Northland Securities reiterated their buy rating on shares of Harmonic (NASDAQ:HLIT) in a research note released on Wednesday morning, AnalystRatings.com reports.
“We believe associated hardware/node revenue could add substantially to this amount, and increase our PT to $8.50 given this validation of HLIT’s leadership in next gen cable access. Key Points Historically we have used a rule of thumb metric for Cable Access deployments of roughly 2X low margin Remote PHY node revenue to 1X high margin network core/software revenue. Applying this to the roughly $40M in annual software license revenue from Comcast specified in the filing for the 2020-2022 time period, with $50M to be recognized in CY19 yields a total annual revenue contribution from $120M range, about in line with the $100M estimated going back to the original 2016 agreement . The agreement also included the issuance of 7.8M in warrants to $4.76 strike, all of which are deemed to be vested currently according to the filing.”,” Northland Securities’ analyst wrote.
A number of other brokerages have also recently commented on HLIT. Zacks Investment Research upgraded shares of HB Fuller from a sell rating to a hold rating in a research note on Wednesday, July 3rd. Raymond James restated a hold rating on shares of Broadcom in a research note on Friday, June 14th. Finally, BidaskClub cut shares of Zebra Technologies from a hold rating to a sell rating in a research note on Friday, May 24th. Six equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. The stock has an average rating of Buy and a consensus target price of $7.54.
NASDAQ HLIT opened at $7.68 on Wednesday. The company has a current ratio of 1.35, a quick ratio of 1.13 and a debt-to-equity ratio of 0.58. The company has a 50-day moving average of $5.63. Harmonic has a twelve month low of $4.25 and a twelve month high of $7.85. The company has a market capitalization of $681.95 million, a PE ratio of 256.00 and a beta of 0.90.
Harmonic (NASDAQ:HLIT) last released its earnings results on Monday, April 29th. The communications equipment provider reported ($0.08) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.09) by $0.01. Harmonic had a negative net margin of 4.74% and a negative return on equity of 0.08%. The business had revenue of $80.10 million during the quarter, compared to analysts’ expectations of $85.52 million. During the same quarter last year, the company earned ($0.01) earnings per share. The firm’s revenue was down 11.1% on a year-over-year basis. On average, sell-side analysts predict that Harmonic will post -0.08 earnings per share for the current year.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. BNP Paribas Arbitrage SA increased its holdings in shares of Harmonic by 113.1% during the first quarter. BNP Paribas Arbitrage SA now owns 18,481 shares of the communications equipment provider’s stock worth $100,000 after buying an additional 9,807 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its holdings in shares of Harmonic by 293.9% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 24,239 shares of the communications equipment provider’s stock worth $114,000 after buying an additional 18,086 shares in the last quarter. Municipal Employees Retirement System of Michigan acquired a new stake in shares of Harmonic during the fourth quarter worth approximately $117,000. Menta Capital LLC increased its holdings in shares of Harmonic by 38.0% during the first quarter. Menta Capital LLC now owns 25,775 shares of the communications equipment provider’s stock worth $140,000 after buying an additional 7,100 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund acquired a new stake in shares of Harmonic during the fourth quarter worth approximately $156,000. Hedge funds and other institutional investors own 88.72% of the company’s stock.
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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