Rosenblatt Securities Issues Pessimistic Forecast for Harmonic (NASDAQ:HLIT) Stock Price

Harmonic (NASDAQ:HLIT) had its price target decreased by investment analysts at Rosenblatt Securities from $16.00 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. Rosenblatt Securities’ price target would suggest a potential upside of 26.18% from the company’s current price.

Other analysts have also recently issued reports about the company. Jefferies Financial Group cut Harmonic from a “buy” rating to a “hold” rating and cut their price objective for the company from $14.00 to $12.50 in a research report on Tuesday, October 29th. Barclays decreased their price objective on Harmonic from $14.00 to $10.00 and set an “equal weight” rating for the company in a report on Tuesday. Needham & Company LLC dropped their target price on shares of Harmonic from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Tuesday. Northland Securities reduced their target price on shares of Harmonic from $14.00 to $12.50 and set an “outperform” rating on the stock in a research report on Tuesday. Finally, Raymond James cut shares of Harmonic from a “strong-buy” rating to an “outperform” rating and lowered their price target for the company from $17.00 to $14.00 in a research report on Tuesday, October 29th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $12.50.

Harmonic Trading Up 1.0 %

NASDAQ HLIT opened at $9.51 on Tuesday. The stock has a market cap of $1.11 billion, a P/E ratio of 13.03 and a beta of 0.89. Harmonic has a fifty-two week low of $8.42 and a fifty-two week high of $15.46. The stock has a 50 day simple moving average of $12.47 and a two-hundred day simple moving average of $13.09. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.62 and a current ratio of 2.08.

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

Harmonic announced that its Board of Directors has approved a stock buyback program on Monday, February 10th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the communications equipment provider to reacquire up to 15.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC increased its position in shares of Harmonic by 117.6% during the 3rd 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 last quarter. AlphaQuest LLC increased its holdings in Harmonic by 14,765.9% during the fourth quarter. AlphaQuest LLC now owns 6,095 shares of the communications equipment provider’s stock valued at $81,000 after buying an additional 6,054 shares during the last quarter. KBC Group NV raised its position in Harmonic by 84.8% in the fourth quarter. KBC Group NV now owns 6,295 shares of the communications equipment provider’s stock worth $83,000 after acquiring an additional 2,888 shares during the period. CWM LLC boosted its stake in shares of Harmonic by 274.2% during the 3rd quarter. CWM LLC now owns 8,439 shares of the communications equipment provider’s stock worth $123,000 after acquiring an additional 6,184 shares during the last quarter. Finally, Cibc World Markets Corp bought a new stake in shares of Harmonic during the 4th quarter valued at $137,000. Institutional investors 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.