Harmonic Inc. (NASDAQ:HLIT) Stock Holdings Lowered by ProShare Advisors LLC

ProShare Advisors LLC trimmed its holdings in shares of Harmonic Inc. (NASDAQ:HLIT) by 23.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 17,085 shares of the communications equipment provider’s stock after selling 5,171 shares during the period. ProShare Advisors LLC’s holdings in Harmonic were worth $201,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in HLIT. CWM LLC lifted its position in shares of Harmonic by 780.9% during the 2nd quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock valued at $27,000 after acquiring an additional 1,999 shares during the last quarter. Innealta Capital LLC purchased a new stake in shares of Harmonic during the second quarter valued at $47,000. SageView Advisory Group LLC acquired a new position in shares of Harmonic in the 1st quarter valued at $114,000. Verdence Capital Advisors LLC purchased a new position in Harmonic in the 2nd quarter worth about $140,000. Finally, Sierra Summit Advisors LLC acquired a new stake in Harmonic during the 4th quarter worth about $280,000. Institutional investors and hedge funds own 99.38% of the company’s stock.

Harmonic Price Performance

Shares of HLIT opened at $13.76 on Friday. The business’s 50-day moving average is $13.88 and its 200-day moving average is $12.42. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.87 and a quick ratio of 1.32. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of 22.93 and a beta of 0.87. Harmonic Inc. has a fifty-two week low of $8.80 and a fifty-two week high of $15.31.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data 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. The firm had revenue of $138.70 million for the quarter, compared to analyst estimates of $133.67 million. Harmonic had a net margin of 10.22% and a return on equity of 0.27%. The company’s revenue for the quarter was down 11.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.07 EPS. Equities research analysts expect that Harmonic Inc. will post 0.44 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have commented on HLIT shares. Rosenblatt Securities reiterated a “buy” rating and issued a $18.00 target price on shares of Harmonic in a report on Thursday, July 18th. Needham & Company LLC restated a “buy” rating and issued a $18.00 price target on shares of Harmonic in a research report on Tuesday, July 30th. Finally, Barclays lifted 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. 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 data from MarketBeat, Harmonic has a consensus rating of “Buy” and an average target price of $18.50.

Insider Activity at Harmonic

In other Harmonic news, SVP Neven Haltmayer sold 40,000 shares of the business’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $14.41, for a total value of $576,400.00. Following the transaction, the senior vice president now owns 122,211 shares in the company, valued at $1,761,060.51. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 2.20% of the company’s stock.

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.