Raymond James & Associates Sells 90,018 Shares of Harmonic Inc. (NASDAQ:HLIT)

Raymond James & Associates decreased its holdings in Harmonic Inc. (NASDAQ:HLIT - Free Report) by 33.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 182,459 shares of the communications equipment provider's stock after selling 90,018 shares during the quarter. Raymond James & Associates owned 0.16% of Harmonic worth $2,658,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in HLIT. BNP Paribas Financial Markets increased its stake in Harmonic by 37.2% in the first quarter. BNP Paribas Financial Markets now owns 98,124 shares of the communications equipment provider's stock valued at $1,319,000 after acquiring an additional 26,622 shares during the period. GSA Capital Partners LLP bought a new stake in Harmonic in the first quarter valued at approximately $923,000. Texas Permanent School Fund Corp increased its stake in Harmonic by 1.5% in the first quarter. Texas Permanent School Fund Corp now owns 98,377 shares of the communications equipment provider's stock valued at $1,322,000 after purchasing an additional 1,462 shares in the last quarter. Lisanti Capital Growth LLC bought a new stake in shares of Harmonic during the first quarter worth $3,659,000. Finally, Illinois Municipal Retirement Fund bought a new stake in shares of Harmonic during the first quarter worth $869,000. 99.38% of the stock is currently owned by hedge funds and other institutional investors.

Harmonic Stock Up 3.4 %

Shares of HLIT stock traded up $0.39 on Wednesday, hitting $12.02. The stock had a trading volume of 1,270,097 shares, compared to its average volume of 1,529,768. The business has a 50 day moving average of $13.71 and a 200 day moving average of $12.62. The stock has a market cap of $1.40 billion, a price-to-earnings ratio of 16.47 and a beta of 0.89. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.08 and a quick ratio of 1.62. Harmonic Inc. has a 12-month low of $9.10 and a 12-month high of $15.46.

Harmonic (NASDAQ:HLIT - Get Free Report) last issued its earnings results on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share 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 firm had revenue of $195.80 million during the quarter, compared to analyst estimates of $181.77 million. During the same quarter last year, the business earned ($0.05) earnings per share. The company's quarterly revenue was up 53.9% on a year-over-year basis. As a group, analysts expect that Harmonic Inc. will post 0.52 EPS for the current year.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Jefferies Financial Group cut shares of 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. Rosenblatt Securities cut their target price on shares of Harmonic from $18.00 to $16.00 and set a "buy" rating for the company in a research note on Tuesday, October 29th. Needham & Company LLC reaffirmed a "buy" rating and set a $18.00 price target on shares of Harmonic in a research report on Tuesday, October 29th. Barclays decreased 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. Finally, Northland Securities decreased their target price on shares of Harmonic from $16.00 to $14.00 and set an "outperform" rating on the stock in a report on Tuesday, October 29th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Harmonic currently has an average rating of "Moderate Buy" and an average target price of $15.25.

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.