Harmonic Inc (HLIT) Receives Average Recommendation of “Buy” from Brokerages

Harmonic Inc (NASDAQ:HLIT) has earned an average recommendation of “Buy” from the eight brokerages that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $7.25.

Several equities research analysts recently weighed in on HLIT shares. Loop Capital started coverage on Harmonic in a research report on Thursday, September 20th. They set a “buy” rating and a $8.25 price target on the stock. Zacks Investment Research lowered Harmonic from a “hold” rating to a “sell” rating in a research report on Thursday, August 2nd. BidaskClub upgraded Harmonic from a “hold” rating to a “buy” rating in a research report on Wednesday, July 4th. Northland Securities set a $7.00 price target on Harmonic and gave the company a “buy” rating in a research report on Thursday, August 2nd. Finally, TheStreet upgraded Harmonic from a “d” rating to a “c-” rating in a research report on Monday, July 30th.

A number of institutional investors have recently added to or reduced their stakes in HLIT. Schwab Charles Investment Management Inc. boosted its holdings in Harmonic by 15.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 1,173,572 shares of the communications equipment provider’s stock worth $4,460,000 after acquiring an additional 160,660 shares in the last quarter. BlackRock Inc. boosted its holdings in Harmonic by 1.1% in the first quarter. BlackRock Inc. now owns 10,614,738 shares of the communications equipment provider’s stock worth $40,337,000 after acquiring an additional 115,823 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Harmonic by 1.4% in the first quarter. Dimensional Fund Advisors LP now owns 6,293,250 shares of the communications equipment provider’s stock worth $23,914,000 after acquiring an additional 86,394 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Harmonic by 5.5% in the first quarter. Principal Financial Group Inc. now owns 644,105 shares of the communications equipment provider’s stock worth $2,448,000 after acquiring an additional 33,348 shares in the last quarter. Finally, MetLife Investment Advisors LLC boosted its holdings in Harmonic by 111.5% in the first quarter. MetLife Investment Advisors LLC now owns 39,538 shares of the communications equipment provider’s stock worth $150,000 after acquiring an additional 20,842 shares in the last quarter. 86.34% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ HLIT traded down $0.06 during mid-day trading on Friday, hitting $5.31. 183,900 shares of the stock traded hands, compared to its average volume of 483,673. The company has a quick ratio of 1.12, a current ratio of 1.29 and a debt-to-equity ratio of 0.57. Harmonic has a 52 week low of $2.80 and a 52 week high of $5.93. The firm has a market capitalization of $470.59 million, a PE ratio of -9.93 and a beta of 0.70.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings results on Monday, July 30th. The communications equipment provider reported $0.05 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.09. Harmonic had a negative return on equity of 5.68% and a negative net margin of 11.52%. The company had revenue of $99.40 million for the quarter, compared to analyst estimates of $95.72 million. During the same period in the previous year, the company posted ($0.20) earnings per share. The firm’s revenue was up 20.8% on a year-over-year basis. On average, research analysts anticipate that Harmonic will post -0.08 earnings per share for the current year.

About Harmonic

Harmonic Inc designs, manufactures, and sells video infrastructure products and system solutions worldwide. Its products enable customers to create, prepare, and deliver a range of video and broadband services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones.

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