GAMMA Investing LLC Raises Stock Holdings in Harmonic Inc. (NASDAQ:HLIT)

GAMMA Investing LLC raised its position in shares of Harmonic Inc. (NASDAQ:HLIT) by 117.6% during the 3rd quarter, Holdings Channel reports. The firm owned 2,448 shares of the communications equipment provider’s stock after buying an additional 1,323 shares during the quarter. GAMMA Investing LLC’s holdings in Harmonic were worth $36,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the company. CWM LLC lifted its holdings 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 worth $27,000 after purchasing an additional 1,999 shares during the period. Innealta Capital LLC purchased a new position in Harmonic during the 2nd quarter worth approximately $47,000. SageView Advisory Group LLC purchased a new position in Harmonic during the 1st quarter worth approximately $114,000. Verdence Capital Advisors LLC acquired a new stake in Harmonic during the 2nd quarter valued at approximately $140,000. Finally, Dark Forest Capital Management LP boosted its holdings in shares of Harmonic by 7.2% in the 2nd quarter. Dark Forest Capital Management LP now owns 20,192 shares of the communications equipment provider’s stock valued at $238,000 after acquiring an additional 1,362 shares during the last quarter. 99.38% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, SVP Neven Haltmayer sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $14.41, for a total value of $576,400.00. Following the completion of the sale, the senior vice president now directly owns 122,211 shares in the company, valued at $1,761,060.51. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on HLIT shares. Needham & Company LLC restated a “buy” rating and set a $18.00 target price on shares of Harmonic in a research report on Tuesday, July 30th. Rosenblatt Securities reiterated a “buy” rating and set a $18.00 price objective on shares of Harmonic in a research note on Tuesday. 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 investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Harmonic currently has an average rating of “Buy” and an average target price of $18.50.

Harmonic Stock Performance

Shares of NASDAQ HLIT opened at $14.45 on Friday. The company has a market capitalization of $1.62 billion, a PE ratio of 24.08 and a beta of 0.87. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.32 and a current ratio of 1.87. The company’s fifty day moving average price is $13.95 and its 200 day moving average price is $12.47. Harmonic Inc. has a 1 year low of $9.10 and a 1 year high of $15.31.

Harmonic (NASDAQ:HLIT) last posted its 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 net margin of 10.22% and a return on equity of 0.27%. The business had revenue of $138.70 million for the quarter, compared to analyst estimates of $133.67 million. During the same period in the prior year, the company posted $0.07 EPS. The company’s revenue for the quarter was down 11.1% on a year-over-year basis. On average, research analysts predict that Harmonic Inc. will post 0.44 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.