Harmonic Inc. (NASDAQ:HLIT) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lessened its position in shares of Harmonic Inc. (NASDAQ:HLIT) by 4.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 550,625 shares of the communications equipment provider’s stock after selling 27,742 shares during the quarter. Principal Financial Group Inc. owned approximately 0.47% of Harmonic worth $8,023,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of HLIT. CWM LLC boosted its holdings in shares of 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 purchasing an additional 1,999 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Harmonic by 117.6% in the 3rd quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock valued at $36,000 after buying an additional 1,323 shares during the last quarter. Innealta Capital LLC acquired a new stake in shares of Harmonic in the 2nd quarter valued at about $47,000. Verdence Capital Advisors LLC acquired a new stake in Harmonic during the 2nd quarter worth $140,000. Finally, Dark Forest Capital Management LP increased its holdings in shares of Harmonic by 7.2% in the second quarter. Dark Forest Capital Management LP now owns 20,192 shares of the communications equipment provider’s stock valued at $238,000 after purchasing an additional 1,362 shares during the period. Hedge funds and other institutional investors own 99.38% of the company’s stock.

Analyst Ratings Changes

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

Harmonic Trading Up 2.2 %

HLIT opened at $12.21 on Wednesday. The stock has a market capitalization of $1.42 billion, a PE ratio of 16.73 and a beta of 0.89. Harmonic Inc. has a 12-month low of $9.10 and a 12-month high of $15.46. The firm’s fifty day moving average price is $13.34 and its 200 day moving average price is $12.77. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.08 and a quick ratio of 1.62.

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

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.