After J.P. Morgan and Needham gave Harmonic (NASDAQ: HLIT) a Buy rating last month, the company received another Buy, this time from Northland Securities. Analyst Tim Savageaux maintained a Buy rating on Harmonic today and set a price target of $7.25. The company’s shares closed last Monday at $6.56.
According to TipRanks.com, Savageaux is a 4-star analyst with an average return of 4.3% and a 52.9% success rate. Savageaux covers the Technology sector, focusing on stocks such as CommScope Holding, Luna Innovations, and Casa Systems.
Harmonic has an analyst consensus of Strong Buy, with a price target consensus of $8.19, implying a 19.0% upside from current levels. In a report issued on April 14, J.P. Morgan also initiated coverage with a Buy rating on the stock with a $9.00 price target.
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Based on Harmonic’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $122 million and net profit of $5.57 million. In comparison, last year the company earned revenue of $114 million and had a net profit of $3.33 million.
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Harmonic, Inc. engages in the development and sale of video delivery software, products, system solutions, and services. It operates through the Video and Cable Edge segments. The Video segment sells video processing and production and playout services to cable operators, satellite and telecommunications pay-TV service providers, and broadcast and media companies, including streaming new media companies. The Cable Edge segment markets cable access solutions and related services, such as CableOS software-based Converged Cable Access Platform (CCAP) solutions. The company was founded in June 1988 and is headquartered in San Jose, CA.
