Analysts Set Harmonic Inc. (NASDAQ:HLIT) Price Target at $18.50

Harmonic Inc. (NASDAQ:HLIT) has received an average recommendation of “Buy” from the four ratings firms that are presently covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1 year price target among analysts that have covered the stock in the last year is $18.50.

HLIT has been the subject of a number of recent analyst reports. Barclays raised their price objective on Harmonic from $14.00 to $20.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Rosenblatt Securities restated a “buy” rating and set a $18.00 target price on shares of Harmonic in a report on Tuesday, October 15th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price objective on shares of Harmonic in a research note on Tuesday, July 30th.

Harmonic Stock Up 1.7 %

NASDAQ HLIT opened at $14.70 on Friday. Harmonic has a one year low of $9.10 and a one year high of $15.31. The company has a market cap of $1.65 billion, a P/E ratio of 24.50 and a beta of 0.87. The business has a fifty day moving average price of $14.02 and a 200 day moving average price of $12.51. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.32 and a current ratio of 1.87.

Harmonic (NASDAQ:HLIT) last issued its earnings results on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. The business had revenue of $138.70 million during the quarter, compared to the consensus estimate of $133.67 million. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The company’s revenue for the quarter was down 11.1% on a year-over-year basis. During the same period last year, the company earned $0.07 EPS. Research analysts anticipate that Harmonic will post 0.44 EPS for the current fiscal year.

Insiders Place Their Bets

In other Harmonic news, SVP Neven Haltmayer sold 40,000 shares of Harmonic stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $14.41, for a total transaction of $576,400.00. Following the transaction, the senior vice president now owns 122,211 shares of the company’s stock, valued at $1,761,060.51. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 2.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of HLIT. GAMMA Investing LLC boosted its stake in shares of 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 buying an additional 1,323 shares in the last quarter. Dark Forest Capital Management LP grew its holdings in Harmonic by 7.2% in the second quarter. Dark Forest Capital Management LP now owns 20,192 shares of the communications equipment provider’s stock valued at $238,000 after purchasing an additional 1,362 shares during the last quarter. Rhumbline Advisers grew its holdings in Harmonic by 0.4% in the second quarter. Rhumbline Advisers now owns 320,516 shares of the communications equipment provider’s stock valued at $3,772,000 after purchasing an additional 1,382 shares during the last quarter. Texas Permanent School Fund Corp grew its holdings in Harmonic by 1.5% in the first quarter. Texas Permanent School Fund Corp now owns 98,377 shares of the communications equipment provider’s stock valued at $1,322,000 after purchasing an additional 1,462 shares during the last quarter. Finally, ProShare Advisors LLC grew its holdings in Harmonic by 7.4% in the first quarter. ProShare Advisors LLC now owns 22,256 shares of the communications equipment provider’s stock valued at $299,000 after purchasing an additional 1,532 shares during the last quarter. Institutional investors and hedge funds 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.