Harmonic Inc. (NASDAQ:HLIT) Stock Has Consensus Target Price of $16.83 According to Brokerages

Harmonic Inc. (NASDAQ:HLIT) has been assigned an average recommendation of “Hold” from the seven analysts that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $16.83.

A number of equities research analysts have recently commented on HLIT shares. Raymond James Financial reiterated an “outperform” rating and set a $19.00 price objective on shares of Harmonic in a research report on Thursday, August 13th. Weiss Ratings upgraded Harmonic from a “sell (d)” rating to a “sell (d+)” rating in a research report on Thursday, October 8th. Rosenblatt Securities reissued a “buy” rating and issued a $20.00 price target on shares of Harmonic in a research note on Thursday, October 29th. Northland Securities set a $17.00 price target on Harmonic in a research note on Thursday, August 13th. Finally, Jefferies Financial Group cut their price objective on Harmonic from $15.00 to $13.00 and set a “hold” rating on the stock in a report on Tuesday, November 3rd.

Harmonic Price Performance

Shares of NASDAQ HLIT opened at $10.33 on Monday. Harmonic has a twelve month low of $8.47 and a twelve month high of $17.68. The company has a current ratio of 2.43, a quick ratio of 1.82 and a debt-to-equity ratio of 0.09. The firm has a 50-day moving average of $10.82 and a two-hundred day moving average of $11.56. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of 20.39 and a beta of 1.37.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings data on Monday, November 2nd. The communications equipment provider reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.06. Harmonic had a negative net margin of 6.27% and a positive return on equity of 14.73%. The company had revenue of $148.84 million for the quarter, compared to analysts’ expectations of $129.47 million. During the same quarter in the previous year, the company posted $0.12 EPS. The business’s revenue was up 64.5% compared to the same quarter last year. As a group, analysts expect that Harmonic will post 0.65 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Edgestream Partners L.P. purchased a new stake in shares of Harmonic in the 3rd quarter valued at approximately $3,357,000. Intech Investment Management LLC raised its stake in Harmonic by 15.0% during the 3rd quarter. Intech Investment Management LLC now owns 318,600 shares of the communications equipment provider’s stock valued at $3,364,000 after purchasing an additional 41,475 shares during the period. Royce & Associates LP raised its stake in Harmonic by 0.7% during the 3rd quarter. Royce & Associates LP now owns 268,136 shares of the communications equipment provider’s stock valued at $2,832,000 after purchasing an additional 1,944 shares during the period. Maryland State Retirement & Pension System raised its stake in Harmonic by 53.2% during the 3rd quarter. Maryland State Retirement & Pension System now owns 24,169 shares of the communications equipment provider’s stock valued at $255,000 after purchasing an additional 8,393 shares during the period. Finally, Sterling Capital Management LLC lifted its holdings in shares of Harmonic by 847.4% in the third quarter. Sterling Capital Management LLC now owns 3,695 shares of the communications equipment provider’s stock valued at $39,000 after purchasing an additional 3,305 shares in the last quarter. 99.38% of the stock is owned by hedge funds and other institutional investors.

Harmonic Company Profile

Harmonic Inc. develops technology for broadband access and video delivery. Its customers include cable and other broadband service providers, broadcasters, and streaming and media companies. For broadband providers, Harmonic offers network equipment and software, including its CableOS platform, which supports virtualized cable access networks. Its video products and services help customers process, manage, and distribute content across broadcast, streaming, and other delivery platforms. Harmonic serves customers around the world.