Harmonic (NASDAQ:HLIT) Rating Lowered to Equal Weight at Barclays

Barclays lowered shares of Harmonic (NASDAQ:HLIT - Free Report) from an overweight rating to an equal weight rating in a research note issued to investors on Thursday morning, MarketBeat Ratings reports. The firm currently has $14.00 price objective on the communications equipment provider's stock, down from their prior price objective of $17.00.

HLIT has been the subject of a number of other research reports. Raymond James downgraded shares of Harmonic from a "strong-buy" rating to an "outperform" rating and reduced their price objective for the stock from $17.00 to $14.00 in a research note on Tuesday, October 29th. Jefferies Financial Group cut Harmonic from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $14.00 to $12.50 in a research note on Tuesday, October 29th. Rosenblatt Securities cut their target price on Harmonic from $18.00 to $16.00 and set a "buy" rating on the stock in a research note on Tuesday, October 29th. Northland Securities reduced their target price on shares of Harmonic from $16.00 to $14.00 and set an "outperform" rating for the company in a report on Tuesday, October 29th. Finally, Needham & Company LLC restated a "buy" rating and issued a $18.00 price target on shares of Harmonic in a report on Tuesday, October 29th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, Harmonic presently has a consensus rating of "Moderate Buy" and an average price target of $14.75.

Harmonic Trading Up 1.0 %

HLIT traded up $0.13 during trading on Thursday, hitting $13.37. 1,378,666 shares of the stock were exchanged, compared to its average volume of 1,021,312. Harmonic has a 1 year low of $9.10 and a 1 year high of $15.46. The firm has a market cap of $1.56 billion, a price-to-earnings ratio of 18.32 and a beta of 0.91. The firm has a 50 day simple moving average of $12.73 and a 200 day simple moving average of $13.15. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.62 and a current ratio of 2.08.

Harmonic (NASDAQ:HLIT - Get Free Report) last announced its quarterly earnings results on Monday, October 28th. The communications equipment provider reported $0.26 EPS for the quarter, beating the consensus estimate of $0.17 by $0.09. Harmonic had a return on equity of 7.56% and a net margin of 13.62%. The firm had revenue of $195.80 million for the quarter, compared to analyst estimates of $181.77 million. During the same quarter last year, the firm posted ($0.05) earnings per share. The business's revenue for the quarter was up 53.9% on a year-over-year basis. As a group, equities analysts expect that Harmonic will post 0.52 EPS for the current year.

Hedge Funds Weigh In On Harmonic

Several hedge funds have recently modified their holdings of HLIT. JPMorgan Chase & Co. raised its stake in Harmonic by 18.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 246,944 shares of the communications equipment provider's stock worth $3,598,000 after acquiring an additional 38,137 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of Harmonic by 6.0% in the third quarter. Franklin Resources Inc. now owns 39,041 shares of the communications equipment provider's stock valued at $538,000 after purchasing an additional 2,207 shares during the period. Geode Capital Management LLC raised its stake in shares of Harmonic by 0.7% in the third quarter. Geode Capital Management LLC now owns 2,675,268 shares of the communications equipment provider's stock worth $38,986,000 after purchasing an additional 17,665 shares during the last quarter. Barclays PLC lifted its holdings in shares of Harmonic by 414.6% during the third quarter. Barclays PLC now owns 201,976 shares of the communications equipment provider's stock worth $2,944,000 after purchasing an additional 162,727 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Harmonic in the third quarter valued at approximately $740,000. Institutional investors and hedge funds own 99.38% of the company's stock.

Harmonic Company Profile

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.