Fintel reports that on August 1, 2023, Needham maintained coverage of Harmonic (NASDAQ:HLIT) with a Buy recommendation.
Analyst Price Forecast Suggests 42.43% Upside
As of July 6, 2023, the average one-year price target for Harmonic is 21.25. The forecasts range from a low of 17.17 to a high of $24.15. The average price target represents an increase of 42.43% from its latest reported closing price of 14.92.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Harmonic is 749MM, an increase of 18.19%. The projected annual non-GAAP EPS is 0.76.
What is the Fund Sentiment?
There are 500 funds or institutions reporting positions in Harmonic. This is an increase of 10 owner(s) or 2.04% in the last quarter. Average portfolio weight of all funds dedicated to HLIT is 0.27%, an increase of 14.20%. Total shares owned by institutions increased in the last three months by 4.52% to 128,196K shares. 
The put/call ratio of HLIT is 0.15, indicating a bullish outlook.
What are Other Shareholders Doing?
Trigran Investments holds 8,467K shares representing 7.60% ownership of the company. In it's prior filing, the firm reported owning 7,387K shares, representing an increase of 12.75%. The firm decreased its portfolio allocation in HLIT by 52.26% over the last quarter.
IJR - iShares Core S&P Small-Cap ETF holds 7,992K shares representing 7.18% ownership of the company. In it's prior filing, the firm reported owning 7,849K shares, representing an increase of 1.79%. The firm increased its portfolio allocation in HLIT by 10.19% over the last quarter.
Wellington Management Group Llp holds 7,801K shares representing 7.01% ownership of the company. In it's prior filing, the firm reported owning 5,779K shares, representing an increase of 25.92%. The firm increased its portfolio allocation in HLIT by 48.59% over the last quarter.
Scopia Capital Management holds 5,942K shares representing 5.34% ownership of the company. In it's prior filing, the firm reported owning 6,323K shares, representing a decrease of 6.41%. The firm increased its portfolio allocation in HLIT by 8.88% over the last quarter.
Hood River Capital Management holds 3,590K shares representing 3.22% ownership of the company. In it's prior filing, the firm reported owning 2,345K shares, representing an increase of 34.69%. The firm increased its portfolio allocation in HLIT by 51.98% over the last quarter.
Harmonic Background Information
(This description is provided by the company.)
Harmonic, the worldwide leader in virtualized cable access and video delivery solutions, enables media companies and service providers to deliver ultra-high-quality video streaming and broadcast services to consumers globally. The company revolutionized cable access networking via the industry's first virtualized cable access 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 platforms, or powering the delivery of gigabit internet cable services, Harmonic is changing the way media companies and service providers monetize live and on-demand content on every screen.
Additional reading:
- Offer Letter between Harmonic Inc. and Walter Jankovic, dated May 8, 2023
- Change of Control Severance Agreement between Harmonic Inc. and Walter Jankovic, dated May 22, 2023
- Harmonic Appoints Walter Jankovic as Chief Financial Officer
- Amended and Restated Bylaws of Harmonic Inc.
- Harmonic Announces First Quarter 2023 Results Broadband revenue up 23% and Video SaaS revenue up 72% year over year
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
