Edgestream Partners L.P. Acquires Shares of 55,678 Harmonic Inc. (NASDAQ:HLIT)

Edgestream Partners L.P. acquired a new stake in Harmonic Inc. (NASDAQ:HLIT - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 55,678 shares of the communications equipment provider's stock, valued at approximately $737,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new stake in Harmonic in the fourth quarter valued at approximately $4,292,000. Dana Investment Advisors Inc. boosted its position in shares of Harmonic by 15.5% during the fourth quarter. Dana Investment Advisors Inc. now owns 62,497 shares of the communications equipment provider's stock valued at $827,000 after buying an additional 8,385 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Harmonic by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,057,570 shares of the communications equipment provider's stock valued at $13,992,000 after buying an additional 20,841 shares during the last quarter. Mutual of America Capital Management LLC boosted its position in shares of Harmonic by 48.5% during the fourth quarter. Mutual of America Capital Management LLC now owns 409,799 shares of the communications equipment provider's stock valued at $5,422,000 after buying an additional 133,885 shares during the last quarter. Finally, Los Angeles Capital Management LLC boosted its position in shares of Harmonic by 31.0% during the fourth quarter. Los Angeles Capital Management LLC now owns 75,692 shares of the communications equipment provider's stock valued at $1,001,000 after buying an additional 17,913 shares during the last quarter. Institutional investors and hedge funds own 99.38% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Northland Securities cut their target price on Harmonic from $14.00 to $12.50 and set an "outperform" rating on the stock in a research report on Tuesday, February 11th. Needham & Company LLC cut their target price on Harmonic from $18.00 to $14.00 and set a "buy" rating on the stock in a research report on Tuesday, February 11th. Jefferies Financial Group assumed coverage on Harmonic in a research report on Friday, February 21st. They set a "hold" rating on the stock. StockNews.com cut Harmonic from a "buy" rating to a "hold" rating in a research report on Monday. Finally, Rosenblatt Securities cut their target price on Harmonic from $16.00 to $12.00 and set a "buy" rating on the stock in a research report on Tuesday, February 11th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $12.50.

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Insider Buying and Selling at Harmonic

In other news, Director Daniel T. Whalen bought 3,000 shares of the stock in a transaction on Monday, February 24th. The shares were purchased at an average cost of $10.15 per share, for a total transaction of $30,450.00. Following the completion of the purchase, the director now directly owns 8,840 shares in the company, valued at $89,726. This represents a 51.37 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director David Krall purchased 10,000 shares of Harmonic stock in a transaction dated Thursday, February 13th. The stock was bought at an average price of $9.78 per share, with a total value of $97,800.00. Following the completion of the transaction, the director now owns 163,490 shares of the company's stock, valued at $1,598,932.20. This represents a 6.52 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 32,780 shares of company stock worth $316,607 over the last ninety days. 2.36% of the stock is currently owned by company insiders.

Harmonic Stock Performance

Shares of Harmonic stock opened at $10.37 on Wednesday. The business's fifty day simple moving average is $11.42 and its 200 day simple moving average is $12.66. The firm has a market capitalization of $1.21 billion, a P/E ratio of 31.43 and a beta of 0.87. Harmonic Inc. has a 12 month low of $8.42 and a 12 month high of $15.46. The company has a current ratio of 2.18, a quick ratio of 1.80 and a debt-to-equity ratio of 0.26.

Harmonic (NASDAQ:HLIT - Get Free Report) last issued its quarterly earnings results on Monday, February 10th. The communications equipment provider reported $0.38 EPS for the quarter, topping analysts' consensus estimates of $0.37 by $0.01. Harmonic had a return on equity of 15.90% and a net margin of 5.78%. As a group, analysts anticipate that Harmonic Inc. will post 0.31 EPS for the current year.

Harmonic declared that its Board of Directors has authorized a stock buyback plan on Monday, February 10th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the communications equipment provider to repurchase up to 15.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board believes its shares are undervalued.

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.

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