Intech Investment Management LLC boosted its position in shares of Harmonic Inc. (NASDAQ:HLIT - Free Report) by 412.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 193,310 shares of the communications equipment provider's stock after acquiring an additional 155,580 shares during the quarter. Intech Investment Management LLC owned 0.17% of Harmonic worth $2,817,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in HLIT. CWM LLC lifted its stake in Harmonic by 780.9% in the 2nd quarter. CWM LLC now owns 2,255 shares of the communications equipment provider's stock valued at $27,000 after purchasing an additional 1,999 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of 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 acquiring an additional 1,323 shares during the period. Innealta Capital LLC acquired a new position in shares of Harmonic during the 2nd quarter worth approximately $47,000. Verdence Capital Advisors LLC bought a new stake in Harmonic in the 2nd quarter valued at $140,000. Finally, Versor Investments LP bought a new position in Harmonic during the third quarter worth $227,000. Institutional investors and hedge funds own 99.38% of the company's stock.
Wall Street Analyst Weigh In
HLIT has been the topic of several research analyst reports. Northland Securities dropped their price objective on shares of Harmonic from $16.00 to $14.00 and set an "outperform" rating on the stock in a research report on Tuesday, October 29th. Raymond James cut Harmonic from a "strong-buy" rating to an "outperform" rating and reduced their price objective for the stock from $17.00 to $14.00 in a report on Tuesday, October 29th. Rosenblatt Securities lowered their target price on Harmonic from $18.00 to $16.00 and set a "buy" rating on the stock in a research note on Tuesday, October 29th. Needham & Company LLC reaffirmed a "buy" rating and issued a $18.00 price objective on shares of Harmonic in a report on Tuesday, October 29th. Finally, Barclays dropped their target price on Harmonic from $20.00 to $17.00 and set an "overweight" rating for the company in a report on Tuesday, October 29th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $15.25.
Read Our Latest Stock Report on HLIT
Harmonic Price Performance
Shares of NASDAQ:HLIT traded up $0.08 during trading on Friday, reaching $12.47. 605,738 shares of the company traded hands, compared to its average volume of 1,660,711. The firm has a market capitalization of $1.45 billion, a PE ratio of 17.08 and a beta of 0.89. Harmonic Inc. has a 52 week low of $9.10 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 company's 50 day moving average is $13.26 and its two-hundred day moving average is $12.80.
Harmonic (NASDAQ:HLIT - Get Free Report) last released its earnings results on Monday, October 28th. The communications equipment provider reported $0.26 EPS for the quarter, beating the consensus estimate of $0.17 by $0.09. The firm had revenue of $195.80 million for the quarter, compared to analyst estimates of $181.77 million. Harmonic had a net margin of 13.62% and a return on equity of 7.56%. The business's quarterly revenue was up 53.9% compared to the same quarter last year. During the same period last year, the firm earned ($0.05) EPS. As a group, sell-side analysts predict that Harmonic Inc. will post 0.52 earnings per share for the current year.
About Harmonic
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Free Report)
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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