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

Harmonic (NASDAQ:HLIT - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a report released on Saturday.

Other equities analysts have also recently issued research reports about the company. Rosenblatt Securities restated a "buy" rating and set a $11.00 price objective on shares of Harmonic in a report on Tuesday, June 17th. Wolfe Research assumed coverage on Harmonic in a research note on Tuesday, July 8th. They issued an "underperform" rating for the company. Needham & Company LLC reaffirmed a "buy" rating and set a $14.00 target price on shares of Harmonic in a report on Tuesday, April 29th. Finally, Barclays reiterated an "underperform" rating on shares of Harmonic in a report on Tuesday, April 29th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $12.33.

Harmonic Price Performance

HLIT stock traded down $0.24 during trading on Friday, hitting $9.01. 669,260 shares of the stock traded hands, compared to its average volume of 1,160,017. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of 20.10 and a beta of 1.05. The company has a 50 day simple moving average of $9.29 and a 200 day simple moving average of $10.12. 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 has a one year low of $7.91 and a one year high of $15.46.

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

Institutional Investors Weigh In On Harmonic

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Barclays PLC grew its holdings in Harmonic by 0.7% in the fourth 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 during the period. Arizona State Retirement System increased its position in Harmonic by 4.2% during the 1st quarter. Arizona State Retirement System now owns 33,392 shares of the communications equipment provider's stock valued at $320,000 after purchasing an additional 1,344 shares during the period. Cresset Asset Management LLC grew its position in shares of 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 buying an additional 1,660 shares during the last quarter. Bouvel Investment Partners LLC boosted 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. lifted its stake in shares of 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 valued at $831,000 after purchasing an additional 2,146 shares during the period. 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.