Royce & Associates LP Buys 113,929 Shares of Harmonic Inc. (NASDAQ:HLIT)

Royce & Associates LP lifted its holdings in shares of Harmonic Inc. (NASDAQ:HLIT - Free Report) by 12.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,019,638 shares of the communications equipment provider's stock after buying an additional 113,929 shares during the period. Royce & Associates LP owned approximately 0.88% of Harmonic worth $14,856,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. CWM LLC grew its holdings in Harmonic by 780.9% in the second 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 position in 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 purchasing an additional 1,323 shares during the period. Innealta Capital LLC acquired a new stake in shares of Harmonic in the second quarter valued at about $47,000. SageView Advisory Group LLC purchased a new stake in shares of Harmonic during the first quarter valued at approximately $114,000. Finally, Verdence Capital Advisors LLC purchased a new stake in Harmonic during the 2nd quarter worth $140,000. 99.38% of the stock is currently owned by hedge funds and other institutional investors.

Harmonic Price Performance

Shares of HLIT traded down $0.48 on Friday, hitting $11.92. The company's stock had a trading volume of 1,360,774 shares, compared to its average volume of 1,522,632. The company has a 50 day moving average price of $13.40 and a 200 day moving average price of $12.76. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.08 and a quick ratio of 1.62. The company has a market capitalization of $1.39 billion, a PE ratio of 16.33 and a beta of 0.89. Harmonic Inc. has a fifty-two week low of $9.10 and a fifty-two week 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 (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $181.77 million. During the same quarter last year, the firm earned ($0.05) EPS. The company's revenue for the quarter was up 53.9% on a year-over-year basis. On average, research analysts anticipate that Harmonic Inc. will post 0.52 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

HLIT has been the topic of several recent analyst reports. Northland Securities cut their price target 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. Raymond James downgraded Harmonic from a "strong-buy" rating to an "outperform" rating and lowered their price objective for the stock from $17.00 to $14.00 in a research note on Tuesday, October 29th. Jefferies Financial Group cut 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 report on Tuesday, October 29th. Rosenblatt Securities reduced their price objective on shares of Harmonic from $18.00 to $16.00 and set a "buy" rating for the company in a report on Tuesday, October 29th. Finally, Barclays decreased their price target on Harmonic from $20.00 to $17.00 and set an "overweight" rating for the company in a research note on Tuesday, October 29th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Harmonic has an average rating of "Moderate Buy" and a consensus price target of $15.25.

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.