Assenagon Asset Management S.A. Trims Position in Harmonic Inc. (NASDAQ:HLIT)

Assenagon Asset Management S.A. decreased its position in shares of Harmonic Inc. (NASDAQ:HLIT - Free Report) by 77.9% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 261,992 shares of the communications equipment provider's stock after selling 925,536 shares during the period. Assenagon Asset Management S.A. owned about 0.22% of Harmonic worth $3,466,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in HLIT. JPMorgan Chase & Co. increased its stake in shares of Harmonic by 18.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 246,944 shares of the communications equipment provider's stock worth $3,598,000 after acquiring an additional 38,137 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of 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 acquiring an additional 2,207 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Harmonic by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,675,268 shares of the communications equipment provider's stock worth $38,986,000 after purchasing an additional 17,665 shares during the last quarter. Barclays PLC boosted its stake in Harmonic by 414.6% in the 3rd quarter. Barclays PLC now owns 201,976 shares of the communications equipment provider's stock worth $2,944,000 after purchasing an additional 162,727 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Harmonic during the 3rd quarter valued at about $740,000. Institutional investors own 99.38% of the company's stock.

Harmonic Stock Performance

HLIT stock traded down $0.17 during trading on Wednesday, reaching $12.28. The stock had a trading volume of 1,450,183 shares, compared to its average volume of 983,653. The stock's 50 day moving average is $12.87 and its two-hundred day moving average is $13.21. The firm has a market cap of $1.43 billion, a PE ratio of 16.82 and a beta of 0.91. Harmonic Inc. has a 52 week low of $9.10 and a 52 week high of $15.46. The company has a current ratio of 2.08, a quick ratio of 1.62 and a debt-to-equity ratio of 0.29.

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on HLIT. Raymond James downgraded shares of Harmonic from a "strong-buy" rating to an "outperform" rating and dropped their target price for the stock from $17.00 to $14.00 in a research note on Tuesday, October 29th. Jefferies Financial Group lowered Harmonic from a "buy" rating to a "hold" rating and reduced their target price for the stock from $14.00 to $12.50 in a report on Tuesday, October 29th. Needham & Company LLC reaffirmed a "buy" rating and set a $18.00 price objective on shares of Harmonic in a research report on Tuesday, October 29th. Northland Securities reduced their price objective on Harmonic from $16.00 to $14.00 and set an "outperform" rating for the company in a report on Tuesday, October 29th. Finally, Rosenblatt Securities lowered their target price on shares of Harmonic from $18.00 to $16.00 and set a "buy" rating on the stock in a research note on Tuesday, October 29th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $14.75.

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.