New York State Teachers Retirement System Sells 15,939 Shares of Harmonic Inc. (NASDAQ:HLIT)

New York State Teachers Retirement System trimmed its holdings in Harmonic Inc. (NASDAQ:HLIT) by 8.1% in the 3rd quarter, Holdings Channel reports. The fund owned 181,300 shares of the communications equipment provider’s stock after selling 15,939 shares during the quarter. New York State Teachers Retirement System’s holdings in Harmonic were worth $2,642,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. GAMMA Investing LLC grew its holdings in Harmonic by 117.6% in the third quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock worth $36,000 after purchasing an additional 1,323 shares during the period. Dark Forest Capital Management LP grew its stake 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 worth $238,000 after buying an additional 1,362 shares during the last quarter. Rhumbline Advisers increased its position in Harmonic by 0.4% during the 2nd 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. Texas Permanent School Fund Corp raised its stake in Harmonic by 1.5% during the first quarter. Texas Permanent School Fund Corp now owns 98,377 shares of the communications equipment provider’s stock valued at $1,322,000 after buying an additional 1,462 shares during the last quarter. Finally, ProShare Advisors LLC boosted its holdings in Harmonic by 7.4% in the first quarter. ProShare Advisors LLC now owns 22,256 shares of the communications equipment provider’s stock worth $299,000 after acquiring an additional 1,532 shares in the last quarter. 99.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Northland Securities reduced their price target on Harmonic from $16.00 to $14.00 and set an “outperform” rating for the company in a report on Tuesday, October 29th. Barclays reduced their price objective on shares of Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Tuesday, October 29th. Rosenblatt Securities decreased their target price on shares of Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Needham & Company LLC reiterated a “buy” rating and set a $18.00 price target on shares of Harmonic in a report on Tuesday, October 29th. Finally, Jefferies Financial Group lowered shares of Harmonic from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $14.00 to $12.50 in a report on Tuesday, October 29th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $15.25.

Harmonic Stock Down 0.6 %

HLIT opened at $11.95 on Friday. The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of 16.37 and a beta of 0.89. The firm has a 50 day moving average price of $13.61 and a 200-day moving average price of $12.61. Harmonic Inc. has a twelve month low of $9.10 and a twelve month high of $15.46. The company has a quick ratio of 1.62, a current ratio of 2.08 and a debt-to-equity ratio of 0.29.

Harmonic (NASDAQ:HLIT) last announced its earnings results on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.09. The business had revenue of $195.80 million during the quarter, compared to analyst estimates of $181.77 million. Harmonic had a net margin of 13.62% and a return on equity of 7.56%. The company’s quarterly revenue was up 53.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.05) EPS. Equities research analysts forecast that Harmonic Inc. will post 0.52 earnings per share for the current year.

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.