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

Harmonic (NASDAQ:HLIT) had its price objective reduced by equities research analysts at Barclays from $14.00 to $10.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the communications equipment provider’s stock. Barclays‘s price target would indicate a potential upside of 5.15% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Needham & Company LLC cut their price target on Harmonic from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Tuesday. Raymond James lowered shares of Harmonic from a “strong-buy” rating to an “outperform” rating and cut their target price for the stock from $17.00 to $14.00 in a research note on Tuesday, October 29th. Northland Securities decreased their price target on shares of Harmonic from $14.00 to $12.50 and set an “outperform” rating for the company in a research note on Tuesday. Jefferies Financial Group downgraded shares of Harmonic from a “buy” rating to a “hold” rating and dropped their price objective for the company from $14.00 to $12.50 in a research report on Tuesday, October 29th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $16.00 price objective on shares of Harmonic in a report on Tuesday, February 4th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $12.50.

Harmonic Stock Up 1.0 %

Shares of HLIT opened at $9.51 on Tuesday. 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 stock has a market capitalization of $1.11 billion, a PE ratio of 13.03 and a beta of 0.89. The company’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.

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

Harmonic announced that its Board of Directors has authorized a stock repurchase program on Monday, February 10th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the communications equipment provider to buy up to 15.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of HLIT. GAMMA Investing LLC lifted 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 valued at $36,000 after acquiring an additional 1,323 shares during the last quarter. CWM LLC increased its position in shares of 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 in the last quarter. Stanley Laman Group Ltd. lifted its holdings in shares of Harmonic by 5.5% in the 3rd quarter. Stanley Laman Group Ltd. now owns 319,611 shares of the communications equipment provider’s stock valued at $4,657,000 after purchasing an additional 16,558 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in shares of 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 valued at $17,302,000 after purchasing an additional 642,033 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its stake in Harmonic by 18.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 35,365 shares of the communications equipment provider’s stock worth $515,000 after buying an additional 5,414 shares during the last quarter. Institutional investors and hedge funds own 99.38% of the company’s stock.

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.