Wealth Enhancement Advisory Services LLC Increases Stock Position in Harmonic Inc. (NASDAQ:HLIT)

Wealth Enhancement Advisory Services LLC raised its stake in shares of Harmonic Inc. (NASDAQ:HLIT) by 18.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 35,365 shares of the communications equipment provider’s stock after acquiring an additional 5,414 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Harmonic were worth $515,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in HLIT. CWM LLC lifted its stake in Harmonic by 780.9% during the 2nd quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock worth $27,000 after acquiring an additional 1,999 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Harmonic by 117.6% during the third quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock worth $36,000 after purchasing an additional 1,323 shares in the last quarter. Innealta Capital LLC purchased a new position in shares of Harmonic in the second quarter valued at approximately $47,000. SageView Advisory Group LLC purchased a new position in shares of Harmonic in the first quarter valued at approximately $114,000. Finally, Verdence Capital Advisors LLC acquired a new position in shares of Harmonic in the second quarter valued at approximately $140,000. 99.38% of the stock is owned by hedge funds and other institutional investors.

Harmonic Stock Up 0.8 %

Shares of NASDAQ HLIT opened at $12.05 on Friday. Harmonic Inc. has a 1 year low of $9.10 and a 1 year high of $15.46. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of 16.51 and a beta of 0.89. 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 business has a 50-day moving average of $13.56 and a two-hundred day moving average of $12.63.

Harmonic (NASDAQ:HLIT) last posted its earnings results on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.09. The firm 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 firm’s revenue was up 53.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.05) earnings per share. On average, analysts forecast that Harmonic Inc. will post 0.52 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Jefferies Financial Group lowered 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. Barclays reduced their price objective on Harmonic from $20.00 to $17.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 29th. Needham & Company LLC reissued a “buy” rating and set a $18.00 target price on shares of Harmonic in a research note on Tuesday, October 29th. Raymond James downgraded Harmonic from a “strong-buy” rating to an “outperform” rating and cut their price target for the stock from $17.00 to $14.00 in a report on Tuesday, October 29th. Finally, Rosenblatt Securities decreased their price objective on Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $15.25.

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.