Harmonic (NASDAQ:HLIT) Given New $10.00 Price Target at Barclays

Harmonic (NASDAQ:HLIT) had its price objective reduced by equities researchers at Barclays from $14.00 to $10.00 in a report released on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the communications equipment provider’s stock. Barclays‘s price target would indicate a potential upside of 3.95% from the stock’s current price.

Several other brokerages also recently issued reports on HLIT. Rosenblatt Securities reissued a “buy” rating and set a $16.00 price objective on shares of Harmonic in a research report on Tuesday, February 4th. Northland Securities dropped their price target on Harmonic from $14.00 to $12.50 and set an “outperform” rating on the stock in a research report on Tuesday. Jefferies Financial Group cut Harmonic from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $14.00 to $12.50 in a research report on Tuesday, October 29th. Raymond James lowered Harmonic from a “strong-buy” rating to an “outperform” rating and dropped their target price for the company from $17.00 to $14.00 in a report on Tuesday, October 29th. Finally, Needham & Company LLC lowered their price objective on shares of Harmonic from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Tuesday. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.17.

Harmonic Stock Down 13.5 %

HLIT stock opened at $9.62 on Tuesday. Harmonic has a fifty-two week low of $8.24 and a fifty-two week high of $15.46. The company’s 50 day moving average price is $12.61 and its 200 day moving average price is $13.13. 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 firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of 12.89 and a beta of 0.89.

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

Harmonic announced that its board has initiated a share buyback plan on Monday, February 10th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the communications equipment provider to repurchase up to 15.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Harmonic

A number of institutional investors and hedge funds have recently modified their holdings of the company. Assenagon Asset Management S.A. raised its holdings in Harmonic by 117.7% during the third quarter. Assenagon Asset Management S.A. now owns 1,187,528 shares of the communications equipment provider’s stock worth $17,302,000 after purchasing an additional 642,033 shares during the last quarter. Point72 Asset Management L.P. raised its stake in shares of Harmonic by 85.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,208,829 shares of the communications equipment provider’s stock worth $17,613,000 after buying an additional 555,737 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Harmonic in the 4th quarter worth about $4,292,000. Intech Investment Management LLC grew its stake in Harmonic by 128.3% in the 4th quarter. Intech Investment Management LLC now owns 441,356 shares of the communications equipment provider’s stock valued at $5,839,000 after acquiring an additional 248,046 shares during the last quarter. Finally, Wasatch Advisors LP increased its holdings in Harmonic by 15.3% during the 3rd quarter. Wasatch Advisors LP now owns 1,659,823 shares of the communications equipment provider’s stock valued at $24,184,000 after acquiring an additional 219,685 shares in 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.