Harmonic (NASDAQ:HLIT) Price Target Lowered to $12.00 at Needham & Company LLC

Key Points

• Needham & Company LLC has reduced Harmonic's (NASDAQ:HLIT) price target from **$14.00 to $12.00**, indicating a potential upside of **31.29%** from its current price.
• Harmonic recently reported earnings of **$0.09 per share**, surpassing analysts' estimates of **$0.03**, although its revenue decreased by **0.5%** compared to the previous year.
• The consensus rating for Harmonic's stock is currently a **"Hold,"** with an average target price of **$11.67** according to MarketBeat.

Harmonic (NASDAQ:HLIT - Get Free Report) had its target price decreased by stock analysts at Needham & Company LLC from $14.00 to $12.00 in a report released on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the communications equipment provider's stock. Needham & Company LLC's price target suggests a potential upside of 33.48% from the company's current price.

A number of other brokerages also recently commented on HLIT. Barclays set a $8.00 target price on Harmonic and gave the company an "equal weight" rating in a report on Tuesday. Wall Street Zen lowered shares of Harmonic from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 12th. Wolfe Research assumed coverage on shares of Harmonic in a research report on Tuesday, July 8th. They set an "underperform" rating on the stock. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $11.00 price target on shares of Harmonic in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $11.67.

Harmonic Trading Up 3.1%

HLIT stock traded up $0.27 during midday trading on Tuesday, hitting $8.99. The company had a trading volume of 1,459,198 shares, compared to its average volume of 1,333,239. The stock's 50 day moving average price is $9.24 and its 200 day moving average price is $9.79. Harmonic has a 52 week low of $7.80 and a 52 week high of $15.46. The company has a current ratio of 1.99, a quick ratio of 1.69 and a debt-to-equity ratio of 0.27. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of 15.24 and a beta of 1.05.

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in HLIT. Quarry LP purchased a new position in shares of Harmonic in the 4th quarter worth about $33,000. Russell Investments Group Ltd. grew its holdings in shares of Harmonic by 5,388.1% during 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. CWM LLC lifted its position in Harmonic by 132.6% in 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 in the last quarter. GAMMA Investing LLC lifted its position in Harmonic by 415.7% in the 1st quarter. GAMMA Investing LLC now owns 8,612 shares of the communications equipment provider's stock valued at $898,000 after acquiring an additional 6,942 shares in the last quarter. Finally, Cresset Asset Management LLC purchased a new stake in Harmonic during the 4th quarter valued at $133,000. Hedge funds and other institutional investors own 99.38% of the company's stock.

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.