Harmonic (NASDAQ:HLIT) Downgraded to Hold Rating by Wall Street Zen

Key Points

• Harmonic (NASDAQ:HLIT) has been downgraded from a "buy" rating to a "hold" rating by Wall Street Zen, amidst mixed analyst opinions with a consensus target price of $11.67.
• The company's shares are currently trading at $8.35, showing a 1-year low of $7.80 and a high of $15.46, and institutional investors hold a significant stake of 99.38% in the company.
• Harmonic reported earnings of $0.09 per share for the last quarter, surpassing analyst expectations, despite a slight year-over-year revenue decline of .5%.

Wall Street Zen cut shares of Harmonic (NASDAQ:HLIT - Free Report) from a buy rating to a hold rating in a report released on Saturday.

A number of other equities research analysts also recently commented on the company. Rosenblatt Securities restated a "buy" rating and issued a $11.00 target price on shares of Harmonic in a research report on Tuesday, July 29th. Barclays dropped their price objective on Harmonic from $10.00 to $8.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 29th. Needham & Company LLC dropped their price objective on Harmonic from $14.00 to $12.00 and set a "buy" rating for the company in a research note on Tuesday, July 29th. Finally, Wolfe Research began coverage on Harmonic in a research note on Tuesday, July 8th. They issued an "underperform" rating for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $11.67.

Harmonic Trading Up 3.4%

NASDAQ:HLIT traded up $0.28 on Friday, reaching $8.63. The company's stock had a trading volume of 851,884 shares, compared to its average volume of 1,181,713. Harmonic has a 12-month low of $7.80 and a 12-month high of $15.46. The company has a quick ratio of 1.58, a current ratio of 1.99 and a debt-to-equity ratio of 0.27. The firm has a market cap of $976.05 million, a price-to-earnings ratio of 14.63 and a beta of 1.00. The stock has a 50 day moving average price of $9.21 and a 200 day moving average price of $9.69.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Quarry LP acquired a new position in shares of Harmonic during the 4th quarter worth about $33,000. CWM LLC raised its stake in Harmonic by 132.6% during the 1st quarter. CWM LLC now owns 7,119 shares of the communications equipment provider's stock valued at $68,000 after acquiring an additional 4,058 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of Harmonic by 5,388.1% during the 4th quarter. Russell Investments Group Ltd. now owns 5,543 shares of the communications equipment provider's stock worth $73,000 after buying an additional 5,442 shares in the last quarter. Drive Wealth Management LLC purchased a new position in shares of Harmonic during the 1st quarter worth approximately $111,000. Finally, Cresset Asset Management LLC raised its stake in shares of Harmonic by 16.5% during the 1st quarter. Cresset Asset Management LLC now owns 11,721 shares of the communications equipment provider's stock worth $112,000 after buying an additional 1,660 shares in the last quarter. 99.38% of the stock is 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.