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

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 report published on Tuesday morning,Benzinga reports. They currently have a $11.00 price objective on the communications equipment provider's stock.

HLIT has been the subject of several other research reports. Barclays set a $8.00 price target on shares of Harmonic and gave the company an "equal weight" rating in a report on Tuesday. Wall Street Zen downgraded shares of Harmonic from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 12th. Wolfe Research assumed coverage on shares of Harmonic in a report on Tuesday, July 8th. They issued an "underperform" rating for the company. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $14.00 price target on shares of Harmonic in a report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $11.67.

Harmonic Stock Up 3.1%

HLIT traded up $0.27 during trading hours on Tuesday, hitting $8.99. 1,459,198 shares of the company's stock were exchanged, compared to its average volume of 1,333,239. Harmonic has a 12-month low of $7.80 and a 12-month high of $15.46. The firm has a 50 day moving average of $9.24 and a 200 day moving average of $9.79. The firm has a market cap of $1.02 billion, a P/E ratio of 15.24 and a beta of 1.05. The company has a current ratio of 1.99, a quick ratio of 1.69 and a debt-to-equity ratio of 0.27.

Harmonic (NASDAQ:HLIT - Get Free Report) last posted its quarterly earnings results on Monday, July 28th. The communications equipment provider reported $0.09 EPS for the quarter, topping 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 company had revenue of $138.03 million during the quarter, compared to analysts' expectations of $134.90 million. During the same quarter in the previous year, the business posted $0.08 EPS. The firm's revenue was down .5% on a year-over-year basis. Analysts predict that Harmonic will post 0.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Harmonic

Several hedge funds and other institutional investors have recently modified their holdings of the company. Millennium Management LLC lifted its holdings in Harmonic by 9,004.4% in the fourth quarter. Millennium Management LLC now owns 4,719,837 shares of the communications equipment provider's stock worth $62,443,000 after purchasing an additional 4,667,996 shares during the period. Alyeska Investment Group L.P. lifted its holdings in Harmonic by 310.1% in the 1st quarter. Alyeska Investment Group L.P. now owns 3,077,776 shares of the communications equipment provider's stock valued at $29,516,000 after acquiring an additional 2,327,272 shares during the last quarter. Invesco Ltd. lifted its holdings in Harmonic by 20.0% in the 4th quarter. Invesco Ltd. now owns 7,788,714 shares of the communications equipment provider's stock valued at $103,045,000 after acquiring an additional 1,300,128 shares during the last quarter. Nuveen LLC acquired a new stake in Harmonic in the 1st quarter valued at about $8,621,000. Finally, Tudor Investment Corp ET AL lifted its holdings in Harmonic by 198.2% in the 4th quarter. Tudor Investment Corp ET AL now owns 797,176 shares of the communications equipment provider's stock valued at $10,547,000 after acquiring an additional 529,833 shares during the last quarter. Institutional investors and hedge funds own 99.38% of the company's stock.

Harmonic Company Profile

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.