Harmonic (NASDAQ:HLIT) Downgraded by Barclays to Equal Weight

Barclays downgraded shares of Harmonic (NASDAQ:HLIT) from an overweight rating to an equal weight rating in a research report sent to investors on Thursday morning, MarketBeat.com reports. They currently have $14.00 target price on the communications equipment provider’s stock, down from their prior target price of $17.00.

A number of other analysts have also recently issued reports on the company. Northland Securities dropped their price objective on Harmonic from $16.00 to $14.00 and set an “outperform” rating on the stock in a report on Tuesday, October 29th. Raymond James downgraded shares of Harmonic from a “strong-buy” rating to an “outperform” rating and lowered their price target for the stock from $17.00 to $14.00 in a report on Tuesday, October 29th. Rosenblatt Securities reduced their price objective on shares of Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 target price on shares of Harmonic in a research note on Tuesday, October 29th. Finally, Jefferies Financial Group lowered shares of Harmonic from a “buy” rating to a “hold” rating and reduced their price target for the company from $14.00 to $12.50 in a research report on Tuesday, October 29th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Harmonic presently has a consensus rating of “Moderate Buy” and an average price target of $14.75.

Harmonic Trading Up 1.0 %

Shares of HLIT opened at $13.37 on Thursday. The firm has a market cap of $1.56 billion, a P/E ratio of 18.32 and a beta of 0.91. Harmonic has a fifty-two week low of $9.10 and a fifty-two week high of $15.46. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.62 and a current ratio of 2.08. The business has a 50-day moving average of $12.73 and a 200 day moving average of $13.15.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, October 28th. The communications equipment provider reported $0.26 EPS for the quarter, topping the consensus estimate of $0.17 by $0.09. Harmonic had a net margin of 13.62% and a return on equity of 7.56%. The company had revenue of $195.80 million during the quarter, compared to the consensus estimate of $181.77 million. During the same period last year, the firm earned ($0.05) EPS. Harmonic’s revenue for the quarter was up 53.9% on a year-over-year basis. As a group, research analysts forecast that Harmonic will post 0.52 EPS for the current year.

Hedge Funds Weigh In On Harmonic

Institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC grew its position in Harmonic by 117.6% in the third quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock worth $36,000 after acquiring an additional 1,323 shares in the last quarter. CWM LLC lifted its stake in Harmonic by 274.2% during 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. iSAM Funds UK Ltd purchased a new position in shares of Harmonic in the 3rd quarter worth about $166,000. Captrust Financial Advisors increased its position in shares of Harmonic by 14.9% during the 3rd quarter. Captrust Financial Advisors now owns 12,671 shares of the communications equipment provider’s stock valued at $185,000 after purchasing an additional 1,647 shares during the last quarter. Finally, Versor Investments LP bought a new stake in Harmonic in the 3rd quarter worth approximately $227,000. Institutional investors own 99.38% of the company’s stock.

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.