Harmonic (NASDAQ:HLIT) Price Target Lowered to $14.00 at Northland Securities

Harmonic (NASDAQ:HLIT) had its price target reduced by Northland Securities from $16.00 to $14.00 in a research report sent to investors on Tuesday, Benzinga reports. They currently have an outperform rating on the communications equipment provider’s stock.

HLIT has been the subject of a number of other research reports. Barclays cut their price objective on shares of Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Tuesday. Raymond James lowered shares of Harmonic from a “strong-buy” rating to an “outperform” rating and cut their price objective for the company from $17.00 to $14.00 in a research report on Tuesday. Rosenblatt Securities reissued a “buy” rating and issued a $18.00 price objective on shares of Harmonic in a research report on Tuesday, October 15th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $18.00 price objective on shares of Harmonic in a research report on Tuesday. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Harmonic currently has an average rating of “Moderate Buy” and a consensus price target of $15.25.

Harmonic Stock Performance

Shares of HLIT opened at $10.96 on Tuesday. The company has a current ratio of 2.08, a quick ratio of 1.32 and a debt-to-equity ratio of 0.29. The stock has a market cap of $1.27 billion, a P/E ratio of 15.01 and a beta of 0.87. The company has a 50-day moving average of $13.90 and a two-hundred day moving average of $12.56. Harmonic has a 12-month low of $9.10 and a 12-month high of $15.46.

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

Institutional Investors Weigh In On Harmonic

Several institutional investors have recently bought and sold shares of HLIT. Vanguard Group Inc. grew its stake in Harmonic by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 9,686,046 shares of the communications equipment provider’s stock worth $126,306,000 after buying an additional 289,443 shares during the period. Principal Financial Group Inc. grew its stake in Harmonic by 0.4% during the first quarter. Principal Financial Group Inc. now owns 585,533 shares of the communications equipment provider’s stock worth $7,870,000 after buying an additional 2,142 shares during the period. BNP Paribas Financial Markets grew its stake in Harmonic by 37.2% during the first quarter. BNP Paribas Financial Markets now owns 98,124 shares of the communications equipment provider’s stock worth $1,319,000 after buying an additional 26,622 shares during the period. GSA Capital Partners LLP purchased a new stake in Harmonic during the first quarter worth approximately $923,000. Finally, Texas Permanent School Fund Corp grew its stake in Harmonic by 1.5% during the first quarter. Texas Permanent School Fund Corp now owns 98,377 shares of the communications equipment provider’s stock worth $1,322,000 after buying an additional 1,462 shares during the period. 99.38% of the stock is currently owned by hedge funds and other institutional investors.

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.