Principal Financial Group Inc. Reduces Holdings in Harmonic Inc. (NASDAQ:HLIT)

Principal Financial Group Inc. reduced its stake in shares of Harmonic Inc. (NASDAQ:HLIT) by 4.8% in the 3rd quarter, HoldingsChannel reports. The firm owned 550,625 shares of the communications equipment provider’s stock after selling 27,742 shares during the quarter. Principal Financial Group Inc.’s holdings in Harmonic were worth $8,023,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC raised 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 worth $36,000 after acquiring an additional 1,323 shares during the last quarter. CWM LLC raised its stake in Harmonic by 274.2% in the 3rd quarter. CWM LLC now owns 8,439 shares of the communications equipment provider’s stock valued at $123,000 after purchasing an additional 6,184 shares during the last quarter. iSAM Funds UK Ltd purchased a new position in Harmonic in the 3rd quarter valued at about $166,000. Captrust Financial Advisors lifted its holdings in Harmonic by 14.9% in the 3rd quarter. Captrust Financial Advisors now owns 12,671 shares of the communications equipment provider’s stock valued at $185,000 after purchasing an additional 1,647 shares in the last quarter. Finally, Versor Investments LP acquired a new stake in shares of Harmonic during the 3rd quarter worth about $227,000. Hedge funds and other institutional investors own 99.38% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on HLIT shares. Jefferies Financial Group downgraded shares of Harmonic from a “buy” rating to a “hold” rating and reduced their price objective for the company from $14.00 to $12.50 in a research note on Tuesday, October 29th. Barclays reduced 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. Rosenblatt Securities lowered their price objective on 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 reiterated a “buy” rating and issued a $18.00 target price on shares of Harmonic in a research note on Tuesday, October 29th. Finally, Northland Securities decreased their price target on Harmonic from $16.00 to $14.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 29th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $15.25.

Harmonic Trading Down 0.1 %

HLIT stock opened at $13.23 on Wednesday. Harmonic Inc. has a 52 week low of $9.10 and a 52 week high of $15.46. The company has a market cap of $1.54 billion, a price-to-earnings ratio of 18.12 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. The business has a fifty day simple moving average of $12.76 and a 200-day simple moving average of $13.07.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, October 28th. The communications equipment provider reported $0.26 EPS 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 company had revenue of $195.80 million for the quarter, compared to the consensus estimate of $181.77 million. During the same period last year, the business posted ($0.05) EPS. The company’s quarterly revenue was up 53.9% compared to the same quarter last year. On average, equities research analysts expect that Harmonic Inc. will post 0.52 EPS for the current year.

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.