Royce & Associates LP Purchases 80,000 Shares of Harmonic Inc. (NASDAQ:HLIT)

Royce & Associates LP increased its position in shares of Harmonic Inc. (NASDAQ:HLIT) by 13.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 690,849 shares of the communications equipment provider’s stock after buying an additional 80,000 shares during the period. Royce & Associates LP owned 0.61% of Harmonic worth $6,625,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Legato Capital Management LLC raised its stake in Harmonic by 51.6% during the first quarter. Legato Capital Management LLC now owns 91,393 shares of the communications equipment provider’s stock worth $876,000 after buying an additional 31,106 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Harmonic during the 1st quarter worth approximately $233,000. Y Intercept Hong Kong Ltd boosted its holdings in shares of Harmonic by 111.8% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 107,491 shares of the communications equipment provider’s stock worth $1,031,000 after buying an additional 56,744 shares in the last quarter. Allianz Asset Management GmbH bought a new position in shares of Harmonic during the 1st quarter worth approximately $189,000. Finally, Bailard Inc. bought a new position in shares of Harmonic during the 1st quarter worth approximately $259,000. Institutional investors own 99.38% of the company’s stock.

Harmonic Trading Up 1.2%

NASDAQ:HLIT opened at $9.00 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.06 and a quick ratio of 1.69. The firm has a 50-day moving average of $9.25 and a 200-day moving average of $9.85. The company has a market cap of $1.02 billion, a PE ratio of 20.00 and a beta of 1.05. Harmonic Inc. has a one year low of $7.91 and a one year high of $15.46.

Harmonic (NASDAQ:HLIT) last posted its earnings results on Monday, April 28th. The communications equipment provider reported $0.11 EPS for the quarter, topping the consensus estimate of $0.05 by $0.06. The company had revenue of $133.14 million during the quarter, compared to the consensus estimate of $127.51 million. Harmonic had a net margin of 7.72% and a return on equity of 18.28%. Harmonic’s revenue was up 9.1% on a year-over-year basis. As a group, equities research analysts expect that Harmonic Inc. will post 0.31 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have issued reports on HLIT shares. Wolfe Research started coverage on Harmonic in a report on Tuesday, July 8th. They set an “underperform” rating on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $14.00 price target on shares of Harmonic in a research note on Tuesday, April 29th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $11.00 price target on shares of Harmonic in a research note on Tuesday, June 17th. Barclays reaffirmed an “underperform” rating on shares of Harmonic in a research note on Tuesday, April 29th. Finally, Wall Street Zen downgraded shares of Harmonic from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 12th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $12.33.

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.