Harmonic Inc. (NASDAQ:HLIT) Shares Purchased by State Street Corp

State Street Corp grew its stake in shares of Harmonic Inc. (NASDAQ:HLIT) by 0.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,373,318 shares of the communications equipment provider’s stock after purchasing an additional 8,324 shares during the quarter. State Street Corp’s holdings in Harmonic were worth $63,719,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in HLIT. CWM LLC boosted its position in Harmonic by 780.9% during the 2nd 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 during the period. Raymond James & Associates lifted its stake in Harmonic by 88.3% in the second quarter. Raymond James & Associates now owns 272,477 shares of the communications equipment provider’s stock valued at $3,207,000 after buying an additional 127,752 shares during the last quarter. Louisiana State Employees Retirement System lifted its stake in Harmonic by 5.2% in the second quarter. Louisiana State Employees Retirement System now owns 58,600 shares of the communications equipment provider’s stock valued at $690,000 after buying an additional 2,900 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Harmonic by 3.9% during the second quarter. Bank of New York Mellon Corp now owns 849,530 shares of the communications equipment provider’s stock valued at $9,999,000 after acquiring an additional 31,787 shares during the period. Finally, Verdence Capital Advisors LLC bought a new position in shares of Harmonic during the second quarter worth about $140,000. 99.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on HLIT shares. Rosenblatt Securities reduced their target price on shares of Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Barclays decreased their price objective on Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a report on Tuesday, October 29th. Raymond James downgraded Harmonic from a “strong-buy” rating to an “outperform” rating and cut their target price for the company from $17.00 to $14.00 in a research note on Tuesday, October 29th. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price target on shares of Harmonic in a research note on Tuesday, October 29th. Finally, Jefferies Financial Group cut shares of Harmonic from a “buy” rating to a “hold” rating and cut their price objective for the company from $14.00 to $12.50 in a research note on Tuesday, October 29th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $15.25.

Harmonic Trading Down 3.1 %

Shares of Harmonic stock opened at $12.81 on Thursday. The business has a fifty day simple moving average of $12.91 and a 200-day simple moving average of $12.95. Harmonic Inc. has a fifty-two week low of $9.10 and a fifty-two week high of $15.46. The firm has a market cap of $1.49 billion, a price-to-earnings ratio of 17.55 and a beta of 0.92. 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 issued its quarterly 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 company had revenue of $195.80 million during the quarter, compared to the consensus estimate of $181.77 million. Harmonic had a net margin of 13.62% and a return on equity of 7.56%. Harmonic’s revenue was up 53.9% on a year-over-year basis. During the same period in the prior year, the company earned ($0.05) EPS. On average, equities analysts forecast that Harmonic Inc. will post 0.52 EPS for the current fiscal 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.