Geode Capital Management LLC Acquires 17,665 Shares of Harmonic Inc. (NASDAQ:HLIT)

Geode Capital Management LLC grew its holdings in shares of Harmonic Inc. (NASDAQ:HLIT) by 0.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,675,268 shares of the communications equipment provider’s stock after buying an additional 17,665 shares during the quarter. Geode Capital Management LLC owned approximately 2.30% of Harmonic worth $38,986,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Baker Avenue Asset Management LP bought a new stake in Harmonic during the third quarter worth about $833,000. Jane Street Group LLC increased its position in shares of Harmonic by 40.3% during the 3rd quarter. Jane Street Group LLC now owns 201,386 shares of the communications equipment provider’s stock worth $2,934,000 after purchasing an additional 57,888 shares during the last quarter. Lisanti Capital Growth LLC bought a new stake in shares of Harmonic during the 3rd quarter worth approximately $2,915,000. Intech Investment Management LLC acquired a new stake in shares of Harmonic in the 2nd quarter valued at approximately $444,000. Finally, Mutual of America Capital Management LLC grew its stake in shares of Harmonic by 15.2% in the second quarter. Mutual of America Capital Management LLC now owns 279,996 shares of the communications equipment provider’s stock valued at $3,296,000 after buying an additional 36,937 shares in the last quarter. 99.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on HLIT. Jefferies Financial Group cut shares of Harmonic from a “buy” rating to a “hold” rating and cut their price target for the company from $14.00 to $12.50 in a research note on Tuesday, October 29th. Rosenblatt Securities reduced their price target on Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Raymond James lowered Harmonic from a “strong-buy” rating to an “outperform” rating and dropped their price objective for the company from $17.00 to $14.00 in a research note on Tuesday, October 29th. Barclays reduced their target price on Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Tuesday, October 29th. Finally, Needham & Company LLC restated a “buy” rating and issued a $18.00 price target on shares of Harmonic in a research note on Tuesday, October 29th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.25.

Harmonic Stock Performance

NASDAQ:HLIT opened at $13.44 on Wednesday. The stock has a 50 day simple moving average of $12.86 and a 200 day simple moving average of $13.00. The stock has a market cap of $1.57 billion, a P/E ratio of 18.41 and a beta of 0.92. Harmonic Inc. has a 1-year low of $9.10 and a 1-year high of $15.46. The company has a current ratio of 2.08, a quick ratio of 1.62 and a debt-to-equity ratio of 0.29.

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 analysts’ consensus estimates of $0.17 by $0.09. Harmonic had a return on equity of 7.56% and a net margin of 13.62%. The company had revenue of $195.80 million during the quarter, compared to the consensus estimate of $181.77 million. During the same quarter last year, the firm earned ($0.05) earnings per share. The company’s revenue was up 53.9% on a year-over-year basis. Research analysts anticipate that Harmonic Inc. will post 0.52 earnings per share for the current year.

Harmonic 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.