Harmonic (NASDAQ:HLIT) Rating Lowered to “Equal Weight” at Barclays

Harmonic (NASDAQ:HLIT) was downgraded by research analysts at Barclays from an “overweight” rating to an “equal weight” rating in a research note issued to investors on Thursday, Marketbeat Ratings reports. They presently have a $14.00 price target on the communications equipment provider’s stock, down from their previous price target of $17.00. Barclays‘s price target points to a potential upside of 4.71% from the company’s previous close.

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

Harmonic Stock Up 1.0 %

Shares of Harmonic stock opened at $13.37 on Thursday. Harmonic has a 1 year low of $9.10 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 stock has a market cap of $1.56 billion, a price-to-earnings ratio of 18.32 and a beta of 0.91. The firm’s 50-day moving average is $12.70 and its two-hundred day moving average is $13.15.

Harmonic (NASDAQ:HLIT) last issued 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 company had revenue of $195.80 million for the quarter, compared to analyst estimates of $181.77 million. Harmonic had a net margin of 13.62% and a return on equity of 7.56%. Harmonic’s revenue was up 53.9% compared to the same quarter last year. During the same period last year, the company posted ($0.05) earnings per share. As a group, research analysts expect that Harmonic will post 0.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Harmonic

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its stake in Harmonic by 8.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,741,998 shares of the communications equipment provider’s stock worth $44,043,000 after acquiring an additional 294,922 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Harmonic by 0.7% in the third quarter. Geode Capital Management LLC now owns 2,675,268 shares of the communications equipment provider’s stock valued at $38,986,000 after purchasing an additional 17,665 shares during the period. Wasatch Advisors LP raised its stake in shares of Harmonic by 15.3% in the third quarter. Wasatch Advisors LP now owns 1,659,823 shares of the communications equipment provider’s stock worth $24,184,000 after purchasing an additional 219,685 shares during the last quarter. Clearline Capital LP lifted its holdings in shares of Harmonic by 777.6% during the second quarter. Clearline Capital LP now owns 1,570,461 shares of the communications equipment provider’s stock worth $18,484,000 after purchasing an additional 1,391,504 shares during the period. Finally, Point72 Asset Management L.P. boosted its position in Harmonic by 85.1% in the third quarter. Point72 Asset Management L.P. now owns 1,208,829 shares of the communications equipment provider’s stock valued at $17,613,000 after buying an additional 555,737 shares during the last quarter. 99.38% of the stock is currently owned by institutional investors and hedge funds.

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.