Harmonic Inc. (NASDAQ:HLIT) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System cut its position in Harmonic Inc. (NASDAQ:HLIT) by 6.4% in the 4th quarter, Holdings Channel.com reports. The firm owned 213,892 shares of the communications equipment provider’s stock after selling 14,535 shares during the quarter. New York State Teachers Retirement System’s holdings in Harmonic were worth $2,789,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Thrivent Financial for Lutherans grew its position in shares of Harmonic by 0.7% during the 1st quarter. Thrivent Financial for Lutherans now owns 108,884 shares of the communications equipment provider’s stock valued at $1,589,000 after buying an additional 733 shares during the last quarter. Sei Investments Co. raised its stake in Harmonic by 5.1% during the 2nd quarter. Sei Investments Co. now owns 25,432 shares of the communications equipment provider’s stock valued at $238,000 after purchasing an additional 1,233 shares during the period. Advisor Partners II LLC lifted its position in Harmonic by 10.7% in the 4th quarter. Advisor Partners II LLC now owns 13,636 shares of the communications equipment provider’s stock worth $179,000 after buying an additional 1,317 shares in the last quarter. Pathstone Family Office LLC boosted its position in Harmonic by 11.9% during the fourth quarter. Pathstone Family Office LLC now owns 12,697 shares of the communications equipment provider’s stock valued at $166,000 after purchasing an additional 1,347 shares during the last quarter. Finally, Public Sector Pension Investment Board raised its position in Harmonic by 0.7% during the first quarter. Public Sector Pension Investment Board now owns 193,238 shares of the communications equipment provider’s stock valued at $2,819,000 after acquiring an additional 1,421 shares in the last quarter. Institutional investors and hedge funds own 99.38% of the company’s stock.

Harmonic Price Performance

NASDAQ HLIT opened at $10.33 on Tuesday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.91 and a current ratio of 1.21. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of 14.55 and a beta of 0.84. The business has a 50 day simple moving average of $12.94 and a 200 day simple moving average of $11.75. Harmonic Inc. has a 52-week low of $8.80 and a 52-week high of $18.43.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, January 29th. The communications equipment provider reported $0.13 EPS for the quarter, beating the consensus estimate of $0.10 by $0.03. Harmonic had a net margin of 13.82% and a return on equity of 4.71%. The firm had revenue of $167.10 million for the quarter, compared to the consensus estimate of $158.98 million. During the same period in the previous year, the company earned $0.12 earnings per share. The company’s quarterly revenue was up 1.7% on a year-over-year basis. Analysts anticipate that Harmonic Inc. will post 0.32 earnings per share for the current fiscal year.

Analysts Set New Price Targets

HLIT has been the subject of a number of research analyst reports. TheStreet upgraded Harmonic from a “c” rating to a “b” rating in a report on Monday, January 29th. Rosenblatt Securities reduced their price target on shares of Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday, January 30th. Raymond James reduced their target price on shares of Harmonic from $19.00 to $18.00 and set a “strong-buy” rating on the stock in a research note on Tuesday, January 30th. StockNews.com raised Harmonic from a “sell” rating to a “hold” rating in a research note on Wednesday, February 28th. Finally, Needham & Company LLC restated a “buy” rating and set a $18.00 target price on shares of Harmonic in a research report on Tuesday, April 9th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Harmonic presently has a consensus rating of “Buy” and an average price target of $17.20.

Insider Activity

In other news, SVP Neven Haltmayer sold 24,695 shares of the business’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $11.58, for a total value of $285,968.10. Following the transaction, the senior vice president now directly owns 181,864 shares of the company’s stock, valued at approximately $2,105,985.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Nimrod Ben-Natan sold 100,000 shares of the firm’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $12.91, for a total value of $1,291,000.00. Following the completion of the transaction, the senior vice president now directly owns 302,214 shares of the company’s stock, valued at $3,901,582.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Neven Haltmayer sold 24,695 shares of the business’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $11.58, for a total value of $285,968.10. Following the transaction, the senior vice president now directly owns 181,864 shares of the company’s stock, valued at approximately $2,105,985.12. The disclosure for this sale can be found here. In the last ninety days, insiders sold 150,000 shares of company stock worth $1,917,122. Insiders own 2.20% of the company’s stock.

Harmonic Company 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.