Assenagon Asset Management S.A. Buys 642,033 Shares of Harmonic Inc. (NASDAQ:HLIT)

Assenagon Asset Management S.A. grew its holdings in Harmonic Inc. (NASDAQ:HLIT - Free Report) by 117.7% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,187,528 shares of the communications equipment provider's stock after acquiring an additional 642,033 shares during the period. Assenagon Asset Management S.A. owned 1.06% of Harmonic worth $17,302,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of HLIT. Vanguard Group Inc. raised its position in shares of Harmonic by 1.7% in the first quarter. Vanguard Group Inc. now owns 9,852,064 shares of the communications equipment provider's stock valued at $132,412,000 after purchasing an additional 166,018 shares during the period. Dimensional Fund Advisors LP grew its stake in Harmonic by 8.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,741,998 shares of the communications equipment provider's stock valued at $44,043,000 after buying an additional 294,922 shares during the last quarter. Leeward Investments LLC MA grew its stake in Harmonic by 5.6% in the 2nd quarter. Leeward Investments LLC MA now owns 1,975,966 shares of the communications equipment provider's stock valued at $23,257,000 after buying an additional 105,162 shares during the last quarter. Clearline Capital LP raised its holdings in Harmonic by 777.6% in the 2nd quarter. Clearline Capital LP now owns 1,570,461 shares of the communications equipment provider's stock worth $18,484,000 after acquiring an additional 1,391,504 shares during the period. Finally, Wasatch Advisors LP lifted its position in Harmonic by 4.4% during the 1st quarter. Wasatch Advisors LP now owns 1,355,274 shares of the communications equipment provider's stock worth $18,215,000 after acquiring an additional 57,002 shares during the last quarter. Institutional investors and hedge funds own 99.38% of the company's stock.

Insider Transactions at Harmonic

In related news, SVP Neven Haltmayer sold 40,000 shares of the company's stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $14.41, for a total value of $576,400.00. Following the sale, the senior vice president now owns 122,211 shares of the company's stock, valued at $1,761,060.51. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Needham & Company LLC reaffirmed a "buy" rating and issued a $18.00 price target on shares of Harmonic in a research report on Tuesday, July 30th. Barclays lifted their price target on Harmonic from $14.00 to $20.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 30th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $18.00 price objective on shares of Harmonic in a research report on Tuesday, October 15th. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $18.50.

Harmonic Stock Performance

HLIT traded up $0.08 on Friday, hitting $14.78. 774,451 shares of the stock traded hands, compared to its average volume of 685,561. The business has a fifty day moving average price of $14.04 and a two-hundred day moving average price of $12.55. The company has a current ratio of 1.87, a quick ratio of 1.32 and a debt-to-equity ratio of 0.30. Harmonic Inc. has a 52 week low of $9.10 and a 52 week high of $15.31. The firm has a market capitalization of $1.66 billion, a PE ratio of 24.63 and a beta of 0.87.

Harmonic (NASDAQ:HLIT - Get Free Report) last released its quarterly earnings data on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.04 by $0.04. The business had revenue of $138.70 million for the quarter, compared to analysts' expectations of $133.67 million. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. Harmonic's quarterly revenue was down 11.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.07 earnings per share. On average, research analysts predict that Harmonic Inc. will post 0.44 EPS for the current fiscal year.

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.