Northland Securities reaffirmed their buy rating on shares of Harmonic (NASDAQ:HLIT) in a report released on Wednesday, AnalystRatings.com reports.
“We believe associated hardware/node revenue could add substantially to this amount, and increase our PT to $8.50 given this validation of HLIT’s leadership in next gen cable access. Key Points Historically we have used a rule of thumb metric for Cable Access deployments of roughly 2X low margin Remote PHY node revenue to 1X high margin network core/software revenue. Applying this to the roughly $40M in annual software license revenue from Comcast specified in the filing for the 2020-2022 time period, with $50M to be recognized in CY19 yields a total annual revenue contribution from $120M range, about in line with the $100M estimated going back to the original 2016 agreement . The agreement also included the issuance of 7.8M in warrants to $4.76 strike, all of which are deemed to be vested currently according to the filing.”,” Northland Securities’ analyst commented.
A number of other research analysts have also recently commented on the company. Raymond James restated a hold rating on shares of Broadcom in a research note on Friday, June 14th. BidaskClub cut Zebra Technologies from a hold rating to a sell rating in a research note on Friday, May 24th. Finally, Zacks Investment Research upgraded HB Fuller from a sell rating to a hold rating in a research note on Wednesday, July 3rd. Six investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Harmonic presently has an average rating of Buy and an average price target of $7.54.
Shares of HLIT opened at $7.68 on Wednesday. The stock’s 50-day moving average is $5.63. The firm has a market capitalization of $681.95 million, a PE ratio of 256.00 and a beta of 0.90. Harmonic has a 12 month low of $4.25 and a 12 month high of $7.85. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.13 and a current ratio of 1.35.
Harmonic (NASDAQ:HLIT) last issued its quarterly earnings data on Monday, April 29th. The communications equipment provider reported ($0.08) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.09) by $0.01. The company had revenue of $80.10 million for the quarter, compared to analysts’ expectations of $85.52 million. Harmonic had a negative return on equity of 0.08% and a negative net margin of 4.74%. The firm’s quarterly revenue was down 11.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. As a group, analysts predict that Harmonic will post -0.08 EPS for the current year.
Several large investors have recently added to or reduced their stakes in HLIT. FMR LLC increased its stake in shares of Harmonic by 270.6% in the first quarter. FMR LLC now owns 290,357 shares of the communications equipment provider’s stock worth $1,574,000 after acquiring an additional 212,010 shares during the last quarter. Great West Life Assurance Co. Can increased its stake in shares of Harmonic by 11.8% in the first quarter. Great West Life Assurance Co. Can now owns 123,494 shares of the communications equipment provider’s stock worth $669,000 after acquiring an additional 13,000 shares during the last quarter. Everence Capital Management Inc. increased its stake in shares of Harmonic by 117.4% in the first quarter. Everence Capital Management Inc. now owns 31,980 shares of the communications equipment provider’s stock worth $173,000 after acquiring an additional 17,270 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Harmonic by 36.7% in the first quarter. Victory Capital Management Inc. now owns 376,980 shares of the communications equipment provider’s stock worth $2,043,000 after acquiring an additional 101,180 shares during the last quarter. Finally, Texas Permanent School Fund increased its stake in shares of Harmonic by 6.1% in the first quarter. Texas Permanent School Fund now owns 60,212 shares of the communications equipment provider’s stock worth $326,000 after acquiring an additional 3,478 shares during the last quarter. Institutional investors and hedge funds own 88.72% of the company’s stock.
Harmonic Company Profile
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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