Zurcher Kantonalbank Zurich Cantonalbank Purchases 7,422 Shares of Harmonic Inc. (NASDAQ:HLIT)

Zurcher Kantonalbank Zurich Cantonalbank increased its position in Harmonic Inc. (NASDAQ:HLIT) by 33.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 29,731 shares of the communications equipment provider’s stock after acquiring an additional 7,422 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Harmonic were worth $388,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the business. Kestra Advisory Services LLC bought a new stake in Harmonic in the third quarter worth approximately $131,000. PNC Financial Services Group Inc. lifted its position in shares of Harmonic by 12.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 16,622 shares of the communications equipment provider’s stock valued at $160,000 after acquiring an additional 1,871 shares during the period. Innovis Asset Management LLC bought a new position in Harmonic during the third quarter worth $174,000. FNY Investment Advisers LLC bought a new position in Harmonic during the fourth quarter worth $249,000. Finally, Skandinaviska Enskilda Banken AB publ grew its holdings in Harmonic by 205.3% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 23,200 shares of the communications equipment provider’s stock worth $223,000 after purchasing an additional 15,600 shares during the period. Institutional investors own 99.38% of the company’s stock.

Insider Activity

In related news, SVP Nimrod Ben-Natan sold 100,000 shares of the business’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $12.91, for a total transaction of $1,291,000.00. Following the transaction, the senior vice president now directly owns 302,214 shares in the company, valued at $3,901,582.74. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, SVP Neven Haltmayer sold 14,747 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $13.68, for a total transaction of $201,738.96. Following the completion of the sale, the senior vice president now directly owns 156,559 shares of the company’s stock, valued at approximately $2,141,727.12. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Nimrod Ben-Natan sold 100,000 shares of Harmonic 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 sale, the senior vice president now owns 302,214 shares in the company, valued at $3,901,582.74. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by corporate insiders.

Harmonic Price Performance

HLIT stock opened at $10.96 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.91 and a current ratio of 1.09. The business has a 50-day simple moving average of $11.98 and a two-hundred day simple moving average of $11.77. The company has a market capitalization of $1.23 billion, a P/E ratio of 18.27 and a beta of 0.90. Harmonic Inc. has a 52-week low of $8.80 and a 52-week high of $18.43.

Harmonic (NASDAQ:HLIT) last announced its earnings results on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.04). The company had revenue of $122.06 million for the quarter, compared to analysts’ expectations of $121.70 million. Harmonic had a net margin of 12.37% and a return on equity of 1.35%. The firm’s quarterly revenue was down 22.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.06 EPS. Research analysts expect that Harmonic Inc. will post 0.37 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

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.