Analysts Set Harmonic Inc (NASDAQ:HLIT) Price Target at $8.70

Harmonic Inc (NASDAQ:HLIT) has earned a consensus recommendation of “Buy” from the eight research firms that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $8.70.

Several analysts recently issued reports on the company. Raymond James increased their price objective on Harmonic from $6.75 to $9.00 and gave the stock an “outperform” rating in a report on Tuesday, July 30th. Needham & Company LLC reiterated a “buy” rating and set a $10.00 price objective (up from $7.00) on shares of Harmonic in a report on Tuesday, July 30th. Northland Securities reiterated a “buy” rating on shares of Harmonic in a report on Wednesday, July 10th. Zacks Investment Research upgraded Harmonic from a “hold” rating to a “strong-buy” rating and set a $6.25 target price on the stock in a report on Wednesday, July 3rd. Finally, ValuEngine lowered Harmonic from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 1st.

Shares of NASDAQ:HLIT traded down $0.21 during midday trading on Thursday, hitting $6.59. 666,901 shares of the stock were exchanged, compared to its average volume of 587,868. The company has a quick ratio of 1.14, a current ratio of 1.34 and a debt-to-equity ratio of 0.64. Harmonic has a 52-week low of $4.48 and a 52-week high of $8.09. The stock’s fifty day moving average is $7.01. The company has a market cap of $609.35 million, a P/E ratio of 219.67, a PEG ratio of 10.83 and a beta of 0.87.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings data on Monday, July 29th. The communications equipment provider reported ($0.07) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.03. Harmonic had a negative return on equity of 3.72% and a negative net margin of 7.27%. The business had revenue of $84.87 million during the quarter, compared to analyst estimates of $85.07 million. During the same period last year, the company earned $0.05 earnings per share. Harmonic’s quarterly revenue was down 14.4% compared to the same quarter last year. On average, analysts anticipate that Harmonic will post 0.07 EPS for the current fiscal year.

In other Harmonic news, SVP Neven Haltmayer sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $7.28, for a total transaction of $218,400.00. Following the transaction, the senior vice president now directly owns 159,813 shares in the company, valued at $1,163,438.64. The transaction was disclosed in a filing with the SEC, which is available through this link. 6.40% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Scopia Capital Management LP increased its stake in shares of Harmonic by 111.7% in the second quarter. Scopia Capital Management LP now owns 6,092,937 shares of the communications equipment provider’s stock worth $33,816,000 after purchasing an additional 3,215,344 shares during the period. Nuveen Asset Management LLC bought a new position in shares of Harmonic in the second quarter worth about $3,720,000. BlackRock Inc. increased its stake in shares of Harmonic by 4.6% in the second quarter. BlackRock Inc. now owns 13,242,787 shares of the communications equipment provider’s stock worth $73,497,000 after purchasing an additional 584,615 shares during the period. 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 purchasing an additional 212,010 shares during the period. Finally, Invesco Ltd. increased its stake in shares of Harmonic by 24.5% in the second quarter. Invesco Ltd. now owns 784,537 shares of the communications equipment provider’s stock worth $4,354,000 after purchasing an additional 154,443 shares during the period. Institutional investors own 86.71% of the company’s stock.

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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Analyst Recommendations for Harmonic (NASDAQ:HLIT)

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