Wealth Enhancement Advisory Services LLC Lowers Position in Harmonic Inc. (NASDAQ:HLIT)

Wealth Enhancement Advisory Services LLC trimmed its holdings in shares of Harmonic Inc. (NASDAQ:HLIT) by 14.2% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 29,951 shares of the communications equipment provider’s stock after selling 4,952 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Harmonic were worth $353,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Harmonic by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 9,852,064 shares of the communications equipment provider’s stock valued at $132,412,000 after acquiring an additional 166,018 shares during the last quarter. Wellington Management Group LLP grew its stake in Harmonic by 12.7% in the 4th quarter. Wellington Management Group LLP now owns 8,796,165 shares of the communications equipment provider’s stock worth $114,702,000 after buying an additional 990,425 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Harmonic by 2.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,389,426 shares of the communications equipment provider’s stock worth $44,198,000 after buying an additional 82,822 shares during the last quarter. Westfield Capital Management Co. LP purchased a new stake in shares of Harmonic during the 4th quarter valued at $19,257,000. Finally, Wasatch Advisors LP lifted its holdings in shares of Harmonic by 4.4% during the 1st quarter. Wasatch Advisors LP now owns 1,355,274 shares of the communications equipment provider’s stock worth $18,215,000 after acquiring an additional 57,002 shares during the last quarter. 99.38% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on HLIT shares. Needham & Company LLC restated a “buy” rating and set a $18.00 price target on shares of Harmonic in a research report on Tuesday, July 30th. Rosenblatt Securities reissued a “buy” rating and set a $18.00 price objective on shares of Harmonic in a report on Thursday, July 18th. Finally, Barclays upped their target price on Harmonic from $14.00 to $20.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $18.50.

Harmonic Stock Up 5.0 %

Shares of NASDAQ:HLIT opened at $14.41 on Friday. Harmonic Inc. has a 12-month low of $8.80 and a 12-month high of $15.31. The company has a current ratio of 1.87, a quick ratio of 0.78 and a debt-to-equity ratio of 0.30. The stock’s 50-day moving average price is $12.61 and its 200-day moving average price is $12.25. The stock has a market capitalization of $1.62 billion, a P/E ratio of 24.02 and a beta of 0.89.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, July 29th. The communications equipment provider reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The business had revenue of $138.70 million for the quarter, compared to analysts’ expectations of $133.67 million. During the same period in the previous year, the firm earned $0.07 EPS. The business’s quarterly revenue was down 11.1% on a year-over-year basis. On average, equities analysts anticipate that Harmonic Inc. will post 0.44 earnings per share for the current year.

Insider Buying and Selling

In other Harmonic news, SVP Neven Haltmayer sold 40,000 shares of the stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $14.41, for a total transaction of $576,400.00. Following the completion of the sale, the senior vice president now owns 122,211 shares of the company’s stock, valued at approximately $1,761,060.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.20% of the stock is owned by insiders.

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.