Rosenblatt Securities Issues Pessimistic Forecast for Harmonic (NASDAQ:HLIT) Stock Price

Harmonic (NASDAQ:HLIT) had its price target reduced by Rosenblatt Securities from $18.00 to $16.00 in a research note released on Tuesday morning, Benzinga reports. Rosenblatt Securities currently has a buy rating on the communications equipment provider’s stock.

A number of other equities research analysts have also weighed in on HLIT. Needham & Company LLC restated a “buy” rating and set a $18.00 price objective on shares of Harmonic in a research report on Tuesday. Northland Securities cut their target price on Harmonic from $16.00 to $14.00 and set an “outperform” rating on the stock in a report on Tuesday. Barclays cut their target price on Harmonic from $20.00 to $17.00 and set an “overweight” rating on the stock in a report on Tuesday. Finally, Raymond James downgraded Harmonic from a “strong-buy” rating to an “outperform” rating and cut their target price for the stock from $17.00 to $14.00 in a report on Tuesday. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $15.25.

Harmonic Trading Down 1.2 %

Shares of HLIT stock opened at $10.96 on Tuesday. The firm has a market capitalization of $1.27 billion, a P/E ratio of 15.01 and a beta of 0.87. Harmonic has a twelve month low of $9.10 and a twelve month high of $15.46. The company has a quick ratio of 1.32, a current ratio of 2.08 and a debt-to-equity ratio of 0.29. The stock’s fifty day simple moving average is $13.90 and its 200 day simple moving average is $12.56.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings data on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.09. The business had revenue of $195.80 million for the quarter, compared to analyst estimates of $181.77 million. Harmonic had a return on equity of 7.56% and a net margin of 13.62%. Harmonic’s quarterly revenue was up 53.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.05) EPS. As a group, sell-side analysts predict that Harmonic will post 0.49 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in HLIT. CWM LLC lifted its stake in shares of Harmonic by 780.9% in the 2nd quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock valued at $27,000 after purchasing an additional 1,999 shares during the period. GAMMA Investing LLC lifted its stake in shares of Harmonic by 117.6% in the 3rd quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock valued at $36,000 after purchasing an additional 1,323 shares during the period. Innealta Capital LLC acquired a new position in shares of Harmonic in the 2nd quarter valued at about $47,000. SageView Advisory Group LLC acquired a new position in shares of Harmonic in the 1st quarter valued at about $114,000. Finally, Verdence Capital Advisors LLC acquired a new position in shares of Harmonic in the 2nd quarter valued at about $140,000. 99.38% of the stock is 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.