Brokerages Set Harmonic Inc. (NASDAQ:HLIT) PT at $15.25

Harmonic Inc. (NASDAQ:HLIT) has earned an average rating of “Moderate Buy” from the six ratings firms that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $15.25.

HLIT has been the subject of a number of research reports. Rosenblatt Securities decreased their price objective on Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Raymond James lowered shares of Harmonic from a “strong-buy” rating to an “outperform” rating and cut their price objective for the stock from $17.00 to $14.00 in a research report on Tuesday, October 29th. Northland Securities decreased their target price on shares of Harmonic from $16.00 to $14.00 and set an “outperform” rating for the company in a research report on Tuesday, October 29th. Barclays lowered their price target on shares of Harmonic from $20.00 to $17.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 29th. Finally, Jefferies Financial Group cut Harmonic from a “buy” rating to a “hold” rating and decreased their price objective for the company from $14.00 to $12.50 in a report on Tuesday, October 29th.

Harmonic Stock Down 3.9 %

Shares of Harmonic stock opened at $11.92 on Thursday. The company has a market capitalization of $1.39 billion, a P/E ratio of 16.33 and a beta of 0.89. 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 business has a 50-day moving average of $13.40 and a two-hundred day moving average of $12.74. Harmonic has a 1 year low of $9.10 and a 1 year high of $15.46.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.09. The firm had revenue of $195.80 million for the quarter, compared to analyst estimates 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 in the previous year, the firm posted ($0.05) earnings per share. As a group, equities analysts predict that Harmonic will post 0.52 EPS for the current year.

Institutional Trading of Harmonic

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Jane Street Group LLC lifted its position in shares of Harmonic by 1,276.3% during the 1st quarter. Jane Street Group LLC now owns 1,203,297 shares of the communications equipment provider’s stock valued at $16,172,000 after acquiring an additional 1,115,870 shares during the period. Assenagon Asset Management S.A. grew its stake in Harmonic by 216.5% during the second quarter. Assenagon Asset Management S.A. now owns 545,495 shares of the communications equipment provider’s stock worth $6,420,000 after buying an additional 373,155 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in Harmonic by 24.0% in the 1st quarter. Russell Investments Group Ltd. now owns 290,842 shares of the communications equipment provider’s stock valued at $3,909,000 after buying an additional 56,269 shares during the period. Baker Avenue Asset Management LP acquired a new position in shares of Harmonic in the 3rd quarter valued at approximately $833,000. Finally, Silvercrest Asset Management Group LLC bought a new stake in shares of Harmonic during the 1st quarter worth approximately $8,295,000. 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.