Harmonic (NASDAQ:HLIT) Price Target Cut to $12.00 by Analysts at Rosenblatt Securities

Harmonic (NASDAQ:HLIT) had its price objective cut by Rosenblatt Securities from $16.00 to $12.00 in a research note published on Tuesday morning,Benzinga reports. They currently have a buy rating on the communications equipment provider’s stock.

A number of other research analysts have also issued reports on the company. Jefferies Financial Group lowered Harmonic from a “buy” rating to a “hold” rating and reduced their price target 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 reduced their price target for the stock from $17.00 to $14.00 in a research report on Tuesday, October 29th. Needham & Company LLC reduced their price target on Harmonic from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Tuesday. Northland Securities reduced their price target on Harmonic from $14.00 to $12.50 and set an “outperform” rating for the company in a research report on Tuesday. Finally, Barclays reduced their price target on Harmonic from $14.00 to $10.00 and set an “equal weight” rating for the company in a research report on Tuesday. 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 currently has an average rating of “Moderate Buy” and a consensus target price of $12.50.

Harmonic Trading Down 15.3 %

NASDAQ:HLIT opened at $9.42 on Tuesday. Harmonic has a 12-month low of $8.42 and a 12-month high of $15.46. The firm has a market capitalization of $1.10 billion, a P/E ratio of 12.90 and a beta of 0.89. 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 business has a 50 day simple moving average of $12.54 and a 200 day simple moving average of $13.11.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, February 10th. The communications equipment provider reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. Harmonic had a return on equity of 7.56% and a net margin of 13.62%. Equities research analysts predict that Harmonic will post 0.52 EPS for the current year.

Harmonic declared that its board has initiated a stock buyback program on Monday, February 10th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the communications equipment provider to reacquire up to 15.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Prudential Financial Inc. grew its position in Harmonic by 3.7% in the fourth quarter. Prudential Financial Inc. now owns 124,527 shares of the communications equipment provider’s stock worth $1,647,000 after buying an additional 4,400 shares during the last quarter. Advantage Alpha Capital Partners LP grew its position in Harmonic by 20.0% in the fourth quarter. Advantage Alpha Capital Partners LP now owns 399,987 shares of the communications equipment provider’s stock worth $5,292,000 after buying an additional 66,754 shares during the last quarter. Vanguard Group Inc. grew its position in Harmonic by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 11,063,328 shares of the communications equipment provider’s stock worth $146,368,000 after buying an additional 235,188 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in Harmonic in the fourth quarter worth approximately $307,000. Finally, Quantbot Technologies LP acquired a new position in Harmonic in the fourth quarter worth approximately $209,000. 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.