98,590 Shares in Harmonic Inc. $HLIT Purchased by Econ Financial Services Corp

Econ Financial Services Corp acquired a new position in Harmonic Inc. (NASDAQ:HLIT) in the first quarter, Holdings Channel reports. The fund acquired 98,590 shares of the communications equipment provider’s stock, valued at approximately $885,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in HLIT. Vanguard Group Inc. lifted its position in shares of Harmonic by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 12,022,963 shares of the communications equipment provider’s stock worth $118,907,000 after buying an additional 148,281 shares in the last quarter. State Street Corp grew its holdings in shares of Harmonic by 1.8% in the fourth quarter. State Street Corp now owns 4,471,187 shares of the communications equipment provider’s stock valued at $44,220,000 after acquiring an additional 80,791 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Harmonic by 0.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,485,105 shares of the communications equipment provider’s stock valued at $34,468,000 after acquiring an additional 24,062 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of Harmonic by 2.9% during the third quarter. Alliancebernstein L.P. now owns 2,406,945 shares of the communications equipment provider’s stock valued at $24,503,000 after acquiring an additional 68,921 shares during the last quarter. Finally, Marshall Wace LLP lifted its holdings in Harmonic by 10.8% during the third quarter. Marshall Wace LLP now owns 2,132,625 shares of the communications equipment provider’s stock worth $21,710,000 after acquiring an additional 207,476 shares during the period. Hedge funds and other institutional investors own 99.38% of the company’s stock.

Insiders Place Their Bets

In other news, SVP Neven Haltmayer sold 31,766 shares of the stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $13.24, for a total transaction of $420,581.84. Following the completion of the transaction, the senior vice president owned 133,924 shares in the company, valued at approximately $1,773,153.76. This represents a 19.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Stephanie Copeland sold 4,300 shares of Harmonic stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $13.30, for a total value of $57,190.00. Following the completion of the sale, the director directly owned 20,752 shares of the company’s stock, valued at approximately $276,001.60. This trade represents a 17.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.74% of the stock is owned by corporate insiders.

Harmonic Price Performance

Shares of NASDAQ HLIT opened at $14.90 on Friday. The company has a current ratio of 2.27, a quick ratio of 2.03 and a debt-to-equity ratio of 0.31. The stock has a fifty day simple moving average of $13.40 and a two-hundred day simple moving average of $11.15. Harmonic Inc. has a 1-year low of $7.80 and a 1-year high of $17.68. The firm has a market cap of $1.62 billion, a price-to-earnings ratio of -40.27 and a beta of 1.32.

Analyst Ratings Changes

Several research analysts have weighed in on HLIT shares. Wall Street Zen raised Harmonic from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 6th. Needham & Company LLC lifted their target price on Harmonic from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Weiss Ratings raised shares of Harmonic from a “sell (d)” rating to a “sell (d+)” rating in a report on Wednesday, June 17th. Rosenblatt Securities restated a “buy” rating and set a $20.00 price target on shares of Harmonic in a research report on Monday, June 15th. Finally, Barclays raised their price objective on shares of Harmonic from $11.00 to $15.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 12th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $16.60.

About Harmonic

Harmonic Inc (NASDAQ:HLIT) is a leading provider of video delivery infrastructure that enables service providers, broadcasters and content owners to capture, process and distribute high‐quality video across broadcast, cable, satellite and IP networks. The company’s portfolio spans real‐time video compression solutions, including encoders and transcoders, as well as storage and server products designed for live production, playout and streaming on any device.

Harmonic’s product lines include cable edge QAM modules and set‐top video processing platforms for traditional pay‐TV operators, alongside cloud‐native software for over‐the‐top (OTT) delivery, origin servers and content delivery network (CDN) services.