investment Management LLC raised its position in shares of Harmonic by 24.4% in the 1st quarter. Intech Investment Management LLC now owns 548,876 shares of the communications equipment provider’s stock valued at $5,264,000 after buying an additional 107,520 shares in the last quarter. Jane Street Group LLC raised its position in shares of Harmonic by 978.5% in the 1st quarter. Jane Street Group LLC now owns 247,480 shares of the communications equipment provider’s stock valued at $2,373,000 after buying an additional 224,534 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Harmonic by 9.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 353,538 shares of the communications equipment provider’s stock valued at $3,390,000 after buying an additional 31,276 shares in the last quarter. 99.38% of the stock is currently 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.