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

Harmonic (NASDAQ:HLIT) had its target price trimmed by Barclays from $20.00 to $17.00 in a research report sent to investors on Tuesday morning, Benzinga reports. The firm currently has an overweight rating on the communications equipment provider’s stock.

A number of other equities research analysts have also weighed in on the stock. Raymond James lowered shares of 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 note on Tuesday. Needham & Company LLC reiterated a “buy” rating and set a $18.00 target price on shares of Harmonic in a research note on Tuesday. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $18.00 target price on shares of Harmonic in a research note on Tuesday, October 15th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.25.

Harmonic Stock Performance

Shares of HLIT opened at $10.96 on Tuesday. The stock has a market cap of $1.27 billion, a P/E ratio of 15.01 and a beta of 0.87. Harmonic has a 52 week low of $9.10 and a 52 week high of $15.46. The company has a quick ratio of 1.32, a current ratio of 2.08 and a debt-to-equity ratio of 0.29. The business’s 50 day moving average price is $13.90 and its 200-day moving average price is $12.56.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.09. The business had revenue of $195.80 million for the quarter, compared to analysts’ expectations of $181.77 million. Harmonic had a return on equity of 7.56% and a net margin of 13.62%. The firm’s quarterly revenue was up 53.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.05) EPS. Equities research analysts anticipate that Harmonic will post 0.49 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Harmonic

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC increased its stake in shares of Harmonic by 18.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 35,365 shares of the communications equipment provider’s stock worth $515,000 after purchasing an additional 5,414 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in Harmonic by 117.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,187,528 shares of the communications equipment provider’s stock worth $17,302,000 after buying an additional 642,033 shares in the last quarter. Stanley Laman Group Ltd. increased its stake in Harmonic by 5.5% in the 3rd quarter. Stanley Laman Group Ltd. now owns 319,611 shares of the communications equipment provider’s stock worth $4,657,000 after buying an additional 16,558 shares in the last quarter. CWM LLC increased its stake in Harmonic by 274.2% in the 3rd quarter. CWM LLC now owns 8,439 shares of the communications equipment provider’s stock worth $123,000 after buying an additional 6,184 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in Harmonic by 117.6% in the 3rd quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock worth $36,000 after buying an additional 1,323 shares in the last quarter. 99.38% of the stock is currently owned by hedge funds and other institutional investors.

About Harmonic

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.