Harmonic (NASDAQ:HLIT) Downgraded by Raymond James to “Outperform”

Raymond James downgraded shares of Harmonic (NASDAQ:HLIT) from a strong-buy rating to an outperform rating in a research note issued to investors on Tuesday morning, MarketBeat reports. They currently have $14.00 price target on the communications equipment provider’s stock, down from their prior price target of $17.00.

A number of other analysts have also commented on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price objective on shares of Harmonic in a research note 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, Barclays upped their price objective on shares of Harmonic from $14.00 to $20.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $15.25.

Harmonic Stock Performance

NASDAQ HLIT opened at $11.09 on Tuesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.08 and a quick ratio of 1.32. The company has a market capitalization of $1.29 billion, a P/E ratio of 15.19 and a beta of 0.87. Harmonic has a 1-year low of $9.10 and a 1-year high of $15.46. The business has a 50 day moving average price of $13.95 and a 200 day moving average price of $12.57.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings results on Monday, October 28th. The communications equipment provider reported $0.26 EPS for the quarter, beating the consensus estimate of $0.17 by $0.09. Harmonic had a net margin of 13.62% and a return on equity of 7.56%. The business had revenue of $195.80 million for the quarter, compared to analyst estimates of $181.77 million. During the same period in the prior year, the business earned ($0.05) earnings per share. The company’s quarterly revenue was up 53.9% on a year-over-year basis. Sell-side analysts expect that Harmonic will post 0.49 EPS for the current fiscal year.

Institutional Investors Weigh In On Harmonic

Several hedge funds have recently modified their holdings of HLIT. CWM LLC boosted its holdings in shares of Harmonic by 780.9% in the 2nd quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock valued at $27,000 after purchasing an additional 1,999 shares during the last quarter. GAMMA Investing LLC grew its position in Harmonic by 117.6% during the third quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock valued at $36,000 after acquiring an additional 1,323 shares during the period. Innealta Capital LLC acquired a new stake in Harmonic during the second quarter worth about $47,000. SageView Advisory Group LLC purchased a new position in shares of Harmonic in the 1st quarter worth about $114,000. Finally, Verdence Capital Advisors LLC purchased a new stake in shares of Harmonic during the 2nd quarter worth about $140,000. 99.38% of the stock is owned by institutional investors and hedge funds.

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.