Harmonic (NASDAQ:HLIT)'s stock had its "buy" rating reissued by analysts at Needham & Company LLC in a note issued to investors on Wednesday, AnalystRatings.com reports. They currently have a $9.00 price target on the communications equipment provider's stock. Needham & Company LLC's target price points to a potential upside of 58.73% from the company's current price.
Several other research firms have also issued reports on HLIT. Zacks Investment Research upgraded Harmonic from a "hold" rating to a "strong-buy" rating and set a $7.50 price target on the stock in a research report on Saturday, August 8th. ValuEngine raised shares of Harmonic from a "hold" rating to a "buy" rating in a research report on Friday, July 10th. JPMorgan Chase & Co. lowered Harmonic from an "overweight" rating to a "neutral" rating and decreased their price objective for the company from $7.50 to $6.00 in a research report on Monday, June 1st. Raymond James boosted their price objective on shares of Harmonic from $7.50 to $8.00 and gave the company an "outperform" rating in a research report on Tuesday, August 4th. Finally, Barclays began coverage on Harmonic in a report on Friday, May 22nd. They set an "equal weight" rating and a $6.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of "Buy" and an average price target of $7.29.
Shares of HLIT stock opened at $5.67 on Wednesday. The stock's fifty day moving average is $6.01 and its 200-day moving average is $5.63. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.21 and a current ratio of 1.43. Harmonic has a 52 week low of $4.44 and a 52 week high of $8.57. The stock has a market capitalization of $552.42 million, a PE ratio of -27.00 and a beta of 0.83.
Harmonic (NASDAQ:HLIT) last issued its quarterly earnings results on Monday, August 3rd. The communications equipment provider reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.07. Harmonic had a positive return on equity of 2.02% and a negative net margin of 5.16%. The business had revenue of $73.99 million for the quarter, compared to analyst estimates of $69.92 million. During the same quarter in the prior year, the firm posted ($0.04) earnings per share. The firm's revenue for the quarter was down 12.8% compared to the same quarter last year. As a group, analysts forecast that Harmonic will post -0.21 earnings per share for the current fiscal year.
In other Harmonic news, Director David Krall purchased 10,000 shares of the business's stock in a transaction on Tuesday, September 1st. The stock was acquired at an average price of $5.88 per share, with a total value of $58,800.00. Following the acquisition, the director now directly owns 61,284 shares of the company's stock, valued at approximately $360,349.92. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 4.10% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. boosted its holdings in shares of Harmonic by 0.4% during the first quarter. BlackRock Inc. now owns 14,053,873 shares of the communications equipment provider's stock worth $80,950,000 after acquiring an additional 62,038 shares during the period. Vanguard Group Inc. increased its holdings in shares of Harmonic by 7.6% during the second quarter. Vanguard Group Inc. now owns 6,442,338 shares of the communications equipment provider's stock worth $30,602,000 after purchasing an additional 456,982 shares during the period. Polar Asset Management Partners Inc. raised its position in shares of Harmonic by 30.3% in the first quarter. Polar Asset Management Partners Inc. now owns 4,400,000 shares of the communications equipment provider's stock valued at $25,344,000 after buying an additional 1,021,909 shares in the last quarter. Wellington Management Group LLP grew its position in Harmonic by 10.4% during the first quarter. Wellington Management Group LLP now owns 2,902,086 shares of the communications equipment provider's stock worth $16,716,000 after buying an additional 273,329 shares in the last quarter. Finally, State Street Corp increased its stake in Harmonic by 12.0% during the 1st quarter. State Street Corp now owns 2,819,542 shares of the communications equipment provider's stock worth $16,241,000 after acquiring an additional 302,803 shares during the period. Hedge funds and other institutional investors own 87.95% of the company's stock.
Harmonic Company Profile
Harmonic Inc designs, manufactures, and sells video infrastructure products and system solutions worldwide. Its products enable customers to create, prepare, and deliver a range of video and broadband services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones.
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