Harmonic (NASDAQ:HLIT) Given New $12.50 Price Target at Northland Securities

Harmonic (NASDAQ:HLIT) had its target price cut by Northland Securities from $14.00 to $12.50 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have an outperform rating on the communications equipment provider’s stock.

Other equities research analysts have also recently issued research reports about the stock. Rosenblatt Securities restated a “buy” rating and issued a $16.00 price target on shares of Harmonic in a research report on Tuesday, February 4th. Barclays cut shares of Harmonic from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $17.00 to $14.00 in a research report on Thursday, January 9th. Raymond James cut shares of Harmonic from a “strong-buy” rating to an “outperform” rating and reduced their price target for the stock from $17.00 to $14.00 in a research report on Tuesday, October 29th. Jefferies Financial Group cut shares of Harmonic from a “buy” rating to a “hold” rating and reduced their price target for the stock from $14.00 to $12.50 in a research report on Tuesday, October 29th. Finally, Needham & Company LLC restated a “buy” rating and issued a $18.00 price target on shares of Harmonic in a research report on Tuesday, October 29th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $12.50.

Harmonic Price Performance

HLIT stock opened at $9.42 on Tuesday. Harmonic has a one year low of $8.42 and a one year high of $15.46. The company’s fifty day moving average price is $12.54 and its 200-day moving average price is $13.11. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.62 and a current ratio of 2.08. The company has a market capitalization of $1.10 billion, a PE ratio of 12.90 and a beta of 0.89.

Harmonic (NASDAQ:HLIT) last released its earnings results on Monday, February 10th. The communications equipment provider reported $0.38 EPS for the quarter, topping the consensus estimate of $0.37 by $0.01. Harmonic had a net margin of 13.62% and a return on equity of 7.56%. On average, equities analysts anticipate that Harmonic will post 0.52 EPS for the current fiscal year.

Harmonic declared that its board has authorized a share buyback plan on Monday, February 10th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the communications equipment provider to buy up to 15.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Institutional Trading of Harmonic

A number of large investors have recently made changes to their positions in HLIT. GAMMA Investing LLC boosted its stake in shares of 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 purchasing an additional 1,323 shares during the period. CWM LLC boosted its stake in shares of Harmonic by 274.2% during the third quarter. CWM LLC now owns 8,439 shares of the communications equipment provider’s stock valued at $123,000 after purchasing an additional 6,184 shares during the period. Stanley Laman Group Ltd. boosted its stake in shares of Harmonic by 5.5% during the third quarter. Stanley Laman Group Ltd. now owns 319,611 shares of the communications equipment provider’s stock valued at $4,657,000 after purchasing an additional 16,558 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Harmonic by 117.7% during the third quarter. Assenagon Asset Management S.A. now owns 1,187,528 shares of the communications equipment provider’s stock valued at $17,302,000 after purchasing an additional 642,033 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in shares of Harmonic by 18.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 35,365 shares of the communications equipment provider’s stock valued at $515,000 after purchasing an additional 5,414 shares during the period. 99.38% of the stock is owned by hedge funds and other institutional investors.

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.