Needham & Company LLC Reiterates Buy Rating for Harmonic (NASDAQ:HLIT)

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Harmonic (NASDAQ:HLIT)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a research report issued to clients and investors on Tuesday, July 30th, Marketbeat reports. They currently have a $10.00 price objective on the communications equipment provider’s stock, up from their prior price objective of $7.00. Needham & Company LLC’s price target points to a potential upside of 51.75% from the stock’s current price.

A number of other research analysts have also commented on the company. Northland Securities reissued a “buy” rating on shares of Harmonic in a report on Wednesday, July 10th. Zacks Investment Research raised Harmonic from a “hold” rating to a “strong-buy” rating and set a $6.25 price objective on the stock in a report on Wednesday, July 3rd. Raymond James raised Harmonic from a “market perform” rating to an “outperform” rating and set a $6.75 price objective on the stock in a report on Friday, June 14th. Stifel Nicolaus increased their target price on Harmonic from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Finally, ValuEngine upgraded Harmonic from a “buy” rating to a “strong-buy” rating in a research note on Thursday, July 11th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $8.70.

NASDAQ:HLIT opened at $6.59 on Tuesday. The firm has a market capitalization of $609.35 million, a price-to-earnings ratio of 219.67, a PEG ratio of 10.83 and a beta of 0.87. Harmonic has a 1-year low of $4.48 and a 1-year high of $8.09. The company has a current ratio of 1.34, a quick ratio of 1.14 and a debt-to-equity ratio of 0.64. The business’s fifty day moving average price is $7.03 and its 200 day moving average price is $5.91.

Harmonic (NASDAQ:HLIT) last issued its earnings results on Monday, July 29th. The communications equipment provider reported ($0.07) earnings per share for the quarter, topping the 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 company had revenue of $84.87 million for the quarter, compared to analyst estimates of $85.07 million. During the same period in the prior year, the firm posted $0.05 EPS. The business’s revenue was down 14.4% compared to the same quarter last year. Equities analysts forecast that Harmonic will post 0.07 earnings per share for the current year.

In other news, SVP Neven Haltmayer sold 90,000 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $7.24, for a total value of $651,600.00. Following the completion of the transaction, the senior vice president now directly owns 159,813 shares of the company’s stock, valued at approximately $1,157,046.12. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 6.40% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Arizona State Retirement System increased its holdings in Harmonic by 2.5% during the 1st quarter. Arizona State Retirement System now owns 136,799 shares of the communications equipment provider’s stock valued at $741,000 after purchasing an additional 3,285 shares in the last quarter. Texas Permanent School Fund boosted its position in shares of Harmonic by 6.1% in the 1st quarter. Texas Permanent School Fund now owns 60,212 shares of the communications equipment provider’s stock worth $326,000 after purchasing an additional 3,478 shares during the last quarter. Swiss National Bank boosted its position in shares of Harmonic by 2.5% in the 2nd quarter. Swiss National Bank now owns 162,015 shares of the communications equipment provider’s stock worth $899,000 after purchasing an additional 4,000 shares during the last quarter. Comerica Bank boosted its position in shares of Harmonic by 6.1% in the 1st quarter. Comerica Bank now owns 87,760 shares of the communications equipment provider’s stock worth $499,000 after purchasing an additional 5,063 shares during the last quarter. Finally, Aperio Group LLC bought a new position in shares of Harmonic in the 2nd quarter worth $29,000. 86.71% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for Harmonic (NASDAQ:HLIT)

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