Harmonic Inc. (NASDAQ:HLIT) Receives $11.63 Consensus Target Price from Brokerages

Harmonic Inc. (NASDAQ:HLIT) has received a consensus recommendation of “Hold” from the seven ratings firms that are covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $11.6250.

Several research analysts have issued reports on HLIT shares. Barclays dropped their target price on Harmonic from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 29th. Wolfe Research began coverage on shares of Harmonic in a report on Tuesday, July 8th. They issued an “underperform” rating on the stock. Needham & Company LLC cut their target price on shares of Harmonic from $14.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, July 29th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Harmonic in a report on Wednesday, October 8th. Finally, Wall Street Zen downgraded shares of Harmonic from a “buy” rating to a “hold” rating in a research report on Saturday, August 2nd.

Harmonic Stock Performance

HLIT stock opened at $10.70 on Thursday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.99 and a quick ratio of 1.58. Harmonic has a 1 year low of $7.80 and a 1 year high of $13.75. The company has a market cap of $1.22 billion, a P/E ratio of 18.14 and a beta of 1.01. The stock’s fifty day moving average price is $10.12 and its 200-day moving average price is $9.48.

Hedge Funds Weigh In On Harmonic

Institutional investors and hedge funds have recently bought and sold shares of the stock. Stoneridge Investment Partners LLC grew its holdings in Harmonic by 7.4% during the third quarter. Stoneridge Investment Partners LLC now owns 29,130 shares of the communications equipment provider’s stock valued at $297,000 after purchasing an additional 2,006 shares during the period. Teacher Retirement System of Texas lifted its position in shares of Harmonic by 19.1% during the 3rd quarter. Teacher Retirement System of Texas now owns 87,934 shares of the communications equipment provider’s stock valued at $895,000 after buying an additional 14,096 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH lifted its position in shares of Harmonic by 217.4% during the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 77,040 shares of the communications equipment provider’s stock valued at $784,000 after buying an additional 52,770 shares in the last quarter. Inspire Advisors LLC bought a new position in shares of Harmonic during the 3rd quarter valued at approximately $2,455,000. Finally, Amalgamated Bank increased its holdings in Harmonic by 3.5% in the 3rd quarter. Amalgamated Bank now owns 33,186 shares of the communications equipment provider’s stock worth $338,000 after acquiring an additional 1,116 shares in the last quarter. 99.38% of the stock is currently owned by hedge funds and other institutional investors.

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.