Jefferies Group LLC reaffirmed their hold rating on shares of Harmonic Inc. (NASDAQ:HLIT) in a report released on Tuesday, August 1st. The brokerage currently has a $4.00 target price on the communications equipment provider’s stock, up from their previous target price of $3.50.
A number of other analysts have also weighed in on HLIT. Zacks Investment Research upgraded shares of Harmonic from a sell rating to a hold rating in a research report on Wednesday, May 3rd. BidaskClub lowered shares of Harmonic from a hold rating to a sell rating in a research report on Wednesday, July 19th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $5.44.
Harmonic (NASDAQ HLIT) opened at 3.65 on Tuesday. The firm’s market cap is $296.64 million. Harmonic has a 12-month low of $3.50 and a 12-month high of $6.18. The firm’s 50-day moving average price is $4.55 and its 200 day moving average price is $5.25.
Harmonic (NASDAQ:HLIT) last issued its earnings results on Monday, July 31st. The communications equipment provider reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.02. Harmonic had a negative net margin of 21.58% and a negative return on equity of 13.22%. The firm had revenue of $82.30 million for the quarter, compared to analyst estimates of $80.88 million. The company’s quarterly revenue was down 24.9% compared to the same quarter last year. Analysts forecast that Harmonic will post ($0.42) earnings per share for the current fiscal year.
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Several institutional investors have recently modified their holdings of HLIT. Ameriprise Financial Inc. raised its position in shares of Harmonic by 7.5% in the first quarter. Ameriprise Financial Inc. now owns 431,160 shares of the communications equipment provider’s stock worth $2,565,000 after buying an additional 30,105 shares during the period. Texas Permanent School Fund raised its position in shares of Harmonic by 1.1% in the first quarter. Texas Permanent School Fund now owns 57,756 shares of the communications equipment provider’s stock worth $344,000 after buying an additional 613 shares during the period. Tdam USA Inc. raised its position in shares of Harmonic by 1.8% in the first quarter. Tdam USA Inc. now owns 175,983 shares of the communications equipment provider’s stock worth $1,047,000 after buying an additional 3,145 shares during the period. Comerica Bank raised its position in shares of Harmonic by 38.8% in the first quarter. Comerica Bank now owns 115,630 shares of the communications equipment provider’s stock worth $659,000 after buying an additional 32,308 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Harmonic by 4.2% in the first quarter. Bank of New York Mellon Corp now owns 889,684 shares of the communications equipment provider’s stock worth $5,293,000 after buying an additional 35,632 shares during the period. Institutional investors own 97.95% of the company’s stock.
Harmonic Company Profile
Harmonic Inc (Harmonic) designs, manufactures and sells video infrastructure products, and system solutions. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers.
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