Point72 Asset Management L.P. Boosts Stock Position in Harmonic Inc. (NASDAQ:HLIT)

Point72 Asset Management L.P. lifted its position in Harmonic Inc. (NASDAQ:HLIT - Free Report) by 85.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,208,829 shares of the communications equipment provider's stock after purchasing an additional 555,737 shares during the quarter. Point72 Asset Management L.P. owned 1.04% of Harmonic worth $17,613,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. CWM LLC boosted its stake in Harmonic by 780.9% in the second quarter. CWM LLC now owns 2,255 shares of the communications equipment provider's stock worth $27,000 after buying an additional 1,999 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Harmonic by 117.6% in the 3rd quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider's stock valued at $36,000 after purchasing an additional 1,323 shares in the last quarter. Innealta Capital LLC purchased a new stake in shares of Harmonic in the 2nd quarter valued at $47,000. Verdence Capital Advisors LLC bought a new position in shares of Harmonic during the 2nd quarter valued at $140,000. Finally, Captrust Financial Advisors raised its position in Harmonic by 14.9% in the 3rd quarter. Captrust Financial Advisors now owns 12,671 shares of the communications equipment provider's stock worth $185,000 after purchasing an additional 1,647 shares during the period. 99.38% of the stock is currently owned by institutional investors.

Harmonic Trading Up 0.5 %

Shares of HLIT traded up $0.06 during mid-day trading on Friday, hitting $12.89. 362,805 shares of the company's stock traded hands, compared to its average volume of 872,100. 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 firm has a market capitalization of $1.50 billion, a P/E ratio of 17.66 and a beta of 0.92. The business's 50-day moving average price is $12.99 and its 200-day moving average price is $12.87. Harmonic Inc. has a 1 year low of $9.10 and a 1 year high of $15.46.

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

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Jefferies Financial Group lowered shares of Harmonic from a "buy" rating to a "hold" rating and cut their price target for the company from $14.00 to $12.50 in a research report on Tuesday, October 29th. Raymond James cut Harmonic from a "strong-buy" rating to an "outperform" rating and dropped their target price for the company from $17.00 to $14.00 in a report on Tuesday, October 29th. Needham & Company LLC reaffirmed a "buy" rating and issued a $18.00 price target on shares of Harmonic in a research note on Tuesday, October 29th. Northland Securities dropped their price objective on Harmonic from $16.00 to $14.00 and set an "outperform" rating for the company in a research note on Tuesday, October 29th. Finally, Barclays cut their target price on shares of Harmonic from $20.00 to $17.00 and set an "overweight" rating on the stock in a report on Tuesday, October 29th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $15.25.

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.