Harmonic Inc. (NASDAQ:HLIT) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. decreased its holdings in Harmonic Inc. (NASDAQ:HLIT) by 27.0% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,306,662 shares of the communications equipment provider’s stock after selling 482,627 shares during the quarter. Victory Capital Management Inc.’s holdings in Harmonic were worth $19,038,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in HLIT. Clearline Capital LP grew its position in Harmonic by 777.6% in the second quarter. Clearline Capital LP now owns 1,570,461 shares of the communications equipment provider’s stock worth $18,484,000 after buying an additional 1,391,504 shares during the last quarter. Jane Street Group LLC grew its position in Harmonic by 1,276.3% during the 1st quarter. Jane Street Group LLC now owns 1,203,297 shares of the communications equipment provider’s stock worth $16,172,000 after purchasing an additional 1,115,870 shares in the last quarter. Marshall Wace LLP grew its position in Harmonic by 1,952.4% during the 2nd quarter. Marshall Wace LLP now owns 978,127 shares of the communications equipment provider’s stock worth $11,513,000 after purchasing an additional 930,469 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in Harmonic during the 2nd quarter worth approximately $7,687,000. Finally, Assenagon Asset Management S.A. grew its position in Harmonic by 117.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,187,528 shares of the communications equipment provider’s stock worth $17,302,000 after purchasing an additional 642,033 shares in the last quarter. Institutional investors and hedge funds own 99.38% of the company’s stock.

Harmonic Trading Up 0.3 %

Shares of NASDAQ:HLIT opened at $11.95 on Tuesday. 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 Inc. has a 12-month low of $9.10 and a 12-month high of $15.46. The firm has a fifty day moving average of $13.40 and a two-hundred day moving average of $12.76. The firm has a market capitalization of $1.39 billion, a P/E ratio of 16.37 and a beta of 0.89.

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

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Barclays lowered their price objective on shares of Harmonic from $20.00 to $17.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 29th. Raymond James cut shares of Harmonic from a “strong-buy” rating to an “outperform” rating and lowered their price objective for the stock from $17.00 to $14.00 in a research report on Tuesday, October 29th. Needham & Company LLC reiterated a “buy” rating and set a $18.00 price objective on shares of Harmonic in a research report 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 research note on Tuesday, October 29th. Finally, Northland Securities decreased their target price on shares of Harmonic from $16.00 to $14.00 and set an “outperform” rating for the company in a research note on Tuesday, October 29th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus 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.