Analysts Set Harmonic Inc. (NASDAQ:HLIT) Target Price at $12.33

Harmonic Inc. (NASDAQ:HLIT) has earned a consensus recommendation of “Moderate Buy” from the six analysts that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $12.33.

Several equities research analysts have weighed in on HLIT shares. Needham & Company LLC restated a “buy” rating and issued a $14.00 price objective on shares of Harmonic in a research report on Tuesday, April 29th. Rosenblatt Securities lowered their price objective on shares of Harmonic from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Tuesday, April 29th. Barclays restated an “underperform” rating on shares of Harmonic in a research report on Tuesday, April 29th. Northland Securities lowered their price objective on shares of Harmonic from $14.00 to $12.50 and set an “outperform” rating for the company in a research report on Tuesday, February 11th. Finally, Wall Street Zen upgraded shares of Harmonic from a “buy” rating to a “strong-buy” rating in a research report on Friday.

Institutional Investors Weigh In On Harmonic

Several institutional investors have recently modified their holdings of HLIT. Barclays PLC grew its position in shares of Harmonic by 414.6% during the 3rd quarter. Barclays PLC now owns 201,976 shares of the communications equipment provider’s stock worth $2,944,000 after buying an additional 162,727 shares during the period. KBC Group NV grew its position in shares of Harmonic by 84.8% during the 4th quarter. KBC Group NV now owns 6,295 shares of the communications equipment provider’s stock worth $83,000 after buying an additional 2,888 shares during the period. Yorktown Management & Research Co Inc acquired a new stake in shares of Harmonic during the 4th quarter worth approximately $344,000. Entropy Technologies LP acquired a new stake in shares of Harmonic during the 4th quarter worth approximately $146,000. Finally, Stanley Laman Group Ltd. grew its position in shares of Harmonic by 0.9% during the 4th quarter. Stanley Laman Group Ltd. now owns 322,353 shares of the communications equipment provider’s stock worth $4,265,000 after buying an additional 2,742 shares during the period. Institutional investors and hedge funds own 99.38% of the company’s stock.

Harmonic Trading Up 1.8%

Shares of HLIT stock opened at $9.49 on Monday. Harmonic has a 12-month low of $7.91 and a 12-month high of $15.46. The company has a market capitalization of $1.07 billion, a P/E ratio of 28.76 and a beta of 1.04. The firm has a 50-day moving average price of $9.07 and a 200 day moving average price of $10.78. The company has a quick ratio of 1.80, a current ratio of 2.18 and a debt-to-equity ratio of 0.26.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, April 28th. The communications equipment provider reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.06. Harmonic had a net margin of 5.78% and a return on equity of 15.90%. The firm had revenue of $133.14 million during the quarter, compared to the consensus estimate of $127.51 million. The firm’s quarterly revenue was up 9.1% compared to the same quarter last year. Research analysts forecast that Harmonic will post 0.31 earnings per share for the current fiscal year.

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

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.