Thrivent Financial for Lutherans Has $1.33 Million Stock Holdings in Harmonic Inc. (NASDAQ:HLIT)

Thrivent Financial for Lutherans decreased its position in Harmonic Inc. (NASDAQ:HLIT) by 5.6% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 91,350 shares of the communications equipment provider’s stock after selling 5,397 shares during the period. Thrivent Financial for Lutherans owned about 0.08% of Harmonic worth $1,331,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in HLIT. Assenagon Asset Management S.A. grew its position in Harmonic by 216.5% in the second quarter. Assenagon Asset Management S.A. now owns 545,495 shares of the communications equipment provider’s stock valued at $6,420,000 after purchasing an additional 373,155 shares in the last quarter. Baker Avenue Asset Management LP bought a new position in Harmonic in the third quarter valued at approximately $833,000. Lisanti Capital Growth LLC bought a new stake in shares of Harmonic during the 3rd quarter worth approximately $2,915,000. Intech Investment Management LLC acquired a new stake in shares of Harmonic in the 2nd quarter valued at approximately $444,000. Finally, Vanguard Group Inc. grew its stake in shares of Harmonic by 1.7% in the first quarter. Vanguard Group Inc. now owns 9,852,064 shares of the communications equipment provider’s stock valued at $132,412,000 after buying an additional 166,018 shares in the last quarter. 99.38% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

HLIT has been the topic of several analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price target on shares of Harmonic in a research note on Tuesday, October 29th. Barclays dropped their target price on shares of Harmonic from $20.00 to $17.00 and set an “overweight” rating on the stock in a report on Tuesday, October 29th. Raymond James cut Harmonic from a “strong-buy” rating to an “outperform” rating and reduced their price target for the stock from $17.00 to $14.00 in a report on Tuesday, October 29th. Rosenblatt Securities lowered their price target on Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Finally, Jefferies Financial Group downgraded Harmonic from a “buy” rating to a “hold” rating and cut their price target for the company from $14.00 to $12.50 in a report on Tuesday, October 29th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Harmonic has a consensus rating of “Moderate Buy” and a consensus target price of $15.25.

Harmonic Price Performance

HLIT stock opened at $12.82 on Friday. Harmonic Inc. has a 12 month low of $9.10 and a 12 month high of $15.46. 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 company’s 50-day moving average price is $13.14 and its two-hundred day moving average price is $12.82. The firm has a market cap of $1.49 billion, a P/E ratio of 17.56 and a beta of 0.89.

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