Rosenblatt Securities Has Lowered Expectations for Harmonic (NASDAQ:HLIT) Stock Price

Harmonic (NASDAQ:HLIT - Free Report) had its target price lowered by Rosenblatt Securities from $12.00 to $11.00 in a research note released on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the communications equipment provider's stock.

HLIT has been the subject of a number of other reports. Barclays decreased their target price on shares of Harmonic from $14.00 to $10.00 and set an "equal weight" rating for the company in a research note on Tuesday, February 11th. Northland Securities lowered their target price on Harmonic from $14.00 to $12.50 and set an "outperform" rating on the stock in a report on Tuesday, February 11th. Needham & Company LLC cut their price target on Harmonic from $18.00 to $14.00 and set a "buy" rating for the company in a research note on Tuesday, February 11th. StockNews.com upgraded shares of Harmonic from a "hold" rating to a "buy" rating in a research note on Thursday, March 27th. Finally, Jefferies Financial Group began coverage on shares of Harmonic in a report on Friday, February 21st. They issued a "hold" rating on the stock. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $12.33.

Harmonic Stock Down 0.2 %

HLIT stock traded down $0.02 during midday trading on Tuesday, hitting $9.00. The company's stock had a trading volume of 1,710,849 shares, compared to its average volume of 1,174,991. The company has a market cap of $1.05 billion, a PE ratio of 27.27 and a beta of 0.92. The firm's 50-day moving average is $9.55 and its 200-day moving average is $11.37. Harmonic has a 12 month low of $7.91 and a 12 month high of $15.46. The company has a current ratio of 2.18, a quick ratio of 1.80 and a debt-to-equity ratio of 0.26.

Harmonic (NASDAQ:HLIT - Get Free Report) last released its quarterly earnings data on Monday, April 28th. The communications equipment provider reported $0.11 EPS for the quarter, beating the consensus estimate of $0.05 by $0.06. Harmonic had a return on equity of 15.90% and a net margin of 5.78%. The company had revenue of $133.14 million for the quarter, compared to analysts' expectations of $127.51 million. The firm's revenue for the quarter was up 9.1% compared to the same quarter last year. On average, equities research analysts forecast that Harmonic will post 0.31 earnings per share for the current fiscal year.

Harmonic declared that its board has initiated a share buyback plan 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 plans are generally an indication that the company's leadership believes its shares are undervalued.

Insider Activity

In other Harmonic news, Director David Krall purchased 10,000 shares of Harmonic stock in a transaction dated Thursday, February 13th. The stock was acquired at an average price of $9.78 per share, for a total transaction of $97,800.00. Following the acquisition, the director now owns 163,490 shares in the company, valued at $1,598,932.20. This trade represents a 6.52 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Walter Jankovic acquired 12,000 shares of the business's stock in a transaction that occurred on Wednesday, February 12th. The shares were acquired at an average cost of $9.44 per share, for a total transaction of $113,280.00. Following the completion of the acquisition, the chief financial officer now owns 46,129 shares of the company's stock, valued at $435,457.76. This trade represents a 35.16 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 32,780 shares of company stock valued at $316,607. 2.36% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Quarry LP purchased a new stake in shares of Harmonic in the 4th quarter valued at $33,000. CWM LLC boosted its holdings 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 purchasing an additional 4,058 shares during the last quarter. Russell Investments Group Ltd. grew its position in 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 purchasing an additional 5,442 shares during the period. AlphaQuest LLC raised its stake in shares of Harmonic by 14,765.9% during the 4th quarter. AlphaQuest LLC now owns 6,095 shares of the communications equipment provider's stock valued at $81,000 after buying an additional 6,054 shares during the last quarter. Finally, KBC Group NV lifted its holdings in shares of Harmonic by 84.8% in the 4th quarter. KBC Group NV now owns 6,295 shares of the communications equipment provider's stock valued at $83,000 after buying an additional 2,888 shares during the period. 99.38% of the stock is owned by institutional investors and hedge funds.

About Harmonic

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.