Harmonic (NASDAQ:HLIT) Price Target Cut to $12.50 by Analysts at Northland Securities

Harmonic (NASDAQ:HLIT) had its target price cut by investment analysts at Northland Securities from $14.00 to $12.50 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the communications equipment provider’s stock. Northland Securities’ price target would suggest a potential upside of 31.44% from the stock’s current price.

HLIT has been the topic of several other reports. Needham & Company LLC restated a “buy” rating and issued a $18.00 target price on shares of Harmonic in a research note on Tuesday, October 29th. Jefferies Financial Group lowered shares of Harmonic from a “buy” rating to a “hold” rating and cut their target price for the stock from $14.00 to $12.50 in a research report on Tuesday, October 29th. Raymond James downgraded shares of Harmonic from a “strong-buy” rating to an “outperform” rating and reduced their target price for the stock from $17.00 to $14.00 in a research note on Tuesday, October 29th. Barclays downgraded shares of Harmonic from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $17.00 to $14.00 in a report on Thursday, January 9th. Finally, Rosenblatt Securities restated a “buy” rating and set a $16.00 target price on shares of Harmonic in a research report on Tuesday, February 4th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Harmonic presently has an average rating of “Moderate Buy” and a consensus target price of $12.50.

Harmonic Trading Up 1.0 %

Shares of Harmonic stock opened at $9.51 on Tuesday. The firm has a market cap of $1.11 billion, a PE ratio of 13.03 and a beta of 0.89. Harmonic has a 1 year low of $8.42 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 fifty day moving average price of $12.47 and a 200-day moving average price of $13.09.

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

Harmonic announced that its Board of Directors has authorized a share repurchase plan on Monday, February 10th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the communications equipment provider to repurchase up to 15.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Harmonic

Large investors have recently added to or reduced their stakes in the company. Handelsbanken Fonder AB increased its position in shares of Harmonic by 2.6% during the 4th quarter. Handelsbanken Fonder AB now owns 36,100 shares of the communications equipment provider’s stock valued at $478,000 after purchasing an additional 900 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Harmonic by 117.6% during the third quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock worth $36,000 after acquiring an additional 1,323 shares in the last quarter. Captrust Financial Advisors lifted its holdings in shares of Harmonic by 14.9% in the 3rd quarter. Captrust Financial Advisors now owns 12,671 shares of the communications equipment provider’s stock worth $185,000 after acquiring an additional 1,647 shares during the last quarter. Inspire Investing LLC grew its holdings in shares of Harmonic by 6.9% during the 4th quarter. Inspire Investing LLC now owns 30,154 shares of the communications equipment provider’s stock valued at $399,000 after purchasing an additional 1,944 shares during the last quarter. Finally, Franklin Resources Inc. raised its position in Harmonic by 6.0% in the 3rd quarter. Franklin Resources Inc. now owns 39,041 shares of the communications equipment provider’s stock worth $538,000 after purchasing an additional 2,207 shares during the period. 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.