Harmonic (NASDAQ:HLIT) Cut to "Buy" at Wall Street Zen

Harmonic (NASDAQ:HLIT - Get Free Report) was downgraded by analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued on Saturday.

A number of other research firms have also recently issued reports on HLIT. Rosenblatt Securities restated a "buy" rating and issued a $11.00 price objective on shares of Harmonic in a research report on Tuesday, June 17th. Wolfe Research started coverage on shares of Harmonic in a research report on Tuesday. They issued an "underperform" rating on the stock. Barclays restated an "underperform" rating on shares of Harmonic in a research report on Tuesday, April 29th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $14.00 price target on shares of Harmonic in a research report on Tuesday, April 29th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $12.33.

Harmonic Trading Down 1.5%

Harmonic stock traded down $0.14 during mid-day trading on Friday, hitting $9.16. The company's stock had a trading volume of 1,370,860 shares, compared to its average volume of 1,161,480. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.06 and a quick ratio of 1.69. The stock has a market cap of $1.04 billion, a price-to-earnings ratio of 20.36 and a beta of 1.05. The business has a 50 day moving average price of $9.29 and a 200-day moving average price of $10.16. Harmonic has a 12 month low of $7.91 and a 12 month high of $15.46.

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

Institutional Investors Weigh In On Harmonic

Hedge funds have recently bought and sold shares of the business. Amundi boosted its stake in Harmonic by 113.3% during the fourth quarter. Amundi now owns 71,976 shares of the communications equipment provider's stock worth $962,000 after acquiring an additional 38,230 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in 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 worth $73,000 after acquiring an additional 5,442 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Harmonic during the fourth quarter worth about $4,292,000. GAMMA Investing LLC boosted its stake in Harmonic by 415.7% during the first quarter. GAMMA Investing LLC now owns 8,612 shares of the communications equipment provider's stock worth $898,000 after acquiring an additional 6,942 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in Harmonic by 13.3% during the fourth quarter. Northern Trust Corp now owns 1,252,837 shares of the communications equipment provider's stock worth $16,575,000 after acquiring an additional 147,274 shares in the last quarter. 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.