Harmonic Inc. (NASDAQ:HLIT) Shares Sold by Legato Capital Management LLC

Legato Capital Management LLC cut its stake in shares of Harmonic Inc. (NASDAQ:HLIT - Free Report) by 38.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 60,287 shares of the communications equipment provider's stock after selling 38,364 shares during the quarter. Legato Capital Management LLC owned approximately 0.05% of Harmonic worth $798,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Entropy Technologies LP acquired a new position in Harmonic during the fourth quarter worth $146,000. Yorktown Management & Research Co Inc acquired a new stake in shares of Harmonic in the 4th quarter worth about $344,000. KBC Group NV increased its holdings in Harmonic by 84.8% during the 4th quarter. KBC Group NV now owns 6,295 shares of the communications equipment provider's stock worth $83,000 after purchasing an additional 2,888 shares in the last quarter. Inspire Investing LLC boosted its position in shares of Harmonic by 6.9% during the fourth quarter. Inspire Investing LLC now owns 30,154 shares of the communications equipment provider's stock valued at $399,000 after buying an additional 1,944 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Harmonic by 18.3% during the third quarter. JPMorgan Chase & Co. now owns 246,944 shares of the communications equipment provider's stock worth $3,598,000 after buying an additional 38,137 shares in the last quarter. 99.38% of the stock is currently owned by institutional investors and hedge funds.

Harmonic Stock Performance

NASDAQ:HLIT traded up $0.27 on Monday, hitting $10.06. The stock had a trading volume of 2,592,129 shares, compared to its average volume of 907,712. The business's 50-day simple moving average is $12.30 and its two-hundred day simple moving average is $13.00. Harmonic Inc. has a 52-week low of $8.42 and a 52-week high of $15.46. The company has a quick ratio of 1.62, a current ratio of 2.08 and a debt-to-equity ratio of 0.29. The stock has a market cap of $1.17 billion, a price-to-earnings ratio of 13.78 and a beta of 0.89.

Harmonic (NASDAQ:HLIT - Get Free Report) last announced its quarterly earnings data on Monday, February 10th. The communications equipment provider reported $0.38 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.37 by $0.01. Harmonic had a net margin of 13.62% and a return on equity of 7.56%. As a group, research analysts predict that Harmonic Inc. will post 0.52 earnings per share for the current year.

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

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on HLIT. Barclays reduced their target price on shares of Harmonic from $14.00 to $10.00 and set an "equal weight" rating for the company in a research note on Tuesday, February 11th. StockNews.com upgraded shares of Harmonic from a "hold" rating to a "buy" rating in a research note on Wednesday, February 12th. Jefferies Financial Group cut Harmonic from a "buy" rating to a "hold" rating and cut their price objective for the stock from $14.00 to $12.50 in a research report on Tuesday, October 29th. Northland Securities dropped their price target on shares of Harmonic from $14.00 to $12.50 and set an "outperform" rating on the stock in a research note on Tuesday, February 11th. Finally, Rosenblatt Securities decreased their target price on Harmonic from $16.00 to $12.00 and set a "buy" rating on the stock in a research note on Tuesday, February 11th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $12.50.

Insider Buying and Selling at Harmonic

In related news, CFO Walter Jankovic acquired 12,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 12th. The stock was purchased at an average cost of $9.44 per share, for a total transaction of $113,280.00. Following the purchase, the chief financial officer now directly owns 46,129 shares of the company's stock, valued at $435,457.76. This trade represents a 35.16 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director David Krall bought 10,000 shares of Harmonic stock in a transaction that occurred on Thursday, February 13th. The shares were acquired at an average cost of $9.78 per share, for a total transaction of $97,800.00. Following the completion of the transaction, the director now directly owns 163,490 shares in the company, valued at $1,598,932.20. This represents a 6.52 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 29,780 shares of company stock worth $286,157 over the last quarter. Insiders own 2.36% of the company's stock.

Harmonic 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.