Harmonic Inc. (HLIT) - What Are Investment Firms Thinking About This Stock?

Key Points

• Analyst sentiment is mixed: Seven analysts give Harmonic an average “Hold” rating, split among three buys, three holds, and one sell. Their average 12-month price target is $16.83.
• Quarterly results beat expectations: Harmonic reported EPS of $0.23 versus a $0.17 consensus estimate, while revenue of $148.84 million exceeded estimates and rose 64.5% year over year.
• Institutional investors own 99.38% of the stock, and several increased their positions in the third quarter. Shares opened at $9.51, within a 52-week range of $8.47 to $17.68.

Harmonic Inc. (NASDAQ:HLIT - Get Free Report) has received an average rating of "Hold" from the seven analysts that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $16.83.

A number of equities analysts have commented on the stock. Zacks Research downgraded shares of Harmonic from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 24th. Jefferies Financial Group lowered their target price on Harmonic from $15.00 to $13.00 and set a "hold" rating for the company in a report on Tuesday, November 3rd. Northland Securities set a $17.00 target price on Harmonic in a report on Thursday, August 13th. Barclays dropped their price target on Harmonic from $16.00 to $14.00 and set an "equal weight" rating on the stock in a research report on Tuesday, November 3rd. Finally, Rosenblatt Securities reissued a "buy" rating and set a $20.00 target price on shares of Harmonic in a research report on Thursday, October 29th.

Hedge Funds Weigh In On Harmonic

Several institutional investors have recently bought and sold shares of the business. Maryland State Retirement & Pension System grew its stake in Harmonic by 53.2% in the third quarter. Maryland State Retirement & Pension System now owns 24,169 shares of the communications equipment provider's stock valued at $255,000 after purchasing an additional 8,393 shares during the last quarter. Sterling Capital Management LLC raised its holdings in Harmonic by 847.4% in the third quarter. Sterling Capital Management LLC now owns 3,695 shares of the communications equipment provider's stock worth $39,000 after purchasing an additional 3,305 shares in the last quarter. Inspire Investing LLC raised its holdings in Harmonic by 44.4% in the third quarter. Inspire Investing LLC now owns 59,944 shares of the communications equipment provider's stock worth $633,000 after purchasing an additional 18,418 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Harmonic by 53.6% during the third quarter. Nisa Investment Advisors LLC now owns 8,140 shares of the communications equipment provider's stock valued at $86,000 after buying an additional 2,839 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its position in shares of Harmonic by 186.5% during the third quarter. Robeco Institutional Asset Management B.V. now owns 120,289 shares of the communications equipment provider's stock valued at $1,270,000 after buying an additional 78,300 shares during the last quarter. 99.38% of the stock is owned by hedge funds and other institutional investors.

Harmonic Price Performance

HLIT opened at $9.51 on Monday. The business has a fifty day moving average of $10.93 and a 200 day moving average of $11.56. Harmonic has a 52-week low of $8.47 and a 52-week high of $17.68. The company has a quick ratio of 1.82, a current ratio of 2.43 and a debt-to-equity ratio of 0.09. The stock has a market cap of $1.04 billion, a P/E ratio of -30.68 and a beta of 1.37.

Harmonic (NASDAQ:HLIT - Get Free Report) last released its earnings results on Monday, November 2nd. The communications equipment provider reported $0.23 earnings per share for the quarter, topping analysts' consensus estimates of $0.17 by $0.06. Harmonic had a positive return on equity of 14.73% and a negative net margin of 6.27%. The business had revenue of $148.84 million for the quarter, compared to analyst estimates of $129.47 million. During the same quarter last year, the firm posted $0.12 earnings per share. The business's revenue was up 64.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Harmonic will post 0.53 EPS for the current year.

About Harmonic

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.

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