Northland Securities Cuts Harmonic (NASDAQ:HLIT) Price Target to $14.00

Harmonic (NASDAQ:HLIT) had its price objective lowered by Northland Securities from $16.00 to $14.00 in a research note released on Tuesday morning, Benzinga reports. The brokerage currently has an outperform rating on the communications equipment provider’s stock.

Several other brokerages have also weighed in on HLIT. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 target price on shares of Harmonic in a research note on Tuesday. Barclays lowered their price objective on shares of Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Tuesday. Rosenblatt Securities reissued a “buy” rating and issued a $18.00 target price on shares of Harmonic in a research report on Tuesday, October 15th. Finally, Raymond James lowered Harmonic from a “strong-buy” rating to an “outperform” rating and lowered their price target for the stock from $17.00 to $14.00 in a research report on Tuesday. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $15.25.

Harmonic Stock Down 25.1 %

HLIT stock opened at $11.10 on Tuesday. The firm has a market cap of $1.25 billion, a PE ratio of 18.50 and a beta of 0.87. Harmonic has a one year low of $9.10 and a one year high of $15.46. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.32 and a current ratio of 1.87. The firm’s 50 day moving average price is $14.06 and its 200-day moving average price is $12.57.

Harmonic (NASDAQ:HLIT) last announced 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. The business had revenue of $195.80 million for the quarter, compared to analyst estimates of $181.77 million. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The company’s quarterly revenue was up 53.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.05) EPS. On average, equities research analysts anticipate that Harmonic will post 0.44 EPS for the current year.

Institutional Investors Weigh In On Harmonic

A number of hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its stake in shares of Harmonic by 117.6% in the third quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock worth $36,000 after acquiring an additional 1,323 shares in the last quarter. Dark Forest Capital Management LP grew its stake in Harmonic by 7.2% during the 2nd quarter. Dark Forest Capital Management LP now owns 20,192 shares of the communications equipment provider’s stock worth $238,000 after purchasing an additional 1,362 shares in the last quarter. Rhumbline Advisers increased its holdings in Harmonic by 0.4% during the 2nd quarter. Rhumbline Advisers now owns 320,516 shares of the communications equipment provider’s stock worth $3,772,000 after purchasing an additional 1,382 shares during the period. Texas Permanent School Fund Corp raised its position in Harmonic by 1.5% in the 1st quarter. Texas Permanent School Fund Corp now owns 98,377 shares of the communications equipment provider’s stock valued at $1,322,000 after purchasing an additional 1,462 shares in the last quarter. Finally, ProShare Advisors LLC boosted its stake in shares of Harmonic by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 22,256 shares of the communications equipment provider’s stock valued at $299,000 after buying an additional 1,532 shares during the period. 99.38% of the stock is currently owned by institutional investors and hedge funds.

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.