Harmonic (NASDAQ:HLIT) Price Target Cut to $10.00 by Analysts at Barclays

Harmonic (NASDAQ:HLIT) had its price objective lowered by Barclays from $14.00 to $10.00 in a research report report published on Tuesday morning,Benzinga reports. Barclays currently has an equal weight rating on the communications equipment provider’s stock.

Other equities analysts have also recently issued reports about the company. Rosenblatt Securities reaffirmed a “buy” rating and issued a $16.00 target price on shares of Harmonic in a report on Tuesday, February 4th. Northland Securities decreased their target price on Harmonic from $14.00 to $12.50 and set an “outperform” rating on the stock in a report on Tuesday. Needham & Company LLC decreased their target price on Harmonic from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Tuesday. Raymond James cut Harmonic from a “strong-buy” rating to an “outperform” rating and decreased their target price for the stock from $17.00 to $14.00 in a report on Tuesday, October 29th. Finally, Jefferies Financial Group cut Harmonic from a “buy” rating to a “hold” rating and decreased their target price for the stock from $14.00 to $12.50 in a report on Tuesday, October 29th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $12.50.

Harmonic Price Performance

NASDAQ HLIT opened at $9.79 on Tuesday. The business’s fifty day moving average price is $12.47 and its 200-day moving average price is $13.09. The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of 13.41 and a beta of 0.89. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.08 and a quick ratio of 1.62. Harmonic has a 1-year low of $8.42 and a 1-year high of $15.46.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings results on Monday, February 10th. The communications equipment provider reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.01. Harmonic had a return on equity of 7.56% and a net margin of 13.62%. On average, equities analysts predict that Harmonic will post 0.52 earnings per share for the current year.

Harmonic declared that its Board of Directors has authorized a share buyback plan on Monday, February 10th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the communications equipment provider to reacquire up to 15.4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, CEO Nimrod Ben-Natan acquired 7,780 shares of the business’s stock in a transaction dated Thursday, February 13th. The stock was purchased at an average price of $9.65 per share, for a total transaction of $75,077.00. Following the completion of the transaction, the chief executive officer now directly owns 347,797 shares in the company, valued at approximately $3,356,241.05. This trade represents a 2.29 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Walter Jankovic acquired 12,000 shares of the business’s stock in a transaction dated Wednesday, February 12th. The shares were purchased at an average price of $9.44 per share, with a total value of $113,280.00. Following the transaction, the chief financial officer now owns 46,129 shares of the company’s stock, valued at approximately $435,457.76. This represents a 35.16 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 29,780 shares of company stock worth $286,157 over the last 90 days. Corporate insiders own 2.36% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Jane Street Group LLC grew its position in Harmonic by 40.3% in the third quarter. Jane Street Group LLC now owns 201,386 shares of the communications equipment provider’s stock worth $2,934,000 after acquiring an additional 57,888 shares in the last quarter. Baker Avenue Asset Management LP purchased a new stake in shares of Harmonic in the third quarter worth approximately $833,000. Lisanti Capital Growth LLC bought a new stake in shares of Harmonic during the 3rd quarter worth approximately $2,915,000. Geode Capital Management LLC boosted its holdings in Harmonic by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 2,675,268 shares of the communications equipment provider’s stock valued at $38,986,000 after acquiring an additional 17,665 shares during the period. Finally, Bouvel Investment Partners LLC bought a new position in Harmonic in the 3rd quarter valued at $1,756,000. 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.