Harmonic (HLIT) Rating Increased to Buy at Zacks Investment Research

Harmonic (NASDAQ:HLIT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday, Zacks.com reports. The brokerage currently has a $6.25 price target on the communications equipment provider’s stock. Zacks Investment Research‘s target price suggests a potential upside of 10.23% from the company’s previous close.

According to Zacks, “Harmonic Inc. enables media companies and service providers to deliver ultra-high-quality broadcast and OTT video services to consumers globally.The company has also revolutionized cable access networking via the industry’s first virtualized CCAP solution, enabling cable operators to more flexibly deploy gigabit internet service to consumers’ homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software-as-a-service (SaaS) technologies, or powering the delivery of gigabit internet cable services, Harmonic is changing the way media companies and service providers monetize live and VOD content on every screen. “

HLIT has been the topic of a number of other reports. Needham & Company LLC started coverage on Harmonic in a research note on Wednesday, February 13th. They set a “buy” rating and a $7.00 price objective on the stock. Stifel Nicolaus started coverage on Harmonic in a research note on Wednesday, February 20th. They set a “buy” rating and a $7.00 price objective on the stock. BidaskClub raised Harmonic from a “hold” rating to a “buy” rating in a research note on Monday, February 4th. Finally, ValuEngine cut Harmonic from a “buy” rating to a “hold” rating in a research note on Tuesday, February 5th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $7.10.

HLIT traded down $0.02 during trading on Thursday, reaching $5.67. The stock had a trading volume of 189,500 shares, compared to its average volume of 392,317. The stock has a market cap of $499.27 million, a PE ratio of 189.00 and a beta of 0.88. The company has a quick ratio of 1.25, a current ratio of 1.44 and a debt-to-equity ratio of 0.56. Harmonic has a one year low of $3.35 and a one year high of $6.32.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings data on Monday, February 4th. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.06. Harmonic had a negative return on equity of 0.08% and a negative net margin of 5.21%. The firm had revenue of $113.60 million for the quarter, compared to analysts’ expectations of $113.13 million. Harmonic’s revenue for the quarter was up 12.4% compared to the same quarter last year. As a group, equities analysts anticipate that Harmonic will post -0.05 earnings per share for the current year.

Several large investors have recently made changes to their positions in HLIT. BlackRock Inc. grew its stake in shares of Harmonic by 6.4% during the third quarter. BlackRock Inc. now owns 12,227,241 shares of the communications equipment provider’s stock valued at $67,249,000 after buying an additional 732,920 shares during the last quarter. Boston Advisors LLC purchased a new stake in shares of Harmonic during the fourth quarter worth about $1,158,000. Oregon Public Employees Retirement Fund purchased a new stake in shares of Harmonic during the fourth quarter worth about $33,000. Renaissance Technologies LLC boosted its holdings in shares of Harmonic by 122.4% during the third quarter. Renaissance Technologies LLC now owns 264,227 shares of the communications equipment provider’s stock worth $1,453,000 after purchasing an additional 145,400 shares during the period. Finally, Vanguard Group Inc boosted its holdings in shares of Harmonic by 2.4% during the third quarter. Vanguard Group Inc now owns 5,216,147 shares of the communications equipment provider’s stock worth $28,689,000 after purchasing an additional 121,411 shares during the period. 85.18% of the stock is currently owned by hedge funds and other institutional investors.

About Harmonic

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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