Harmonic (NASDAQ:HLIT) Receives Buy Rating from Rosenblatt Securities

Harmonic (NASDAQ:HLIT - Get Free Report)'s stock had its "buy" rating reiterated by investment analysts at Rosenblatt Securities in a research report issued on Tuesday,Benzinga reports. They presently have a $11.00 price objective on the communications equipment provider's stock. Rosenblatt Securities' target price would indicate a potential upside of 25.14% from the company's current price.

Several other brokerages have also issued reports on HLIT. Jefferies Financial Group initiated coverage on shares of Harmonic in a report on Friday, February 21st. They issued a "hold" rating on the stock. Wall Street Zen upgraded shares of Harmonic from a "buy" rating to a "strong-buy" rating in a report on Friday, June 6th. Needham & Company LLC reiterated a "buy" rating and set a $14.00 price target on shares of Harmonic in a research note on Tuesday, April 29th. Finally, Barclays reiterated an "underperform" rating on shares of Harmonic in a research note on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $12.33.

Harmonic Trading Up 1.2%

HLIT traded up $0.10 on Tuesday, hitting $8.79. The company had a trading volume of 1,139,843 shares, compared to its average volume of 1,138,072. The firm has a market cap of $994.15 million, a P/E ratio of 19.53 and a beta of 1.04. Harmonic has a 1 year low of $7.91 and a 1 year high of $15.46. The company's fifty day moving average price is $9.13 and its 200 day moving average price is $10.60. The company has a current ratio of 2.06, a quick ratio of 1.69 and a debt-to-equity ratio of 0.27.

Harmonic (NASDAQ:HLIT - Get Free Report) last issued its quarterly earnings data on Monday, April 28th. The communications equipment provider reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.06. The firm had revenue of $133.14 million for the quarter, compared to analyst estimates of $127.51 million. Harmonic had a net margin of 7.72% and a return on equity of 18.28%. The firm's revenue for the quarter was up 9.1% on a year-over-year basis. As a group, equities analysts expect that Harmonic will post 0.31 earnings per share for the current year.

Institutional Trading of Harmonic

A number of institutional investors and hedge funds have recently bought and sold shares of HLIT. Vanguard Group Inc. grew its position in shares of Harmonic by 3.7% during the first quarter. Vanguard Group Inc. now owns 11,474,771 shares of the communications equipment provider's stock worth $110,043,000 after buying an additional 411,443 shares in the last quarter. Invesco Ltd. grew its position in shares of Harmonic by 3.8% during the first quarter. Invesco Ltd. now owns 8,081,298 shares of the communications equipment provider's stock worth $77,500,000 after buying an additional 292,584 shares in the last quarter. Millennium Management LLC grew its position in shares of Harmonic by 9,004.4% during the fourth quarter. Millennium Management LLC now owns 4,719,837 shares of the communications equipment provider's stock worth $62,443,000 after buying an additional 4,667,996 shares in the last quarter. Alyeska Investment Group L.P. grew its position in shares of Harmonic by 310.1% during the first quarter. Alyeska Investment Group L.P. now owns 3,077,776 shares of the communications equipment provider's stock worth $29,516,000 after buying an additional 2,327,272 shares in the last quarter. Finally, Alliancebernstein L.P. grew its position in shares of Harmonic by 21.9% during the first quarter. Alliancebernstein L.P. now owns 2,615,121 shares of the communications equipment provider's stock worth $25,079,000 after buying an additional 469,764 shares in the last quarter. 99.38% of the stock is currently owned by hedge funds and other institutional investors.

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.