StockNews.com Lowers Harmonic (NASDAQ:HLIT) to Hold

Harmonic (NASDAQ:HLIT – Get Rating) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

HLIT has been the topic of a number of other reports. Zacks Investment Research upgraded Harmonic from a “sell” rating to a “hold” rating in a research note on Tuesday, April 5th. Northland Securities upgraded Harmonic to a “top pick” rating and set a $17.00 price objective on the stock in a research note on Monday, January 3rd. Barclays upgraded Harmonic from an “equal weight” rating to an “overweight” rating and set a $11.00 price objective on the stock in a research note on Thursday, April 21st. Finally, Colliers Securities reiterated a “buy” rating and issued a $15.00 price objective on shares of Harmonic in a research note on Monday, February 28th. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $13.50.

NASDAQ HLIT opened at $8.83 on Tuesday. Harmonic has a fifty-two week low of $6.69 and a fifty-two week high of $12.22. The company’s 50-day moving average is $9.05. The company has a current ratio of 1.44, a quick ratio of 1.12 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $916.00 million, a price-to-earnings ratio of 80.27, a P/E/G ratio of 5.10 and a beta of 0.88.

Harmonic (NASDAQ:HLIT – Get Rating) last posted its quarterly earnings data on Monday, January 31st. The communications equipment provider reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. The business had revenue of $155.80 million for the quarter, compared to analyst estimates of $151.93 million. Harmonic had a return on equity of 4.99% and a net margin of 2.61%. During the same period in the previous year, the company posted $0.16 earnings per share. On average, analysts forecast that Harmonic will post 0.13 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Acadian Asset Management LLC bought a new position in Harmonic in the 4th quarter valued at $35,000. ARS Investment Partners LLC acquired a new stake in shares of Harmonic in the third quarter valued at $88,000. Guggenheim Capital LLC acquired a new stake in shares of Harmonic in the fourth quarter valued at $135,000. Teacher Retirement System of Texas raised its holdings in shares of Harmonic by 25.5% in the third quarter. Teacher Retirement System of Texas now owns 15,743 shares of the communications equipment provider’s stock valued at $138,000 after buying an additional 3,201 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in Harmonic during the 4th quarter worth about $141,000. 97.06% of the stock is currently owned by institutional investors.

About Harmonic (Get Rating)

Harmonic Inc, together with its subsidiaries, provide video delivery software, products, system solutions, and services worldwide. The company operates in two segments, Video and Cable Access. The Video segment sells video processing, production, and playout solutions and services to cable operators, and satellite and telecommunications Pay-TV service providers, as well as to broadcast and media, including streaming media companies.

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