Harmonic (NASDAQ:HLIT) Given New $12.00 Price Target at Needham & Company LLC

Harmonic (NASDAQ:HLIT) had its price target lowered by equities research analysts at Needham & Company LLC from $14.00 to $12.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the communications equipment provider’s stock. Needham & Company LLC’s target price indicates a potential upside of 33.48% from the company’s previous close.

HLIT has been the subject of several other research reports. Wolfe Research assumed coverage on shares of Harmonic in a research note on Tuesday, July 8th. They issued an “underperform” rating for the company. Rosenblatt Securities restated a “buy” rating and set a $11.00 target price on shares of Harmonic in a research report on Tuesday. Barclays set a $8.00 target price on shares of Harmonic and gave the stock an “equal weight” rating in a research report on Tuesday. Finally, Wall Street Zen cut shares of Harmonic from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 12th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Harmonic currently has an average rating of “Moderate Buy” and a consensus target price of $11.67.

Harmonic Stock Up 3.1%

Shares of NASDAQ HLIT opened at $8.99 on Tuesday. The company has a quick ratio of 1.69, a current ratio of 1.99 and a debt-to-equity ratio of 0.27. Harmonic has a 52 week low of $7.80 and a 52 week high of $15.46. The firm has a 50-day moving average price of $9.24 and a 200 day moving average price of $9.79. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of 15.24 and a beta of 1.05.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings data on Monday, July 28th. The communications equipment provider reported $0.09 EPS for the quarter, beating the consensus estimate of $0.03 by $0.06. Harmonic had a net margin of 9.96% and a return on equity of 17.83%. The firm had revenue of $138.03 million during the quarter, compared to analysts’ expectations of $134.90 million. During the same quarter last year, the business earned $0.08 earnings per share. The business’s revenue for the quarter was down .5% compared to the same quarter last year. Equities research analysts anticipate that Harmonic will post 0.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Harmonic

A number of institutional investors have recently modified their holdings of HLIT. KLP Kapitalforvaltning AS acquired a new position in shares of Harmonic in the fourth quarter valued at approximately $307,000. Vanguard Group Inc. raised its position in shares of Harmonic by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 11,063,328 shares of the communications equipment provider’s stock valued at $146,368,000 after buying an additional 235,188 shares during the last quarter. Prudential Financial Inc. raised its position in shares of Harmonic by 3.7% in the fourth quarter. Prudential Financial Inc. now owns 124,527 shares of the communications equipment provider’s stock valued at $1,647,000 after buying an additional 4,400 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Harmonic by 175.9% in the fourth quarter. JPMorgan Chase & Co. now owns 681,425 shares of the communications equipment provider’s stock valued at $9,015,000 after buying an additional 434,481 shares during the last quarter. Finally, Alliancebernstein L.P. raised its position in shares of Harmonic by 8.9% in the fourth quarter. Alliancebernstein L.P. now owns 2,145,357 shares of the communications equipment provider’s stock valued at $28,383,000 after buying an additional 175,133 shares during 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.