Harmonic (NASDAQ:HLIT) Given New $12.00 Price Target at Rosenblatt Securities

Harmonic (NASDAQ:HLIT) had its price target trimmed by Rosenblatt Securities from $16.00 to $12.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a buy rating on the communications equipment provider’s stock.

Other equities research analysts have also issued research reports about the company. Raymond James lowered Harmonic from a “strong-buy” rating to an “outperform” rating and lowered their target price for the company from $17.00 to $14.00 in a research note on Tuesday, October 29th. Jefferies Financial Group lowered Harmonic from a “buy” rating to a “hold” rating and lowered their target price for the company from $14.00 to $12.50 in a research note on Tuesday, October 29th. Barclays lowered their target price on Harmonic from $14.00 to $10.00 and set an “equal weight” rating for the company in a research note on Tuesday. Northland Securities lowered their target price on Harmonic from $14.00 to $12.50 and set an “outperform” rating for the company in a research note on Tuesday. Finally, Needham & Company LLC lowered their price objective on Harmonic from $18.00 to $14.00 and set a “buy” rating for the company in a research note on Tuesday. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $12.50.

Harmonic Stock Performance

Shares of NASDAQ:HLIT opened at $9.42 on Tuesday. The firm has a market capitalization of $1.10 billion, a PE ratio of 12.90 and a beta of 0.89. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.08 and a quick ratio of 1.62. The business has a 50-day moving average of $12.54 and a two-hundred day moving average of $13.11. Harmonic has a 12 month low of $8.42 and a 12 month high of $15.46.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, February 10th. The communications equipment provider reported $0.38 EPS for the quarter, topping the consensus estimate of $0.37 by $0.01. Harmonic had a return on equity of 7.56% and a net margin of 13.62%. As a group, research analysts forecast that Harmonic will post 0.52 earnings per share for the current year.

Harmonic declared that its board has approved a share repurchase program on Monday, February 10th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the communications equipment provider to buy up to 15.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Harmonic

A number of institutional investors have recently made changes to their positions in the company. Prudential Financial Inc. increased its holdings in shares of Harmonic by 3.7% in the 4th quarter. Prudential Financial Inc. now owns 124,527 shares of the communications equipment provider’s stock valued at $1,647,000 after acquiring an additional 4,400 shares during the last quarter. Advantage Alpha Capital Partners LP increased its holdings in shares of Harmonic by 20.0% in the 4th quarter. Advantage Alpha Capital Partners LP now owns 399,987 shares of the communications equipment provider’s stock valued at $5,292,000 after acquiring an additional 66,754 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Harmonic by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 11,063,328 shares of the communications equipment provider’s stock valued at $146,368,000 after acquiring an additional 235,188 shares during the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of Harmonic in the 4th quarter valued at approximately $307,000. Finally, Quantbot Technologies LP bought a new stake in shares of Harmonic in the 4th quarter valued at approximately $209,000. 99.38% of the stock is currently owned by institutional investors.

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.