Harmonic Inc. (NASDAQ:HLIT) Receives $14.75 Average Price Target from Brokerages

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

HLIT has been the subject of a number of recent analyst reports. Jefferies Financial Group downgraded Harmonic from a “buy” rating to a “hold” rating and decreased their target price for the company from $14.00 to $12.50 in a report on Tuesday, October 29th. Rosenblatt Securities decreased their target price on Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Barclays downgraded Harmonic from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $17.00 to $14.00 in a report on Thursday, January 9th. Needham & Company LLC restated a “buy” rating and set a $18.00 target price on shares of Harmonic in a report on Tuesday, October 29th. Finally, Raymond James downgraded Harmonic from a “strong-buy” rating to an “outperform” rating and decreased their target price for the company from $17.00 to $14.00 in a report on Tuesday, October 29th.

Institutional Investors Weigh In On Harmonic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP grew its stake in Harmonic by 8.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,741,998 shares of the communications equipment provider’s stock worth $44,043,000 after purchasing an additional 294,922 shares during the period. Geode Capital Management LLC grew its stake in shares of Harmonic by 0.7% in the third quarter. Geode Capital Management LLC now owns 2,675,268 shares of the communications equipment provider’s stock worth $38,986,000 after acquiring an additional 17,665 shares during the last quarter. Wasatch Advisors LP grew its stake in shares of Harmonic by 15.3% in the third quarter. Wasatch Advisors LP now owns 1,659,823 shares of the communications equipment provider’s stock worth $24,184,000 after acquiring an additional 219,685 shares during the last quarter. Point72 Asset Management L.P. grew its stake in shares of Harmonic by 85.1% in the third quarter. Point72 Asset Management L.P. now owns 1,208,829 shares of the communications equipment provider’s stock worth $17,613,000 after acquiring an additional 555,737 shares during the last quarter. Finally, 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 last quarter. 99.38% of the stock is owned by hedge funds and other institutional investors.

Harmonic Price Performance

Shares of Harmonic stock opened at $11.00 on Tuesday. The company has a quick ratio of 1.62, a current ratio of 2.08 and a debt-to-equity ratio of 0.29. The company has a market cap of $1.28 billion, a PE ratio of 15.07 and a beta of 0.89. The business has a 50 day moving average of $12.75 and a 200 day moving average of $13.17. Harmonic has a 52 week low of $9.10 and a 52 week high of $15.46.

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.