Assenagon Asset Management S.A. Raises Stock Position in Harmonic Inc. (NASDAQ:HLIT)

Assenagon Asset Management S.A. raised its holdings in Harmonic Inc. (NASDAQ:HLIT) by 117.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,187,528 shares of the communications equipment provider’s stock after purchasing an additional 642,033 shares during the quarter. Assenagon Asset Management S.A. owned 1.06% of Harmonic worth $17,302,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CWM LLC grew its holdings in 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 acquiring an additional 1,999 shares during the period. GAMMA Investing LLC grew its stake in shares of Harmonic by 117.6% during the 3rd 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. Innealta Capital LLC purchased a new position in shares of Harmonic during the 2nd quarter valued at approximately $47,000. SageView Advisory Group LLC acquired a new position in shares of Harmonic in the 1st quarter valued at $114,000. Finally, Verdence Capital Advisors LLC purchased a new stake in Harmonic during the second quarter worth $140,000. 99.38% of the stock is owned by institutional investors and hedge funds.

Harmonic Trading Up 0.5 %

Shares of Harmonic stock opened at $14.78 on Friday. The company has a current ratio of 1.87, a quick ratio of 1.32 and a debt-to-equity ratio of 0.30. Harmonic Inc. has a twelve month low of $9.10 and a twelve month high of $15.31. The firm has a market capitalization of $1.72 billion, a PE ratio of 30.79 and a beta of 0.87. The firm’s 50-day moving average price is $14.04 and its 200 day moving average price is $12.53.

Harmonic (NASDAQ:HLIT) last released its earnings results on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.04. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The business had revenue of $138.70 million for the quarter, compared to the consensus estimate of $133.67 million. During the same quarter last year, the business posted $0.07 earnings per share. The business’s quarterly revenue was down 11.1% compared to the same quarter last year. On average, sell-side analysts predict that Harmonic Inc. will post 0.44 EPS for the current fiscal year.

Insider Transactions at Harmonic

In other news, SVP Neven Haltmayer sold 40,000 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $14.41, for a total value of $576,400.00. Following the transaction, the senior vice president now directly owns 122,211 shares of the company’s stock, valued at approximately $1,761,060.51. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 2.36% of the company’s stock.

Wall Street Analysts Forecast Growth

HLIT has been the subject of a number of analyst reports. Barclays upped their price objective on shares of Harmonic from $14.00 to $20.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Rosenblatt Securities reiterated a “buy” rating and set a $18.00 price target on shares of Harmonic in a research report on Tuesday, October 15th. Finally, Needham & Company LLC restated a “buy” rating and issued a $18.00 price objective on shares of Harmonic in a research report on Tuesday, July 30th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $18.50.

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.