Rosenblatt Securities Reiterates “Buy” Rating for Harmonic (NASDAQ:HLIT)

Harmonic (NASDAQ:HLIT)‘s stock had its “buy” rating reissued by analysts at Rosenblatt Securities in a report released on Tuesday,Benzinga reports. They currently have a $16.00 price objective on the communications equipment provider’s stock. Rosenblatt Securities’ target price suggests a potential upside of 40.35% from the stock’s previous close.

HLIT has been the topic of a number of other research reports. Northland Securities lowered their price target on Harmonic from $16.00 to $14.00 and set an “outperform” rating on the stock in a report on Tuesday, October 29th. Raymond James cut Harmonic from a “strong-buy” rating to an “outperform” rating and lowered their price target for the stock from $17.00 to $14.00 in a report on Tuesday, October 29th. Barclays cut Harmonic from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $17.00 to $14.00 in a report on Thursday, January 9th. Needham & Company LLC reiterated a “buy” rating and set a $18.00 target price on shares of Harmonic in a report on Tuesday, October 29th. Finally, Jefferies Financial Group cut Harmonic from a “buy” rating to a “hold” rating and lowered their target price for the company from $14.00 to $12.50 in a report on Tuesday, October 29th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Harmonic presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.75.

Harmonic Stock Performance

HLIT opened at $11.40 on Tuesday. The stock has a market cap of $1.33 billion, a P/E ratio of 15.62 and a beta of 0.89. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.08 and a quick ratio of 1.62. The stock’s 50 day simple moving average is $12.71 and its 200 day simple moving average is $13.15. Harmonic has a 1-year low of $9.10 and a 1-year high of $15.46.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Handelsbanken Fonder AB lifted its stake in shares of Harmonic by 2.6% during the 4th quarter. Handelsbanken Fonder AB now owns 36,100 shares of the communications equipment provider’s stock worth $478,000 after purchasing an additional 900 shares during the period. GAMMA Investing LLC lifted its stake in shares of Harmonic by 117.6% during 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 during the period. Captrust Financial Advisors lifted its stake in shares of Harmonic by 14.9% during the 3rd quarter. Captrust Financial Advisors now owns 12,671 shares of the communications equipment provider’s stock worth $185,000 after purchasing an additional 1,647 shares during the period. Inspire Investing LLC lifted its stake in shares of Harmonic by 6.9% during the 4th quarter. Inspire Investing LLC now owns 30,154 shares of the communications equipment provider’s stock worth $399,000 after purchasing an additional 1,944 shares during the period. Finally, Franklin Resources Inc. lifted its stake in shares of Harmonic by 6.0% during the 3rd quarter. Franklin Resources Inc. now owns 39,041 shares of the communications equipment provider’s stock worth $538,000 after purchasing an additional 2,207 shares during the period. Hedge funds and other institutional investors own 99.38% of the company’s stock.

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.