Northland Securities Issues Pessimistic Forecast for Harmonic (NASDAQ:HLIT) Stock Price

Harmonic (NASDAQ:HLIT) had its target price dropped by Northland Securities from $14.00 to $12.50 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the communications equipment provider’s stock. Northland Securities’ price objective would indicate a potential upside of 31.44% from the stock’s previous close.

A number of other brokerages also recently weighed in on HLIT. Rosenblatt Securities reaffirmed a “buy” rating and set a $16.00 price target on shares of Harmonic in a report on Tuesday, February 4th. Jefferies Financial Group downgraded Harmonic from a “buy” rating to a “hold” rating and reduced their target price for the company from $14.00 to $12.50 in a report on Tuesday, October 29th. Needham & Company LLC reissued a “buy” rating and set a $18.00 price target on shares of Harmonic in a report on Tuesday, October 29th. Barclays downgraded Harmonic from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $17.00 to $14.00 in a research report on Thursday, January 9th. Finally, Raymond James cut Harmonic from a “strong-buy” rating to an “outperform” rating and decreased their target price for the company from $17.00 to $14.00 in a research report on Tuesday, October 29th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $12.50.

Harmonic Trading Up 1.0 %

Shares of NASDAQ:HLIT opened at $9.51 on Tuesday. The business’s 50 day simple moving average is $12.47 and its 200 day simple moving average is $13.09. Harmonic has a 1 year low of $8.42 and a 1 year high of $15.46. 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 company has a market capitalization of $1.11 billion, a P/E ratio of 13.03 and a beta of 0.89.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings results on Monday, February 10th. The communications equipment provider reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Harmonic had a return on equity of 7.56% and a net margin of 13.62%. On average, research analysts anticipate that Harmonic will post 0.52 EPS for the current fiscal year.

Harmonic declared that its board has approved a stock repurchase plan on Monday, February 10th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the communications equipment provider to repurchase up to 15.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Institutional Trading of Harmonic

A number of hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC increased its stake in shares of Harmonic by 117.6% in the third quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock valued at $36,000 after buying an additional 1,323 shares during the period. AlphaQuest LLC increased its position in Harmonic by 14,765.9% in the 4th quarter. AlphaQuest LLC now owns 6,095 shares of the communications equipment provider’s stock valued at $81,000 after acquiring an additional 6,054 shares during the period. KBC Group NV lifted its holdings in shares of Harmonic by 84.8% during the fourth quarter. KBC Group NV now owns 6,295 shares of the communications equipment provider’s stock worth $83,000 after purchasing an additional 2,888 shares during the period. CWM LLC grew its stake in shares of Harmonic by 274.2% in the third quarter. CWM LLC now owns 8,439 shares of the communications equipment provider’s stock worth $123,000 after purchasing an additional 6,184 shares during the last quarter. Finally, Cibc World Markets Corp acquired a new stake in Harmonic in the fourth quarter valued at $137,000. 99.38% of the stock is owned by institutional investors and hedge funds.

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.