Harmonic Inc. (NASDAQ:HLIT) Shares Sold by Comerica Bank

Comerica Bank cut its stake in Harmonic Inc. (NASDAQ:HLITGet Rating) by 10.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 80,246 shares of the communications equipment provider’s stock after selling 8,925 shares during the quarter. Comerica Bank owned about 0.08% of Harmonic worth $1,215,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of HLIT. Captrust Financial Advisors increased its stake in shares of Harmonic by 411.4% in the 1st quarter. Captrust Financial Advisors now owns 3,866 shares of the communications equipment provider’s stock worth $36,000 after acquiring an additional 3,110 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Harmonic in the 2nd quarter worth $43,000. Point72 Hong Kong Ltd acquired a new stake in shares of Harmonic in the 2nd quarter worth $65,000. KBC Group NV acquired a new stake in shares of Harmonic in the 2nd quarter worth $77,000. Finally, Graham Capital Management L.P. acquired a new stake in shares of Harmonic in the 1st quarter worth $105,000. 97.72% of the stock is owned by institutional investors and hedge funds.

Harmonic Stock Performance

Shares of Harmonic stock opened at $14.49 on Tuesday. The business has a 50-day moving average of $14.06 and a 200 day moving average of $12.72. Harmonic Inc. has a 12 month low of $8.25 and a 12 month high of $15.80. The stock has a market capitalization of $1.53 billion, a price-to-earnings ratio of 37.15 and a beta of 0.89. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.52 and a quick ratio of 1.07.

Harmonic (NASDAQ:HLITGet Rating) last announced its quarterly earnings data on Monday, October 31st. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.03. The business had revenue of $155.70 million during the quarter, compared to analysts’ expectations of $153.27 million. Harmonic had a return on equity of 11.89% and a net margin of 6.80%. The business’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.03 EPS. As a group, sell-side analysts forecast that Harmonic Inc. will post 0.32 earnings per share for the current year.

Insider Activity

In other news, CEO Patrick Harshman sold 6,040 shares of Harmonic stock in a transaction dated Wednesday, November 16th. The stock was sold at an average price of $13.41, for a total value of $80,996.40. Following the completion of the transaction, the chief executive officer now owns 434,578 shares in the company, valued at approximately $5,827,690.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, SVP Neven Haltmayer sold 24,947 shares of the firm’s stock in a transaction dated Friday, November 18th. The stock was sold at an average price of $14.80, for a total transaction of $369,215.60. Following the sale, the senior vice president now owns 150,447 shares of the company’s stock, valued at approximately $2,226,615.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Patrick Harshman sold 6,040 shares of the firm’s stock in a transaction dated Wednesday, November 16th. The stock was sold at an average price of $13.41, for a total value of $80,996.40. Following the sale, the chief executive officer now directly owns 434,578 shares in the company, valued at approximately $5,827,690.98. The disclosure for this sale can be found here. In the last quarter, insiders sold 230,822 shares of company stock worth $3,303,390. 3.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on HLIT shares. Jefferies Financial Group raised Harmonic from a “hold” rating to a “buy” rating and raised their target price for the stock from $14.25 to $19.00 in a research note on Monday, January 9th. StockNews.com cut Harmonic from a “buy” rating to a “hold” rating in a report on Thursday, November 3rd. Rosenblatt Securities increased their price target on Harmonic from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, October 19th. Raymond James increased their price target on Harmonic from $13.00 to $18.00 and gave the stock an “outperform” rating in a report on Tuesday, November 1st. Finally, Barclays increased their price target on Harmonic from $14.00 to $17.00 and gave the stock an “overweight” rating in a report on Tuesday, November 1st. One analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Harmonic currently has an average rating of “Moderate Buy” and a consensus price target of $17.67.

About Harmonic

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Harmonic Inc, together with its subsidiaries, provide video delivery software, products, system solutions, and services worldwide. The company operates in two segments, Video and Cable Access. The Video segment sells video processing, production, and playout solutions and services to cable operators, and satellite and telecommunications Pay-TV service providers, as well as to broadcast and media, including streaming media companies.

Further Reading

Institutional Ownership by Quarter for Harmonic (NASDAQ:HLIT)

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