Harmonic Inc. (NASDAQ:HLIT) Receives Average Recommendation of "Hold" from Analysts

Key Points

• Harmonic Inc. (NASDAQ:HLIT) has received an average recommendation of "Hold" from analysts, with one selling, two holding, and four buying ratings among seven brokerages.
• The company's average price target has been set at $11.67, with recent brokerages downgrading their price targets and ratings.
• Harmonic reported $0.09 EPS for the last quarter, surpassing expectations of $0.03, although revenue declined 0.5% year-over-year.

Harmonic Inc. (NASDAQ:HLIT - Get Free Report) has been assigned an average recommendation of "Hold" from the seven brokerages that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and four have given a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $11.6667.

A number of brokerages have commented on HLIT. Wall Street Zen downgraded shares of Harmonic from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Needham & Company LLC dropped their price target on Harmonic from $14.00 to $12.00 and set a "buy" rating on the stock in a research note on Tuesday, July 29th. Barclays dropped their price target on Harmonic from $10.00 to $8.00 and set an "equal weight" rating on the stock in a research note on Tuesday, July 29th. Rosenblatt Securities restated a "buy" rating and set a $11.00 price target on shares of Harmonic in a research note on Tuesday, July 29th. Finally, Wolfe Research initiated coverage on Harmonic in a research note on Tuesday, July 8th. They set an "underperform" rating on the stock.

Harmonic Stock Performance

Shares of Harmonic stock opened at $8.97 on Friday. The company has a market capitalization of $1.02 billion, a PE ratio of 15.20 and a beta of 1.00. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.58 and a current ratio of 1.99. The company has a 50-day simple moving average of $9.14 and a two-hundred day simple moving average of $9.50. Harmonic has a one year low of $7.80 and a one year high of $15.46.

Harmonic (NASDAQ:HLIT - Get Free Report) last announced its earnings results on Monday, July 28th. The communications equipment provider reported $0.09 EPS for the quarter, topping analysts' consensus estimates of $0.03 by $0.06. The business had revenue of $138.03 million during the quarter, compared to the consensus estimate of $134.90 million. Harmonic had a net margin of 9.96% and a return on equity of 17.83%. The firm's revenue was down .5% on a year-over-year basis. During the same period in the previous year, the company posted $0.08 earnings per share. Research analysts expect that Harmonic will post 0.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Harmonic

A number of large investors have recently bought and sold shares of HLIT. Quarry LP purchased a new stake in Harmonic in the fourth quarter valued at approximately $33,000. CWM LLC boosted its position in Harmonic by 132.6% in the first quarter. CWM LLC now owns 7,119 shares of the communications equipment provider's stock valued at $68,000 after buying an additional 4,058 shares during the last quarter. Russell Investments Group Ltd. boosted its position in Harmonic by 5,388.1% in the fourth quarter. Russell Investments Group Ltd. now owns 5,543 shares of the communications equipment provider's stock valued at $73,000 after buying an additional 5,442 shares during the last quarter. Drive Wealth Management LLC purchased a new stake in Harmonic in the first quarter valued at approximately $111,000. Finally, Cresset Asset Management LLC boosted its position in Harmonic by 16.5% in the first quarter. Cresset Asset Management LLC now owns 11,721 shares of the communications equipment provider's stock valued at $112,000 after buying an additional 1,660 shares during the last quarter. Hedge funds and other 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.

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