Wasatch Advisors LP Purchases 57,002 Shares of Harmonic Inc. (NASDAQ:HLIT)

Wasatch Advisors LP grew its holdings in Harmonic Inc. (NASDAQ:HLIT) by 4.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,355,274 shares of the communications equipment provider’s stock after purchasing an additional 57,002 shares during the quarter. Wasatch Advisors LP owned about 1.21% of Harmonic worth $18,215,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Quadrant Capital Group LLC boosted its holdings in Harmonic by 237.8% in the 4th quarter. Quadrant Capital Group LLC now owns 2,591 shares of the communications equipment provider’s stock valued at $34,000 after purchasing an additional 1,824 shares during the period. Avior Wealth Management LLC acquired a new stake in Harmonic during the fourth quarter worth about $137,000. Kestra Advisory Services LLC acquired a new position in Harmonic in the 3rd quarter valued at approximately $131,000. PNC Financial Services Group Inc. lifted its position in shares of Harmonic by 12.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 16,622 shares of the communications equipment provider’s stock worth $160,000 after acquiring an additional 1,871 shares during the period. Finally, FNY Investment Advisers LLC acquired a new stake in shares of Harmonic during the 4th quarter worth approximately $249,000. 99.38% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC reiterated a “buy” rating and set a $18.00 price objective on shares of Harmonic in a research note on Monday, June 17th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Harmonic currently has an average rating of “Buy” and an average target price of $17.20.

Harmonic Trading Up 0.3 %

HLIT opened at $11.91 on Wednesday. The company has a current ratio of 1.09, a quick ratio of 0.78 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $1.34 billion, a P/E ratio of 19.85 and a beta of 0.89. The firm’s fifty day simple moving average is $11.33 and its 200 day simple moving average is $12.05. Harmonic Inc. has a 12 month low of $8.80 and a 12 month high of $16.39.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings data on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). Harmonic had a return on equity of 1.35% and a net margin of 12.37%. The company had revenue of $122.06 million for the quarter, compared to the consensus estimate of $121.70 million. During the same quarter in the prior year, the company earned $0.06 EPS. The company’s revenue for the quarter was down 22.6% on a year-over-year basis. As a group, research analysts anticipate that Harmonic Inc. will post 0.36 EPS for the current fiscal year.

Insider Buying and Selling at Harmonic

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

About Harmonic

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.