Harmonic Inc. (NASDAQ:HLIT) Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. trimmed its stake in shares of Harmonic Inc. (NASDAQ:HLIT) by 77.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 261,992 shares of the communications equipment provider’s stock after selling 925,536 shares during the period. Assenagon Asset Management S.A. owned about 0.22% of Harmonic worth $3,466,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Dimensional Fund Advisors LP boosted its position in Harmonic by 8.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,741,998 shares of the communications equipment provider’s stock worth $44,043,000 after purchasing an additional 294,922 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Harmonic by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,675,268 shares of the communications equipment provider’s stock valued at $38,986,000 after purchasing an additional 17,665 shares during the period. Wasatch Advisors LP boosted its holdings in Harmonic by 15.3% during the third quarter. Wasatch Advisors LP now owns 1,659,823 shares of the communications equipment provider’s stock worth $24,184,000 after buying an additional 219,685 shares in the last quarter. Clearline Capital LP grew its position in Harmonic by 777.6% during the second quarter. Clearline Capital LP now owns 1,570,461 shares of the communications equipment provider’s stock valued at $18,484,000 after buying an additional 1,391,504 shares during the period. Finally, Point72 Asset Management L.P. increased its holdings in Harmonic by 85.1% in the third quarter. Point72 Asset Management L.P. now owns 1,208,829 shares of the communications equipment provider’s stock valued at $17,613,000 after buying an additional 555,737 shares in the last quarter. 99.38% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on HLIT. Raymond James lowered shares of Harmonic from a “strong-buy” rating to an “outperform” rating and lowered their target price for the stock from $17.00 to $14.00 in a research note on Tuesday, October 29th. Barclays downgraded Harmonic from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $17.00 to $14.00 in a research report on Thursday, January 9th. Jefferies Financial Group cut Harmonic from a “buy” rating to a “hold” rating and cut their price objective for the company from $14.00 to $12.50 in a research report on Tuesday, October 29th. Rosenblatt Securities decreased their target price 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, Needham & Company LLC reissued a “buy” rating and issued a $18.00 price target on shares of Harmonic in a report on Tuesday, October 29th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $14.75.

Harmonic Stock Performance

Shares of NASDAQ:HLIT opened at $12.45 on Wednesday. The business’s 50 day moving average price is $12.87 and its 200-day moving average price is $13.21. Harmonic Inc. has a 1 year low of $9.10 and a 1 year high of $15.46. 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 firm has a market capitalization of $1.45 billion, a PE ratio of 17.05 and a beta of 0.91.

Harmonic (NASDAQ:HLIT) last released its earnings results on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share (EPS) for the quarter, topping 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 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 firm earned ($0.05) earnings per share. As a group, equities research analysts expect that Harmonic Inc. will post 0.52 earnings per share for the current fiscal year.

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.