57,189 Shares in Harmonic Inc. (NASDAQ:HLIT) Acquired by Baker Avenue Asset Management LP

Baker Avenue Asset Management LP bought a new stake in Harmonic Inc. (NASDAQ:HLIT - Free Report) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 57,189 shares of the communications equipment provider's stock, valued at approximately $833,000.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. increased its position in Harmonic by 1.7% during the first quarter. Vanguard Group Inc. now owns 9,852,064 shares of the communications equipment provider's stock worth $132,412,000 after purchasing an additional 166,018 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Harmonic by 8.6% during the second quarter. Dimensional Fund Advisors LP now owns 3,741,998 shares of the communications equipment provider's stock worth $44,043,000 after purchasing an additional 294,922 shares during the last quarter. Leeward Investments LLC MA increased its position in Harmonic by 5.6% during the second quarter. Leeward Investments LLC MA now owns 1,975,966 shares of the communications equipment provider's stock worth $23,257,000 after purchasing an additional 105,162 shares during the last quarter. Clearline Capital LP increased its position in shares of Harmonic by 777.6% during the second quarter. Clearline Capital LP now owns 1,570,461 shares of the communications equipment provider's stock valued at $18,484,000 after acquiring an additional 1,391,504 shares during the last quarter. Finally, Jane Street Group LLC increased its position in shares of Harmonic by 1,276.3% during the first quarter. Jane Street Group LLC now owns 1,203,297 shares of the communications equipment provider's stock valued at $16,172,000 after acquiring an additional 1,115,870 shares during the last quarter. 99.38% of the stock is currently owned by institutional investors and hedge funds.

Harmonic Stock Up 0.3 %

Shares of NASDAQ HLIT traded up $0.04 during midday trading on Tuesday, hitting $12.58. The company's stock had a trading volume of 1,098,453 shares, compared to its average volume of 1,522,786. The business's fifty day simple moving average is $13.49 and its two-hundred day simple moving average is $12.72. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.08 and a quick ratio of 1.62. Harmonic Inc. has a 1 year low of $9.10 and a 1 year high of $15.46. The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of 17.23 and a beta of 0.89.

Harmonic (NASDAQ:HLIT - Get Free Report) last issued its quarterly earnings results on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.17 by $0.09. Harmonic had a net margin of 13.62% and a return on equity of 7.56%. The company had revenue of $195.80 million during the quarter, compared to the consensus estimate of $181.77 million. During the same quarter in the previous year, the firm earned ($0.05) earnings per share. The firm's quarterly revenue was up 53.9% on a year-over-year basis. On average, equities analysts predict that Harmonic Inc. will post 0.52 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Raymond James cut shares of Harmonic from a "strong-buy" rating to an "outperform" rating and dropped their price target for the company from $17.00 to $14.00 in a research report on Tuesday, October 29th. Northland Securities dropped their price target on shares of Harmonic from $16.00 to $14.00 and set an "outperform" rating for the company in a research report on Tuesday, October 29th. Jefferies Financial Group cut shares of Harmonic from a "buy" rating to a "hold" rating and dropped their price target for the company from $14.00 to $12.50 in a research report on Tuesday, October 29th. Rosenblatt Securities dropped their price target on shares of Harmonic from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Tuesday, October 29th. Finally, Barclays dropped their price target on shares of Harmonic from $20.00 to $17.00 and set an "overweight" rating for the company in a research report on Tuesday, October 29th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $15.25.

Harmonic Company Profile

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.