Rosenblatt Securities Reaffirms Buy Rating for Harmonic (NASDAQ:HLIT)

Key Points

• Rosenblatt Securities has reaffirmed a "buy" rating for Harmonic (NASDAQ: HLIT) with a target price of $11.00, indicating a potential upside of 20.35% from the current stock price.
• Harmonic recently reported quarterly earnings of $0.09 EPS, exceeding the consensus estimate, with revenues of $138.03 million, reflecting a slight year-over-year decline.
• The stock has received mixed analyst ratings, with a consensus average rating of "Hold" and two analysts recommending a sell compared to five with a buy rating.

Rosenblatt Securities reiterated their buy rating on shares of Harmonic (NASDAQ:HLIT - Free Report) in a research report sent to investors on Tuesday morning,Benzinga reports. The firm currently has a $11.00 price objective on the communications equipment provider's stock.

Several other equities analysts have also recently weighed in on the stock. Barclays set a $8.00 price objective on shares of Harmonic and gave the stock an "equal weight" rating in a research note on Tuesday. Needham & Company LLC reiterated a "buy" rating and issued a $14.00 price objective on shares of Harmonic in a research note on Tuesday, April 29th. Wolfe Research started coverage on shares of Harmonic in a research note on Tuesday, July 8th. They issued an "underperform" rating on the stock. 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 investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $11.67.

Harmonic Stock Performance

HLIT traded down $0.16 during midday trading on Tuesday, hitting $8.35. 1,691,914 shares of the company traded hands, compared to its average volume of 1,411,050. The company has a quick ratio of 1.69, a current ratio of 1.99 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $944.36 million, a PE ratio of 14.15 and a beta of 1.05. The company's 50-day moving average is $9.21 and its 200 day moving average is $9.73. Harmonic has a 52 week low of $7.80 and a 52 week high of $15.46.

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, beating the consensus estimate of $0.03 by $0.06. Harmonic had a net margin of 9.96% and a return on equity of 17.83%. The business had revenue of $138.03 million for the quarter, compared to analysts' expectations of $134.90 million. During the same quarter in the prior year, the business earned $0.08 EPS. The business's revenue for the quarter was down .5% compared to the same quarter last year. On average, research analysts expect that Harmonic will post 0.31 EPS for the current year.

Institutional Investors Weigh In On Harmonic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quarry LP purchased a new stake in Harmonic in the 4th quarter worth approximately $33,000. Russell Investments Group Ltd. raised its position 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 raised its position in shares of Harmonic by 132.6% during the first quarter. CWM LLC now owns 7,119 shares of the communications equipment provider's stock valued at $68,000 after buying an additional 4,058 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Harmonic by 415.7% during the first quarter. GAMMA Investing LLC now owns 8,612 shares of the communications equipment provider's stock valued at $898,000 after buying an additional 6,942 shares during the last quarter. Finally, Cresset Asset Management LLC bought a new stake in shares of Harmonic during the fourth quarter valued at approximately $133,000. 99.38% of the stock is 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.