Barclays Increases Harmonic (NASDAQ:HLIT) Price Target to $20.00

Harmonic (NASDAQ:HLIT) had its price target boosted by analysts at Barclays from $14.00 to $20.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the communications equipment provider’s stock. Barclays‘s price objective points to a potential upside of 36.43% from the stock’s current price.

A number of other brokerages have also commented on HLIT. Needham & Company LLC reissued a “buy” rating and set a $18.00 price objective on shares of Harmonic in a report on Monday, June 17th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $18.00 target price on shares of Harmonic in a research note on Thursday, July 18th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $18.80.

Harmonic Trading Up 2.9 %

Shares of Harmonic stock opened at $14.66 on Tuesday. The stock has a market capitalization of $1.64 billion, a P/E ratio of 24.43 and a beta of 0.89. The company has a quick ratio of 0.78, a current ratio of 1.09 and a debt-to-equity ratio of 0.03. The company has a 50-day simple moving average of $11.88 and a 200 day simple moving average of $12.03. Harmonic has a 12-month low of $8.80 and a 12-month high of $15.31.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings data on Monday, July 29th. The communications equipment provider reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. Harmonic had a net margin of 10.22% and a return on equity of 0.27%. The firm had revenue of $138.70 million for the quarter, compared to analyst estimates of $133.67 million. During the same quarter in the prior year, the firm earned $0.07 EPS. The company’s revenue was down 11.1% on a year-over-year basis. Research analysts expect that Harmonic will post 0.36 earnings per share for the current fiscal year.

Institutional Trading of Harmonic

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Harmonic by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 9,852,064 shares of the communications equipment provider’s stock valued at $132,412,000 after acquiring an additional 166,018 shares during the period. Wellington Management Group LLP raised its holdings in Harmonic by 12.7% during the 4th quarter. Wellington Management Group LLP now owns 8,796,165 shares of the communications equipment provider’s stock worth $114,702,000 after buying an additional 990,425 shares during the period. Dimensional Fund Advisors LP raised its holdings in Harmonic by 2.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,389,426 shares of the communications equipment provider’s stock worth $44,198,000 after buying an additional 82,822 shares during the period. Leeward Investments LLC MA raised its holdings in Harmonic by 5.6% during the 2nd quarter. Leeward Investments LLC MA now owns 1,975,966 shares of the communications equipment provider’s stock worth $23,257,000 after buying an additional 105,162 shares during the period. Finally, Westfield Capital Management Co. LP acquired a new stake in Harmonic during the 4th quarter worth approximately $19,257,000. 99.38% of the stock is currently owned by institutional investors and hedge funds.

Harmonic Company Profile

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.