Wasatch Advisors LP Buys 556,875 Shares of Harmonic Inc. (NASDAQ:HLIT)

Wasatch Advisors LP lifted its position in Harmonic Inc. (NASDAQ:HLITFree Report) by 75.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,298,272 shares of the communications equipment provider’s stock after buying an additional 556,875 shares during the quarter. Wasatch Advisors LP owned approximately 1.16% of Harmonic worth $16,929,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Trigran Investments Inc. increased its holdings in shares of Harmonic by 38.5% in the third quarter. Trigran Investments Inc. now owns 9,636,809 shares of the communications equipment provider’s stock worth $92,802,000 after purchasing an additional 2,677,338 shares during the period. Scopia Capital Management LP boosted its position in shares of Harmonic by 78.5% during the 3rd quarter. Scopia Capital Management LP now owns 5,649,163 shares of the communications equipment provider’s stock valued at $54,401,000 after acquiring an additional 2,484,825 shares during the last quarter. Westfield Capital Management Co. LP purchased a new position in shares of Harmonic during the fourth quarter worth about $19,257,000. Toronado Partners LLC increased its position in shares of Harmonic by 149.5% in the third quarter. Toronado Partners LLC now owns 2,011,532 shares of the communications equipment provider’s stock worth $19,371,000 after purchasing an additional 1,205,380 shares during the last quarter. Finally, Kennedy Capital Management LLC lifted its position in Harmonic by 123.8% during the third quarter. Kennedy Capital Management LLC now owns 1,639,572 shares of the communications equipment provider’s stock valued at $15,789,000 after purchasing an additional 907,106 shares during the last quarter. Institutional investors own 99.38% of the company’s stock.

Insider Buying and Selling at Harmonic

In other news, SVP Ian Graham sold 52,730 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $10.95, for a total value of $577,393.50. Following the transaction, the senior vice president now owns 63,616 shares in the company, valued at $696,595.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on HLIT. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price target on shares of Harmonic in a report on Friday, May 17th. StockNews.com upgraded Harmonic from a “sell” rating to a “hold” rating in a research report on Wednesday, February 28th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $17.20.

View Our Latest Stock Report on HLIT

Harmonic Trading Down 0.3 %

Shares of Harmonic stock traded down $0.03 during trading on Tuesday, reaching $11.23. The company’s stock had a trading volume of 19,598 shares, compared to its average volume of 1,840,337. The company has a market cap of $1.26 billion, a price-to-earnings ratio of 18.77 and a beta of 0.90. The firm’s 50-day moving average is $11.23 and its two-hundred day moving average is $11.96. Harmonic Inc. has a 52-week low of $8.80 and a 52-week high of $18.43. The company has a quick ratio of 0.78, a current ratio of 1.09 and a debt-to-equity ratio of 0.03.

Harmonic (NASDAQ:HLITGet Free Report) last posted its quarterly earnings results on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.04). The business had revenue of $122.06 million for the quarter, compared to analysts’ expectations of $121.70 million. Harmonic had a net margin of 12.37% and a return on equity of 1.35%. The business’s quarterly revenue was down 22.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.06 earnings per share. On average, sell-side analysts anticipate that Harmonic Inc. will post 0.36 earnings per share for the current year.

Harmonic Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Harmonic (NASDAQ:HLIT)

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