Clearline Capital LP Has $18.48 Million Stock Holdings in Harmonic Inc. (NASDAQ:HLIT)

Clearline Capital LP boosted its holdings in Harmonic Inc. (NASDAQ:HLIT) by 777.6% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,570,461 shares of the communications equipment provider’s stock after buying an additional 1,391,504 shares during the quarter. Harmonic makes up 0.5% of Clearline Capital LP’s holdings, making the stock its 19th biggest holding. Clearline Capital LP owned approximately 1.40% of Harmonic worth $18,484,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in HLIT. CWM LLC boosted its stake in shares of Harmonic by 780.9% during the second quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock valued at $27,000 after purchasing an additional 1,999 shares in the last quarter. Innealta Capital LLC acquired a new position in shares of Harmonic in the 2nd quarter worth approximately $47,000. SageView Advisory Group LLC bought a new stake in shares of Harmonic in the 1st quarter valued at $114,000. Verdence Capital Advisors LLC acquired a new stake in shares of Harmonic during the second quarter worth $140,000. Finally, Dark Forest Capital Management LP raised its stake in Harmonic by 7.2% during the second quarter. Dark Forest Capital Management LP now owns 20,192 shares of the communications equipment provider’s stock worth $238,000 after buying an additional 1,362 shares during the last quarter. 99.38% of the stock is owned by institutional investors.

Harmonic Price Performance

HLIT stock opened at $14.49 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.87 and a quick ratio of 1.32. The company’s 50-day moving average is $13.70 and its 200-day moving average is $12.38. The stock has a market capitalization of $1.63 billion, a PE ratio of 24.15 and a beta of 0.87. Harmonic Inc. has a 1 year low of $8.80 and a 1 year high of $15.31.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $133.67 million. During the same quarter in the prior year, the company earned $0.07 earnings per share. The company’s quarterly revenue was down 11.1% on a year-over-year basis. Equities research analysts expect that Harmonic Inc. will post 0.44 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Needham & Company LLC reiterated a “buy” rating and set a $18.00 price target on shares of Harmonic in a report on Tuesday, July 30th. Rosenblatt Securities reaffirmed a “buy” rating and set a $18.00 target price on shares of Harmonic in a research note on Thursday, July 18th. Finally, Barclays lifted their target price on Harmonic from $14.00 to $20.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $18.50.

Insider Buying and Selling at Harmonic

In related news, SVP Neven Haltmayer sold 40,000 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $14.41, for a total value of $576,400.00. Following the transaction, 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 legal filing with the SEC, which is available through this hyperlink. Insiders own 2.20% of the company’s stock.

Harmonic 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.