Raymond James Raises Harmonic (NASDAQ:HLIT) Price Target to $13.00

Harmonic (NASDAQ:HLIT – Get Rating) had its target price lifted by Raymond James from $12.00 to $13.00 in a research report sent to investors on Tuesday morning, Benzinga reports. Raymond James currently has an outperform rating on the communications equipment provider’s stock.

HLIT has been the subject of several other research reports. Barclays lifted their price objective on Harmonic from $13.00 to $14.00 and gave the stock an overweight rating in a report on Tuesday. StockNews.com raised Harmonic from a hold rating to a buy rating in a report on Wednesday, May 4th. Rosenblatt Securities lifted their price objective on Harmonic from $15.00 to $17.00 and gave the stock a buy rating in a report on Tuesday. TheStreet upgraded Harmonic from a c+ rating to a b+ rating in a research note on Monday. Finally, Needham & Company LLC raised their target price on Harmonic from $14.00 to $15.00 and gave the stock a buy rating in a research note on Tuesday. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Buy and a consensus target price of $15.17.

Harmonic Trading Up 1.4 %

Shares of Harmonic stock opened at $11.30 on Tuesday. Harmonic has a 1 year low of $8.25 and a 1 year high of $12.22. The firm has a market cap of $1.18 billion, a PE ratio of 35.31 and a beta of 1.02. The stock has a fifty day moving average price of $9.45 and a 200-day moving average price of $9.31. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.52 and a quick ratio of 1.06.

Harmonic (NASDAQ:HLIT – Get Rating) last announced its earnings results on Monday, August 1st. The communications equipment provider reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.07. Harmonic had a return on equity of 10.46% and a net margin of 5.91%. The firm had revenue of $157.45 million during the quarter, compared to analyst estimates of $150.08 million. During the same period last year, the firm posted $0.01 EPS. The business’s revenue was up 38.8% compared to the same quarter last year. Equities research analysts anticipate that Harmonic will post 0.19 EPS for the current year.

Insider Activity

In other news, SVP Ian Graham sold 15,573 shares of Harmonic stock in a transaction dated Thursday, June 2nd. The stock was sold at an average price of $9.89, for a total transaction of $154,016.97. Following the completion of the sale, the senior vice president now owns 100,358 shares in the company, valued at approximately $992,540.62. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.78% of the company’s stock.

Hedge Funds Weigh In On Harmonic

Large investors have recently bought and sold shares of the stock. Aaron Wealth Advisors LLC purchased a new position in Harmonic in the 1st quarter worth approximately $209,000. Acadian Asset Management LLC purchased a new position in Harmonic in the 4th quarter worth approximately $35,000. Captrust Financial Advisors increased its stake in Harmonic by 411.4% in the 1st quarter. Captrust Financial Advisors now owns 3,866 shares of the communications equipment provider’s stock worth $36,000 after purchasing an additional 3,110 shares during the period. KBC Group NV purchased a new position in Harmonic in the 2nd quarter worth approximately $77,000. Finally, Canandaigua National Corp purchased a new position in shares of Harmonic during the first quarter valued at approximately $94,000. 98.14% of the stock is owned by hedge funds and other institutional investors.

Harmonic Company Profile

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

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