Analysts Set Harmonic Inc. (NASDAQ:HLIT) Target Price at $15.25

Harmonic Inc. (NASDAQ:HLIT) has been assigned an average recommendation of “Moderate Buy” from the six ratings firms that are presently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $14.75.

A number of equities analysts have recently issued reports on the company. Barclays downgraded Harmonic from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $17.00 to $14.00 in a research note on Thursday. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price objective on shares of Harmonic in a research report on Tuesday, October 29th. Raymond James lowered shares of Harmonic from a “strong-buy” rating to an “outperform” rating and decreased their target price for the stock from $17.00 to $14.00 in a research report on Tuesday, October 29th. Northland Securities cut their price target on shares of Harmonic from $16.00 to $14.00 and set an “outperform” rating for the company in a report on Tuesday, October 29th. Finally, Rosenblatt Securities decreased their price objective on shares of Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th.

Harmonic Price Performance

Shares of NASDAQ HLIT opened at $13.37 on Friday. The stock has a fifty day moving average price of $12.73 and a 200 day moving average price of $13.15. Harmonic has a 1-year low of $9.10 and a 1-year high of $15.46. 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 company has a market cap of $1.56 billion, a PE ratio of 18.32 and a beta of 0.91.

Harmonic (NASDAQ:HLIT) last released its earnings results on Monday, October 28th. The communications equipment provider reported $0.26 EPS for the quarter, topping the consensus estimate 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 business’s revenue was up 53.9% on a year-over-year basis. During the same quarter last year, the business earned ($0.05) EPS. Sell-side analysts forecast that Harmonic will post 0.52 EPS for the current year.

Hedge Funds Weigh In On Harmonic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jane Street Group LLC raised its position in shares of Harmonic by 40.3% during the 3rd quarter. Jane Street Group LLC now owns 201,386 shares of the communications equipment provider’s stock worth $2,934,000 after purchasing an additional 57,888 shares during the last quarter. Baker Avenue Asset Management LP acquired a new position in shares of Harmonic in the third quarter worth $833,000. Lisanti Capital Growth LLC purchased a new stake in shares of Harmonic in the third quarter valued at $2,915,000. Intech Investment Management LLC acquired a new stake in shares of Harmonic during the second quarter valued at $444,000. Finally, Geode Capital Management LLC increased its position in Harmonic by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 2,675,268 shares of the communications equipment provider’s stock worth $38,986,000 after purchasing an additional 17,665 shares in the last quarter. Institutional investors and hedge funds own 99.38% of the company’s stock.

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.