Harmonic (NASDAQ:HLIT) Price Target Lowered to $10.00 at Barclays

Harmonic (NASDAQ:HLIT) had its price target dropped by research analysts at Barclays from $14.00 to $10.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the communications equipment provider’s stock. Barclays‘s price objective would indicate a potential upside of 3.95% from the stock’s previous close.

A number of other brokerages also recently weighed in on HLIT. Rosenblatt Securities reissued a “buy” rating and set a $16.00 price objective on shares of Harmonic in a research report on Tuesday, February 4th. Northland Securities reduced their price objective on Harmonic from $14.00 to $12.50 and set an “outperform” rating for the company in a research note on Tuesday. Raymond James cut 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, October 29th. Needham & Company LLC decreased their price target on shares of Harmonic from $18.00 to $14.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Jefferies Financial Group cut Harmonic from a “buy” rating to a “hold” rating and cut their target price for the company from $14.00 to $12.50 in a research report on Tuesday, October 29th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $13.17.

Harmonic Stock Performance

Shares of Harmonic stock opened at $9.62 on Tuesday. The company’s fifty day moving average is $12.61 and its 200 day moving average is $13.13. Harmonic has a twelve month low of $8.24 and a twelve month high of $15.46. The stock has a market cap of $1.12 billion, a price-to-earnings ratio of 12.89 and a beta of 0.89. The company has a quick ratio of 1.62, a current ratio of 2.08 and a debt-to-equity ratio of 0.29.

Harmonic (NASDAQ:HLIT) last announced its earnings results on Monday, February 10th. The communications equipment provider reported $0.38 EPS for the quarter, beating the consensus estimate of $0.37 by $0.01. Harmonic had a return on equity of 7.56% and a net margin of 13.62%. Sell-side analysts forecast that Harmonic will post 0.52 EPS for the current year.

Harmonic declared that its board has initiated a share repurchase program on Monday, February 10th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the communications equipment provider to reacquire up to 15.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Harmonic

Hedge funds have recently bought and sold shares of the company. Assenagon Asset Management S.A. grew its stake in shares of Harmonic by 117.7% in the third quarter. Assenagon Asset Management S.A. now owns 1,187,528 shares of the communications equipment provider’s stock worth $17,302,000 after acquiring an additional 642,033 shares during the period. Point72 Asset Management L.P. grew its holdings in Harmonic by 85.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,208,829 shares of the communications equipment provider’s stock valued at $17,613,000 after buying an additional 555,737 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Harmonic in the 4th quarter valued at $4,292,000. Intech Investment Management LLC lifted its position in shares of Harmonic by 128.3% in the fourth quarter. Intech Investment Management LLC now owns 441,356 shares of the communications equipment provider’s stock worth $5,839,000 after buying an additional 248,046 shares in the last quarter. Finally, Wasatch Advisors LP boosted its position in shares of Harmonic by 15.3% during the 3rd quarter. Wasatch Advisors LP now owns 1,659,823 shares of the communications equipment provider’s stock valued at $24,184,000 after acquiring an additional 219,685 shares during the last quarter. 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.