Harmonic Inc. (NASDAQ:HLIT) is Toronado Partners LLC's 3rd Largest Position

Toronado Partners LLC trimmed its position in Harmonic Inc. (NASDAQ:HLIT - Free Report) by 2.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,273,396 shares of the communications equipment provider's stock after selling 33,939 shares during the period. Harmonic accounts for 10.6% of Toronado Partners LLC's investment portfolio, making the stock its 3rd biggest position. Toronado Partners LLC owned about 1.09% of Harmonic worth $16,847,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Handelsbanken Fonder AB boosted its holdings in Harmonic by 2.6% during the 4th quarter. Handelsbanken Fonder AB now owns 36,100 shares of the communications equipment provider's stock valued at $478,000 after acquiring an additional 900 shares during the period. Captrust Financial Advisors lifted its holdings in shares of Harmonic by 14.9% during the third quarter. Captrust Financial Advisors now owns 12,671 shares of the communications equipment provider's stock valued at $185,000 after purchasing an additional 1,647 shares during the last quarter. Inspire Investing LLC grew its stake in shares of Harmonic by 6.9% in the 4th quarter. Inspire Investing LLC now owns 30,154 shares of the communications equipment provider's stock worth $399,000 after buying an additional 1,944 shares during the last quarter. Franklin Resources Inc. raised its stake in Harmonic by 6.0% during the third quarter. Franklin Resources Inc. now owns 39,041 shares of the communications equipment provider's stock valued at $538,000 after buying an additional 2,207 shares during the last quarter. Finally, Stanley Laman Group Ltd. grew its stake in shares of Harmonic by 0.9% in the fourth quarter. Stanley Laman Group Ltd. now owns 322,353 shares of the communications equipment provider's stock worth $4,265,000 after acquiring an additional 2,742 shares during the last quarter. Institutional investors own 99.38% of the company's stock.

Insider Activity

In other Harmonic news, Director Daniel T. Whalen bought 3,000 shares of Harmonic stock in a transaction on Monday, February 24th. The shares were bought at an average cost of $10.15 per share, for a total transaction of $30,450.00. Following the acquisition, the director now directly owns 8,840 shares in the company, valued at $89,726. This represents a 51.37 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Walter Jankovic acquired 12,000 shares of the company's stock in a transaction on Wednesday, February 12th. The shares were purchased at an average cost of $9.44 per share, for a total transaction of $113,280.00. Following the acquisition, the chief financial officer now owns 46,129 shares of the company's stock, valued at approximately $435,457.76. The trade was a 35.16 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 32,780 shares of company stock valued at $316,607 in the last 90 days. Company insiders own 2.36% of the company's stock.

Analyst Upgrades and Downgrades

HLIT has been the topic of several analyst reports. Needham & Company LLC lowered their price objective 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 began coverage on Harmonic in a research note on Friday, February 21st. They issued a "hold" rating on the stock. Rosenblatt Securities decreased their price objective on Harmonic from $16.00 to $12.00 and set a "buy" rating on the stock in a research note on Tuesday, February 11th. Barclays lowered their price target on shares of Harmonic from $14.00 to $10.00 and set an "equal weight" rating on the stock in a report on Tuesday, February 11th. Finally, Northland Securities lowered their target price 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. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $12.50.

Harmonic Stock Performance

NASDAQ:HLIT traded up $0.01 during midday trading on Thursday, hitting $8.89. The company's stock had a trading volume of 306,189 shares, compared to its average volume of 1,261,916. The firm has a market cap of $1.04 billion, a P/E ratio of 26.93 and a beta of 0.92. The firm's 50 day moving average is $9.84 and its 200-day moving average is $11.79. Harmonic Inc. has a fifty-two week low of $7.91 and a fifty-two week high of $15.46. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.18 and a quick ratio of 1.80.

Harmonic (NASDAQ:HLIT - Get Free Report) last posted its quarterly earnings data on Monday, February 10th. The communications equipment provider reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.01. Harmonic had a net margin of 5.78% and a return on equity of 15.90%. Equities analysts anticipate that Harmonic Inc. will post 0.31 earnings per share for the current fiscal year.

Harmonic declared that its Board of Directors has initiated a stock buyback program on Monday, February 10th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the communications equipment provider to purchase up to 15.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

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.