Victory Capital Management Inc. Has $21.06 Million Stock Position in Harmonic Inc. (NASDAQ:HLIT)

Victory Capital Management Inc. reduced its stake in shares of Harmonic Inc. (NASDAQ:HLIT) by 0.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,789,289 shares of the communications equipment provider’s stock after selling 13,772 shares during the quarter. Victory Capital Management Inc. owned 1.59% of Harmonic worth $21,060,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Rhumbline Advisers boosted its stake in Harmonic by 0.4% in the second quarter. Rhumbline Advisers now owns 320,516 shares of the communications equipment provider’s stock valued at $3,772,000 after buying an additional 1,382 shares in the last quarter. Waterfront Wealth Inc. boosted its stake in shares of Harmonic by 2.6% during the second quarter. Waterfront Wealth Inc. now owns 117,918 shares of the communications equipment provider’s stock valued at $1,388,000 after purchasing an additional 2,938 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of Harmonic during the second quarter valued at about $47,000. Skylands Capital LLC boosted its stake in shares of Harmonic by 68.2% during the second quarter. Skylands Capital LLC now owns 228,900 shares of the communications equipment provider’s stock valued at $2,694,000 after purchasing an additional 92,800 shares in the last quarter. Finally, Verdence Capital Advisors LLC acquired a new stake in shares of Harmonic during the second quarter valued at about $140,000. 99.38% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Harmonic

In related news, SVP Neven Haltmayer sold 40,000 shares of Harmonic stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $14.41, for a total transaction of $576,400.00. Following the transaction, the senior vice president now owns 122,211 shares of the company’s stock, valued at $1,761,060.51. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.20% of the stock is owned by insiders.

Harmonic Trading Down 0.2 %

Shares of HLIT stock opened at $13.81 on Friday. The company has a market cap of $1.55 billion, a P/E ratio of 23.00 and a beta of 0.87. The stock has a 50 day simple moving average of $13.26 and a two-hundred day simple moving average of $12.30. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.32 and a current ratio of 1.87. Harmonic Inc. has a fifty-two week low of $8.80 and a fifty-two week high of $15.31.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, July 29th. The communications equipment provider reported $0.08 EPS for the quarter, beating the consensus estimate of $0.04 by $0.04. The firm had revenue of $138.70 million during the quarter, compared to the consensus estimate of $133.67 million. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The company’s quarterly revenue was down 11.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.07 earnings per share. Research analysts forecast that Harmonic Inc. will post 0.44 earnings per share for the current year.

Wall Street Analyst Weigh In

HLIT has been the topic of a number of recent research reports. Rosenblatt Securities reissued a “buy” rating and set a $18.00 price target on shares of Harmonic in a research note on Thursday, July 18th. Needham & Company LLC reissued a “buy” rating and set a $18.00 price target on shares of Harmonic in a research note on Tuesday, July 30th. Finally, Barclays lifted their price target on Harmonic from $14.00 to $20.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Harmonic has an average rating of “Buy” and a consensus target price of $18.50.

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.