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 price objective cut by research analysts at Needham & Company LLC from $14.00 to $12.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the communications equipment provider's stock. Needham & Company LLC's price objective would suggest a potential upside of 43.71% from the company's current price.

A number of other research analysts also recently commented on HLIT. Barclays set a $8.00 price objective on shares of Harmonic and gave the company an "equal weight" rating in a research report on Tuesday. Rosenblatt Securities restated a "buy" rating and set a $11.00 target price on shares of Harmonic in a research note on Tuesday. Wolfe Research started coverage on shares of Harmonic in a research note on Tuesday, July 8th. They set an "underperform" rating for the company. Finally, Wall Street Zen cut shares of Harmonic from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 12th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Harmonic has a consensus rating of "Hold" and an average price target of $11.67.

Harmonic Stock Down 1.9%

Harmonic stock traded down $0.16 during mid-day trading on Tuesday, reaching $8.35. The company's stock had a trading volume of 1,691,914 shares, compared to its average volume of 1,411,050. The business's 50 day simple moving average is $9.21 and its 200 day simple moving average is $9.73. Harmonic has a 12 month low of $7.80 and a 12 month high of $15.46. The company has a market capitalization of $944.36 million, a price-to-earnings ratio of 14.15 and a beta of 1.05. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.69 and a current ratio of 1.99.

Harmonic (NASDAQ:HLIT - Get Free Report) last announced its quarterly earnings data 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 net margin of 9.96% and a return on equity of 17.83%. The company had revenue of $138.03 million during the quarter, compared to the consensus estimate of $134.90 million. During the same quarter last year, the firm posted $0.08 EPS. The company's quarterly revenue was down .5% on a year-over-year basis. As a group, research analysts anticipate that Harmonic will post 0.31 earnings per share for the current year.

Institutional Trading of Harmonic

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Barclays PLC raised its stake in Harmonic by 0.7% in the 4th quarter. Barclays PLC now owns 203,300 shares of the communications equipment provider's stock worth $2,690,000 after purchasing an additional 1,324 shares in the last quarter. Arizona State Retirement System raised its stake in Harmonic by 4.2% in the 1st quarter. Arizona State Retirement System now owns 33,392 shares of the communications equipment provider's stock worth $320,000 after purchasing an additional 1,344 shares in the last quarter. Cresset Asset Management LLC raised its stake in Harmonic by 16.5% in the 1st quarter. Cresset Asset Management LLC now owns 11,721 shares of the communications equipment provider's stock worth $112,000 after purchasing an additional 1,660 shares in the last quarter. Bouvel Investment Partners LLC raised its stake in Harmonic by 1.8% in the 1st quarter. Bouvel Investment Partners LLC now owns 120,524 shares of the communications equipment provider's stock worth $1,156,000 after purchasing an additional 2,079 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Harmonic by 3.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,811 shares of the communications equipment provider's stock worth $831,000 after purchasing an additional 2,146 shares in the last quarter. Institutional investors and hedge funds 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.