Harmonic (NASDAQ:HLIT) PT Raised to $20.00 at Barclays

Harmonic (NASDAQ:HLIT) had its price target raised by Barclays from $14.00 to $20.00 in a research report sent to investors on Tuesday, Benzinga reports. Barclays currently has an overweight rating on the communications equipment provider’s stock.

HLIT has been the topic of a number of other research reports. Needham & Company LLC reaffirmed a buy rating and issued a $18.00 price target on shares of Harmonic in a research report on Monday, June 17th. Rosenblatt Securities reissued a buy rating and set a $18.00 target price on shares of Harmonic in a research report on Thursday, July 18th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Harmonic has an average rating of Buy and an average price target of $18.50.

Harmonic Price Performance

HLIT stock opened at $13.92 on Tuesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.87 and a quick ratio of 0.78. The firm has a market capitalization of $1.56 billion, a P/E ratio of 23.20 and a beta of 0.89. The business’s 50-day moving average is $12.00 and its two-hundred day moving average is $12.06. Harmonic has a 1 year low of $8.80 and a 1 year high of $15.31.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings results on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. The company had revenue of $138.70 million for the quarter, compared to analyst estimates of $133.67 million. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. Harmonic’s revenue for the quarter was down 11.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.07 EPS. Analysts anticipate that Harmonic will post 0.42 earnings per share for the current fiscal year.

Insider Transactions at Harmonic

In other news, SVP Neven Haltmayer sold 40,000 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $14.41, for a total transaction of $576,400.00. Following the sale, the senior vice president now owns 122,211 shares of the company’s stock, valued at approximately $1,761,060.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. CWM LLC grew its stake in Harmonic by 780.9% during the 2nd quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock worth $27,000 after buying an additional 1,999 shares during the last quarter. Quadrant Capital Group LLC grew its stake in Harmonic by 237.8% during the 4th quarter. Quadrant Capital Group LLC now owns 2,591 shares of the communications equipment provider’s stock worth $34,000 after buying an additional 1,824 shares during the last quarter. Innealta Capital LLC purchased a new position in Harmonic during the 2nd quarter worth approximately $47,000. SageView Advisory Group LLC purchased a new position in Harmonic during the 1st quarter worth approximately $114,000. Finally, Avior Wealth Management LLC purchased a new position in shares of Harmonic in the 4th quarter valued at approximately $137,000. Hedge funds and other institutional investors own 99.38% of the company’s stock.

About Harmonic

Harmonic Inc, together with its subsidiaries, provides broadband solutions worldwide. The company operates through Broadband and Video segments. The Broadband segment sells broadband access solutions and related services, including cOS software-based broadband access solutions to broadband operators; and cOS central cloud services, a subscription service for cOS customers.