Harmonic (NASDAQ:HLIT) PT Lowered to $20.00

Posted by on Aug 1st, 2023

Harmonic (NASDAQ:HLIT – Get Free Report) had its price target cut by equities research analysts at Barclays from $23.00 to $20.00 in a note issued to investors on Tuesday, FlyOnTheWall reports. Barclays‘s price target would suggest a potential upside of 34.05% from the stock’s current price.

Several other equities analysts also recently commented on the stock. StockNews.com began coverage on shares of Harmonic in a report on Thursday, May 18th. They issued a “hold” rating on the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $22.00 price target on shares of Harmonic in a research note on Friday, July 21st. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $20.00.

Harmonic Stock Performance

HLIT opened at $14.92 on Tuesday. The firm has a market cap of $1.66 billion, a P/E ratio of 48.13 and a beta of 0.88. Harmonic has a 1-year low of $10.60 and a 1-year high of $18.43. The company has a 50 day simple moving average of $16.67 and a two-hundred day simple moving average of $15.09. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.11 and a quick ratio of 0.67.

Harmonic (NASDAQ:HLIT – Get Free Report) last posted its quarterly earnings results on Monday, May 8th. The communications equipment provider reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.02. The business had revenue of $157.65 million during the quarter, compared to analyst estimates of $157.90 million. Harmonic had a net margin of 5.48% and a return on equity of 13.52%. Equities analysts forecast that Harmonic will post 0.48 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Belpointe Asset Management LLC lifted its position in shares of Harmonic by 2,615.0% during the first quarter. Belpointe Asset Management LLC now owns 3,258 shares of the communications equipment provider’s stock valued at $48,000 after buying an additional 3,138 shares during the last quarter. Advisor Group Holdings Inc. raised its position in shares of Harmonic by 80.5% in the 4th quarter. Advisor Group Holdings Inc. now owns 3,271 shares of the communications equipment provider’s stock valued at $43,000 after purchasing an additional 1,459 shares during the last quarter. Captrust Financial Advisors raised its position in Harmonic by 411.4% during the 1st quarter. Captrust Financial Advisors now owns 3,866 shares of the communications equipment provider’s stock worth $36,000 after buying an additional 3,110 shares during the last quarter. Shell Asset Management Co. acquired a new stake in shares of Harmonic during the 2nd quarter worth approximately $120,000. Finally, Point72 Hong Kong Ltd purchased a new stake in Harmonic in the 2nd quarter worth $65,000. 97.89% of the stock is currently owned by institutional investors.

About Harmonic

(Get Free Report)

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

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