Raymond James Boosts Harmonic (NASDAQ:HLIT) Price Target to $9.00

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Harmonic (NASDAQ:HLIT) had its price objective lifted by Raymond James from $6.75 to $9.00 in a research report issued to clients and investors on Tuesday, July 30th, Marketbeat reports. The firm currently has an “outperform” rating on the communications equipment provider’s stock. Raymond James’ price target points to a potential upside of 36.57% from the stock’s current price.

HLIT has been the topic of several other reports. BidaskClub raised Harmonic from a “hold” rating to a “buy” rating in a research report on Saturday, July 13th. ValuEngine raised Harmonic from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 11th. Northland Securities reissued a “buy” rating on shares of Harmonic in a report on Wednesday, July 10th. Stifel Nicolaus increased their price objective on Harmonic from $7.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. Finally, 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. 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.

Shares of NASDAQ HLIT opened at $6.59 on Tuesday. The company has a market cap of $609.35 million, a price-to-earnings ratio of 219.67, a P/E/G ratio of 10.83 and a beta of 0.87. Harmonic has a 12 month low of $4.48 and a 12 month high of $8.09. The company has a quick ratio of 1.14, a current ratio of 1.34 and a debt-to-equity ratio of 0.64. The business has a fifty day simple moving average of $7.03 and a 200-day simple moving average of $5.91.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings results on Monday, July 29th. The communications equipment provider reported ($0.07) earnings per share for the quarter, beating 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 firm had revenue of $84.87 million for the quarter, compared to analyst estimates of $85.07 million. During the same period in the previous year, the firm earned $0.05 earnings per share. Harmonic’s quarterly revenue was down 14.4% on a year-over-year basis. As a group, sell-side analysts expect 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 that occurred on Tuesday, August 6th. The stock was sold at an average price of $7.28, for a total value of $218,400.00. Following the completion of the sale, the senior vice president now owns 159,813 shares in the company, valued at approximately $1,163,438.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.40% of the stock is currently owned by company insiders.

Several hedge funds have recently made changes to their positions in HLIT. Aperio Group LLC bought a new stake in shares of Harmonic in the 2nd quarter worth approximately $29,000. Quantamental Technologies LLC acquired a new position in shares of Harmonic in the 2nd quarter worth approximately $33,000. Tower Research Capital LLC TRC raised its holdings in shares of Harmonic by 562.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,444 shares of the communications equipment provider’s stock worth $47,000 after buying an additional 7,170 shares in the last quarter. Bank of Montreal Can raised its holdings in shares of Harmonic by 308,766.7% in the 2nd quarter. Bank of Montreal Can now owns 9,266 shares of the communications equipment provider’s stock worth $52,000 after buying an additional 9,263 shares in the last quarter. Finally, Laurion Capital Management LP acquired a new position in shares of Harmonic in the 2nd quarter worth approximately $77,000. 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.

Further Reading: Are sell-side analysts objective?

Analyst Recommendations for Harmonic (NASDAQ:HLIT)

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