Harmonic Inc. (NASDAQ:HLIT) Receives $18.50 Consensus Price Target from Brokerages

Shares of Harmonic Inc. (NASDAQ:HLIT) have been given an average recommendation of “Buy” by the four ratings firms that are currently covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $18.50.

A number of brokerages have recently commented on HLIT. Rosenblatt Securities reissued a “buy” rating and set a $18.00 price target on shares of Harmonic in a report on Thursday, July 18th. Needham & Company LLC restated a “buy” rating and set a $18.00 price target on shares of Harmonic in a research report on Tuesday, July 30th. Finally, Barclays increased their price objective on shares of Harmonic from $14.00 to $20.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th.

Insiders Place Their Bets

In other news, SVP Neven Haltmayer sold 40,000 shares of the firm’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $14.41, for a total transaction of $576,400.00. Following the completion of the sale, the senior vice president now directly owns 122,211 shares of the company’s stock, valued at approximately $1,761,060.51. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Harmonic

A number of hedge funds and other institutional investors have recently modified their holdings of HLIT. CWM LLC lifted its stake in Harmonic by 780.9% during the second quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock valued at $27,000 after buying an additional 1,999 shares in the last quarter. Quadrant Capital Group LLC lifted its position in shares of Harmonic by 237.8% in the 4th quarter. Quadrant Capital Group LLC now owns 2,591 shares of the communications equipment provider’s stock valued at $34,000 after acquiring an additional 1,824 shares in the last quarter. Innealta Capital LLC purchased a new position in Harmonic during the 2nd quarter worth approximately $47,000. SageView Advisory Group LLC purchased a new stake in shares of Harmonic in the first quarter valued at $114,000. Finally, Verdence Capital Advisors LLC purchased a new stake in Harmonic in the 2nd quarter worth about $140,000. Institutional investors and hedge funds own 99.38% of the company’s stock.

Harmonic Trading Down 4.3 %

Harmonic stock opened at $13.95 on Wednesday. Harmonic has a 52-week low of $8.80 and a 52-week high of $15.31. The company has a quick ratio of 1.32, a current ratio of 1.87 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of 23.25 and a beta of 0.87. The firm has a 50-day moving average price of $13.74 and a two-hundred day moving average price of $12.39.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings data on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.04. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The business had revenue of $138.70 million during the quarter, compared to the consensus estimate of $133.67 million. During the same period in the previous year, the firm posted $0.07 earnings per share. The business’s revenue was down 11.1% on a year-over-year basis. Sell-side analysts expect that Harmonic will post 0.44 earnings per share for the current year.

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.