ValuEngine Lowers Harmonic (NASDAQ:HLIT) to Buy

ValuEngine downgraded shares of Harmonic (NASDAQ:HLIT) from a strong-buy rating to a buy rating in a report issued on Thursday morning, ValuEngine reports.

Other analysts have also recently issued reports about the stock. Stifel Nicolaus lifted their target price on shares of Harmonic from $7.00 to $10.00 and gave the stock a buy rating in a research note on Wednesday, July 10th. Raymond James lifted their target price on shares of Harmonic from $6.75 to $9.00 and gave the stock an outperform rating in a research note on Tuesday, July 30th. Zacks Investment Research upgraded shares of Harmonic from a hold rating to a strong-buy rating and set a $6.25 target price for the company in a research note on Wednesday, July 3rd. Needham & Company LLC restated a buy rating and set a $10.00 price objective (up from $7.00) on shares of Harmonic in a research note on Tuesday, July 30th. Finally, BidaskClub upgraded shares of Harmonic from a hold rating to a buy rating in a research note on Saturday, July 13th. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $8.70.

Shares of NASDAQ:HLIT traded down $0.02 during trading on Thursday, reaching $7.33. The stock had a trading volume of 603,278 shares, compared to its average volume of 1,562,167. Harmonic has a one year low of $4.48 and a one year high of $8.09. The firm has a market cap of $652.64 million, a P/E ratio of 244.33, a P/E/G ratio of 11.35 and a beta of 0.86. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.34 and a quick ratio of 1.13. The stock has a 50-day moving average of $6.64.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings results on Monday, July 29th. The communications equipment provider reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.03. Harmonic had a negative net margin of 7.27% and a negative return on equity of 3.72%. The business had revenue of $84.87 million for the quarter, compared to analysts’ expectations of $85.07 million. During the same period last year, the business earned $0.05 EPS. The company’s revenue was down 14.4% compared to the same quarter last year. As a group, analysts forecast that Harmonic will post 0.07 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its stake in Harmonic by 7.2% during the 4th quarter. Bank of New York Mellon Corp now owns 1,020,048 shares of the communications equipment provider’s stock valued at $4,815,000 after acquiring an additional 68,150 shares during the period. Geode Capital Management LLC increased its holdings in shares of Harmonic by 12.6% during the 4th quarter. Geode Capital Management LLC now owns 993,588 shares of the communications equipment provider’s stock valued at $4,689,000 after purchasing an additional 111,561 shares in the last quarter. Boston Advisors LLC increased its holdings in shares of Harmonic by 6.8% during the 2nd quarter. Boston Advisors LLC now owns 396,515 shares of the communications equipment provider’s stock valued at $2,201,000 after purchasing an additional 25,411 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Harmonic by 36.7% during the 1st quarter. Victory Capital Management Inc. now owns 376,980 shares of the communications equipment provider’s stock valued at $2,043,000 after purchasing an additional 101,180 shares in the last quarter. Finally, Cowen Prime Services LLC increased its holdings in shares of Harmonic by 2.6% during the 2nd quarter. Cowen Prime Services LLC now owns 352,935 shares of the communications equipment provider’s stock valued at $1,959,000 after purchasing an additional 8,900 shares in the last quarter. Institutional investors and hedge funds own 88.69% 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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