Barclays Downgrades Harmonic (NASDAQ:HLIT) to Equal Weight

Barclays lowered shares of Harmonic (NASDAQ:HLIT) from an overweight rating to an equal weight rating in a report issued on Thursday, Marketbeat.com reports. They currently have $14.00 price objective on the communications equipment provider’s stock, down from their prior price objective of $17.00.

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

Harmonic Stock Up 1.0 %

HLIT opened at $13.37 on Thursday. Harmonic has a 12 month low of $9.10 and a 12 month high of $15.46. The company has a current ratio of 2.08, a quick ratio of 1.62 and a debt-to-equity ratio of 0.29. The business’s 50-day moving average price is $12.73 and its 200-day moving average price is $13.15. The company has a market cap of $1.56 billion, a P/E ratio of 18.32 and a beta of 0.91.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, October 28th. The communications equipment provider reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.09. The business had revenue of $195.80 million for the quarter, compared to analysts’ expectations of $181.77 million. Harmonic had a return on equity of 7.56% and a net margin of 13.62%. The business’s quarterly revenue was up 53.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.05) EPS. On average, equities analysts expect that Harmonic will post 0.52 EPS for the current year.

Institutional Inflows and Outflows

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