Squarepoint Ops LLC Buys 254,551 Shares of Harmonic Inc. (NASDAQ:HLIT)

Squarepoint Ops LLC lifted its position in Harmonic Inc. (NASDAQ:HLIT) by 373.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 322,779 shares of the communications equipment provider’s stock after purchasing an additional 254,551 shares during the period. Squarepoint Ops LLC owned 0.29% of Harmonic worth $3,799,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. GSA Capital Partners LLP purchased a new stake in shares of Harmonic in the 1st quarter worth $923,000. Jane Street Group LLC lifted its stake in Harmonic by 1,276.3% in the first quarter. Jane Street Group LLC now owns 1,203,297 shares of the communications equipment provider’s stock worth $16,172,000 after acquiring an additional 1,115,870 shares during the period. Assenagon Asset Management S.A. grew its holdings in Harmonic by 216.5% during the 2nd quarter. Assenagon Asset Management S.A. now owns 545,495 shares of the communications equipment provider’s stock worth $6,420,000 after acquiring an additional 373,155 shares in the last quarter. Ghisallo Capital Management LLC purchased a new position in Harmonic during the 4th quarter valued at about $2,848,000. Finally, Lisanti Capital Growth LLC purchased a new position in Harmonic during the 1st quarter valued at about $3,659,000. Institutional investors own 99.38% of the company’s stock.

Analyst Ratings Changes

HLIT has been the topic of a number of recent research reports. Needham & Company LLC reiterated a “buy” rating and set a $18.00 price objective on shares of Harmonic in a research note on Tuesday, July 30th. Barclays increased their target price on Harmonic from $14.00 to $20.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $18.00 price target on shares of Harmonic in a research report on Thursday, July 18th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $18.50.

Insider Transactions at Harmonic

In related news, SVP Neven Haltmayer sold 40,000 shares of the stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $14.41, for a total value of $576,400.00. Following the completion of the transaction, the senior vice president now directly owns 122,211 shares of the company’s stock, valued at approximately $1,761,060.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.20% of the company’s stock.

Harmonic Trading Down 4.3 %

NASDAQ:HLIT opened at $13.95 on Wednesday. The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of 23.42 and a beta of 0.87. Harmonic Inc. has a 52 week low of $8.80 and a 52 week high of $15.31. The company has a quick ratio of 1.32, a current ratio of 1.87 and a debt-to-equity ratio of 0.30. The firm has a 50 day moving average of $13.74 and a 200 day moving average of $12.39.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings data on Monday, July 29th. The communications equipment provider reported $0.08 EPS 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 firm had revenue of $138.70 million during the quarter, compared to analyst estimates of $133.67 million. During the same quarter in the prior year, the business posted $0.07 EPS. The business’s revenue for the quarter was down 11.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Harmonic Inc. will post 0.44 earnings per share 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.