Thrivent Financial for Lutherans Sells 768 Shares of Harmonic Inc. (NASDAQ:HLIT)

Thrivent Financial for Lutherans trimmed its holdings in shares of Harmonic Inc. (NASDAQ:HLIT) by 0.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 96,747 shares of the communications equipment provider’s stock after selling 768 shares during the quarter. Thrivent Financial for Lutherans owned 0.09% of Harmonic worth $1,139,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Harmonic by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 9,852,064 shares of the communications equipment provider’s stock worth $132,412,000 after purchasing an additional 166,018 shares during the period. Wellington Management Group LLP lifted its position in shares of Harmonic by 12.7% in the 4th quarter. Wellington Management Group LLP now owns 8,796,165 shares of the communications equipment provider’s stock worth $114,702,000 after purchasing an additional 990,425 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of 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 during the period. Leeward Investments LLC MA lifted its position in shares of Harmonic by 5.6% in the 2nd quarter. Leeward Investments LLC MA now owns 1,975,966 shares of the communications equipment provider’s stock worth $23,257,000 after purchasing an additional 105,162 shares during the period. Finally, Wasatch Advisors LP lifted its position in shares of Harmonic by 4.4% in the 1st quarter. Wasatch Advisors LP now owns 1,355,274 shares of the communications equipment provider’s stock worth $18,215,000 after purchasing an additional 57,002 shares during the period. Institutional investors and hedge funds own 99.38% of the company’s stock.

Insider Buying and Selling at Harmonic

In other Harmonic news, SVP Neven Haltmayer sold 40,000 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $14.41, for a total transaction of $576,400.00. Following the completion of the sale, the senior vice president now owns 122,211 shares in the company, valued at approximately $1,761,060.51. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.20% of the stock is currently owned by company insiders.

Harmonic Stock Performance

Shares of HLIT stock opened at $13.76 on Friday. The firm has a market capitalization of $1.54 billion, a PE ratio of 22.93 and a beta of 0.87. The firm has a fifty day simple moving average of $13.88 and a two-hundred day simple moving average of $12.42. The company has a current ratio of 1.87, a quick ratio of 1.32 and a debt-to-equity ratio of 0.30. Harmonic Inc. has a 12 month low of $8.80 and a 12 month high of $15.31.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, July 29th. The communications equipment provider reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. The business had revenue of $138.70 million during 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%. Harmonic’s quarterly revenue was down 11.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.07 EPS. Analysts forecast that Harmonic Inc. will post 0.44 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Rosenblatt Securities restated a “buy” rating and issued a $18.00 price target on shares of Harmonic in a research report on Thursday, July 18th. Barclays boosted their target price on shares of Harmonic from $14.00 to $20.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $18.00 target price on shares of Harmonic in a research report on Tuesday, July 30th. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $18.50.

About Harmonic

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.