Harmonic Inc. (NASDAQ:HLIT) Shares Purchased by State Street Corp

State Street Corp raised its stake in Harmonic Inc. (NASDAQ:HLIT) by 0.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,373,318 shares of the communications equipment provider’s stock after purchasing an additional 8,324 shares during the quarter. State Street Corp owned about 3.75% of Harmonic worth $63,719,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. CWM LLC boosted its holdings in Harmonic by 780.9% in the second 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. Raymond James & Associates grew its holdings in shares of Harmonic by 88.3% during the 2nd quarter. Raymond James & Associates now owns 272,477 shares of the communications equipment provider’s stock worth $3,207,000 after purchasing an additional 127,752 shares during the period. Louisiana State Employees Retirement System increased its position in Harmonic by 5.2% during the 2nd quarter. Louisiana State Employees Retirement System now owns 58,600 shares of the communications equipment provider’s stock worth $690,000 after purchasing an additional 2,900 shares in the last quarter. Bank of New York Mellon Corp increased its position in Harmonic by 3.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 849,530 shares of the communications equipment provider’s stock worth $9,999,000 after purchasing an additional 31,787 shares in the last quarter. Finally, Verdence Capital Advisors LLC acquired a new position in Harmonic during the second quarter valued at approximately $140,000. 99.38% of the stock is owned by hedge funds and other institutional investors.

Harmonic Trading Down 3.1 %

Shares of HLIT opened at $12.81 on Thursday. Harmonic Inc. has a one year low of $9.10 and a one year high of $15.46. The stock has a 50-day moving average price of $12.91 and a 200 day moving average price of $12.95. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.62 and a current ratio of 2.08. The company has a market capitalization of $1.49 billion, a P/E ratio of 17.55 and a beta of 0.92.

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

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on HLIT. Jefferies Financial Group lowered shares of Harmonic from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $14.00 to $12.50 in a research report on Tuesday, October 29th. Northland Securities cut their price objective on Harmonic from $16.00 to $14.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 29th. Rosenblatt Securities reduced their price objective on Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, October 29th. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 target price on shares of Harmonic in a research note on Tuesday, October 29th. Finally, Raymond James lowered 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 research report on Tuesday, October 29th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $15.25.

Harmonic Company 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.