Harmonic (NASDAQ:HLIT) Stock Gets Price Target Reduction from Jefferies Financial Group

Harmonic (NASDAQ:HLIT) had its price objective trimmed by Jefferies Financial Group from $15.00 to $13.00 in a research report released on Tuesday morning,Benzinga reports. The firm currently has a hold rating on the communications equipment provider’s stock.

Several other research firms also recently commented on HLIT. Zacks Research downgraded Harmonic from a “strong-buy” rating to a “hold” rating in a report on Friday, July 24th. Wall Street Zen downgraded Harmonic from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 1st. Northland Securities set a $17.00 price target on Harmonic in a report on Thursday, August 13th. Raymond James Financial reaffirmed an “outperform” rating and issued a $19.00 price target on shares of Harmonic in a research report on Thursday, August 13th. Finally, Needham & Company LLC reiterated a “buy” rating on shares of Harmonic in a research note on Thursday, August 13th. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Harmonic has an average rating of “Hold” and a consensus target price of $16.83.

Harmonic Price Performance

Shares of NASDAQ HLIT opened at $9.31 on Tuesday. Harmonic has a fifty-two week low of $8.47 and a fifty-two week high of $17.68. The company has a 50 day simple moving average of $10.98 and a two-hundred day simple moving average of $11.57. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of 20.84 and a beta of 1.37. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.56 and a current ratio of 2.43.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings results on Monday, November 2nd. The communications equipment provider reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.06. The firm had revenue of $148.84 million for the quarter, compared to analysts’ expectations of $129.47 million. Harmonic had a positive return on equity of 14.73% and a negative net margin of 6.27%. The business’s revenue for the quarter was up 64.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.12 EPS. Analysts expect that Harmonic will post 0.53 EPS for the current fiscal year.

Institutional Trading of Harmonic

A number of institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new stake in Harmonic during the second quarter valued at approximately $294,012,000. Bank of New York Mellon Corp bought a new position in Harmonic in the second quarter worth approximately $10,509,000. Renaissance Technologies LLC raised its position in Harmonic by 120.7% in the first quarter. Renaissance Technologies LLC now owns 1,052,927 shares of the communications equipment provider’s stock worth $9,455,000 after acquiring an additional 575,800 shares during the period. Squarepoint Ops LLC raised its position in Harmonic by 486.9% in the second quarter. Squarepoint Ops LLC now owns 344,782 shares of the communications equipment provider’s stock worth $5,630,000 after acquiring an additional 286,038 shares during the period. Finally, Allianz Asset Management GmbH purchased a new position in shares of Harmonic during the 2nd quarter worth $4,090,000. Institutional investors own 99.38% of the company’s stock.

Harmonic Company Profile

Harmonic Inc (NASDAQ: HLIT) develops broadband access and video-delivery technologies for communications service providers, content providers and broadcasters. Its solutions help operators deliver high-speed internet, television and streaming services across cable, fiber and other network infrastructures.

The company’s broadband portfolio includes its CableOS platform, a software-based solution designed to support virtualized broadband access networks, along with technologies for DOCSIS, fiber and hybrid fiber-coaxial networks.