Orion Portfolio Solutions LLC Trims Holdings in Harmonic Inc. (NASDAQ:HLIT)

Orion Portfolio Solutions LLC reduced its stake in shares of Harmonic Inc. (NASDAQ:HLIT) by 7.7% in the third quarter, Holdings Channel reports. The firm owned 18,219 shares of the communications equipment provider’s stock after selling 1,522 shares during the period. Orion Portfolio Solutions LLC’s holdings in Harmonic were worth $265,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. CWM LLC boosted its position in Harmonic by 780.9% in the 2nd quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock valued at $27,000 after buying an additional 1,999 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Harmonic by 117.6% in the third quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock valued at $36,000 after purchasing an additional 1,323 shares during the period. Innealta Capital LLC bought a new position in Harmonic in the second quarter worth approximately $47,000. Verdence Capital Advisors LLC purchased a new position in Harmonic during the 2nd quarter worth $140,000. Finally, iSAM Funds UK Ltd bought a new stake in Harmonic during the 3rd quarter valued at $166,000. 99.38% of the stock is currently owned by institutional investors.

Harmonic Trading Up 3.5 %

NASDAQ:HLIT opened at $13.26 on Friday. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of 18.16 and a beta of 0.92. Harmonic Inc. has a 52 week low of $9.10 and a 52 week 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. The firm has a 50 day moving average of $12.89 and a 200 day moving average of $12.95.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings data on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.09. Harmonic had a return on equity of 7.56% and a net margin of 13.62%. The firm had revenue of $195.80 million during the quarter, compared to analysts’ expectations of $181.77 million. During the same quarter last year, the firm earned ($0.05) EPS. The business’s quarterly revenue was up 53.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Harmonic Inc. will post 0.52 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

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.