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

Royce & Associates LP boosted its position in shares of Harmonic Inc. (NASDAQ:HLIT) by 12.6% in the 3rd quarter, HoldingsChannel reports. 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’s holdings in Harmonic were worth $14,856,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Jane Street Group LLC lifted its holdings in Harmonic by 1,276.3% during the 1st quarter. Jane Street Group LLC now owns 1,203,297 shares of the communications equipment provider’s stock valued at $16,172,000 after purchasing an additional 1,115,870 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in Harmonic by 216.5% during the 2nd quarter. Assenagon Asset Management S.A. now owns 545,495 shares of the communications equipment provider’s stock valued at $6,420,000 after purchasing an additional 373,155 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in Harmonic by 24.0% during the 1st quarter. Russell Investments Group Ltd. now owns 290,842 shares of the communications equipment provider’s stock valued at $3,909,000 after purchasing an additional 56,269 shares during the last quarter. Baker Avenue Asset Management LP bought a new position in Harmonic during the 3rd quarter valued at about $833,000. Finally, Silvercrest Asset Management Group LLC bought a new position in Harmonic during the 1st quarter valued at about $8,295,000. 99.38% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

HLIT has been the subject of several analyst reports. Barclays cut their price target on shares of Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a report on Tuesday, October 29th. Raymond James downgraded shares of Harmonic from a “strong-buy” rating to an “outperform” rating and dropped their target price for the stock from $17.00 to $14.00 in a research note on Tuesday, October 29th. Northland Securities dropped their target price on shares of Harmonic from $16.00 to $14.00 and set an “outperform” rating for the company in a research note on Tuesday, October 29th. Jefferies Financial Group downgraded shares of Harmonic from a “buy” rating to a “hold” rating and dropped their target price for the stock from $14.00 to $12.50 in a research note on Tuesday, October 29th. Finally, Rosenblatt Securities dropped 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. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $15.25.

Harmonic Stock Down 3.9 %

Shares of NASDAQ:HLIT opened at $11.92 on Friday. Harmonic Inc. has a one year low of $9.10 and a one year high of $15.46. The company has a 50 day moving average of $13.40 and a 200-day moving average of $12.74. 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 stock has a market cap of $1.39 billion, a price-to-earnings ratio of 16.33 and a beta of 0.89.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings data on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.09. The firm had revenue of $195.80 million during the quarter, compared to analysts’ expectations of $181.77 million. Harmonic had a net margin of 13.62% and a return on equity of 7.56%. The business’s revenue for the quarter was up 53.9% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.05) earnings per share. On average, sell-side analysts forecast that Harmonic Inc. will post 0.52 earnings per share for the current year.

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.