Harmonic Inc. (NASDAQ:HLIT) Shares Acquired by Franklin Resources Inc.

Franklin Resources Inc. boosted its position in Harmonic Inc. (NASDAQ:HLIT) by 6.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 39,041 shares of the communications equipment provider’s stock after purchasing an additional 2,207 shares during the period. Franklin Resources Inc.’s holdings in Harmonic were worth $538,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its holdings in shares of Harmonic by 3.9% in the second quarter. Bank of New York Mellon Corp now owns 849,530 shares of the communications equipment provider’s stock valued at $9,999,000 after buying an additional 31,787 shares during the period. Rhumbline Advisers lifted its holdings in Harmonic by 0.4% in the 2nd quarter. Rhumbline Advisers now owns 320,516 shares of the communications equipment provider’s stock valued at $3,772,000 after acquiring an additional 1,382 shares during the last quarter. Texas Permanent School Fund Corp boosted its position in shares of Harmonic by 23.9% during the 2nd quarter. Texas Permanent School Fund Corp now owns 121,863 shares of the communications equipment provider’s stock valued at $1,434,000 after purchasing an additional 23,486 shares in the last quarter. Herald Investment Management Ltd grew its stake in shares of Harmonic by 4.7% in the 2nd quarter. Herald Investment Management Ltd now owns 785,000 shares of the communications equipment provider’s stock worth $9,232,000 after purchasing an additional 35,000 shares during the last quarter. Finally, WINTON GROUP Ltd raised its holdings in shares of Harmonic by 54.8% in the 2nd quarter. WINTON GROUP Ltd now owns 74,679 shares of the communications equipment provider’s stock worth $879,000 after purchasing an additional 26,429 shares in the last quarter. 99.38% of the stock is owned by institutional investors.

Harmonic Price Performance

Shares of HLIT opened at $13.24 on Tuesday. The business’s 50-day moving average is $12.79 and its 200-day moving average is $13.06. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.08 and a quick ratio of 1.62. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of 18.14 and a beta of 0.92. Harmonic Inc. has a fifty-two week low of $9.10 and a fifty-two week high of $15.46.

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

Analyst Upgrades and Downgrades

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