Barclays PLC Buys 162,727 Shares of Harmonic Inc. (NASDAQ:HLIT)

Barclays PLC lifted its stake in shares of Harmonic Inc. (NASDAQ:HLIT - Free Report) by 414.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 201,976 shares of the communications equipment provider's stock after purchasing an additional 162,727 shares during the quarter. Barclays PLC owned about 0.17% of Harmonic worth $2,944,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in HLIT. GAMMA Investing LLC raised its stake in Harmonic by 117.6% during the 3rd quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider's stock worth $36,000 after buying an additional 1,323 shares during the period. Innealta Capital LLC acquired a new position in shares of Harmonic during the second quarter worth approximately $47,000. CWM LLC raised its position in shares of Harmonic by 274.2% during the third quarter. CWM LLC now owns 8,439 shares of the communications equipment provider's stock worth $123,000 after purchasing an additional 6,184 shares during the period. Verdence Capital Advisors LLC bought a new position in shares of Harmonic in the 2nd quarter worth $140,000. Finally, iSAM Funds UK Ltd acquired a new stake in Harmonic in the 3rd quarter valued at $166,000. 99.38% of the stock is currently owned by institutional investors and hedge funds.

Harmonic Stock Performance

Shares of Harmonic stock traded up $0.09 during mid-day trading on Wednesday, hitting $13.44. 227,590 shares of the stock were exchanged, compared to its average volume of 1,465,659. Harmonic Inc. has a 12 month low of $9.10 and a 12 month high of $15.46. The company has a 50-day simple moving average of $12.86 and a 200 day simple moving average of $13.00. The company has a market capitalization of $1.57 billion, a P/E ratio of 18.41 and a beta of 0.92. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.62 and a current ratio of 2.08.

Harmonic (NASDAQ:HLIT - Get Free Report) last issued its quarterly earnings results on Monday, October 28th. The communications equipment provider reported $0.26 EPS for the quarter, topping analysts' consensus estimates of $0.17 by $0.09. Harmonic had a return on equity of 7.56% and a net margin of 13.62%. The business had revenue of $195.80 million for the quarter, compared to analyst estimates of $181.77 million. During the same period last year, the company posted ($0.05) earnings per share. Harmonic's quarterly revenue was up 53.9% compared to the same quarter last year. Sell-side analysts anticipate that Harmonic Inc. will post 0.52 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on HLIT. Jefferies Financial Group downgraded shares of Harmonic from a "buy" rating to a "hold" rating and lowered their price objective for the stock from $14.00 to $12.50 in a report on Tuesday, October 29th. Raymond James lowered shares of Harmonic from a "strong-buy" rating to an "outperform" rating and lowered their target price for the stock from $17.00 to $14.00 in a report on Tuesday, October 29th. Barclays cut their price target on Harmonic from $20.00 to $17.00 and set an "overweight" rating for the company in a research note on Tuesday, October 29th. Rosenblatt Securities decreased their price objective on Harmonic from $18.00 to $16.00 and set a "buy" rating for the company in a report on Tuesday, October 29th. Finally, Needham & Company LLC restated a "buy" rating and issued a $18.00 target price on shares of Harmonic in a report on Tuesday, October 29th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target 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.