Victory Capital Management Inc. Cuts Stock Position in Harmonic Inc. (NASDAQ:HLIT)

Victory Capital Management Inc. trimmed its stake in shares of Harmonic Inc. (NASDAQ:HLIT) by 3.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,626,253 shares of the communications equipment provider’s stock after selling 64,542 shares during the period. Victory Capital Management Inc.’s holdings in Harmonic were worth $21,206,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Trigran Investments Inc. raised its position in shares of Harmonic by 38.5% during the 3rd quarter. Trigran Investments Inc. now owns 9,636,809 shares of the communications equipment provider’s stock worth $92,802,000 after purchasing an additional 2,677,338 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Harmonic by 9.9% during the third quarter. Vanguard Group Inc. now owns 9,396,603 shares of the communications equipment provider’s stock valued at $90,489,000 after acquiring an additional 847,808 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Harmonic by 1.2% in the third quarter. Wellington Management Group LLP now owns 7,805,740 shares of the communications equipment provider’s stock valued at $75,169,000 after acquiring an additional 95,257 shares in the last quarter. Scopia Capital Management LP boosted its stake in shares of Harmonic by 78.5% in the third quarter. Scopia Capital Management LP now owns 5,649,163 shares of the communications equipment provider’s stock worth $54,401,000 after acquiring an additional 2,484,825 shares during the last quarter. Finally, Toronado Partners LLC increased its position in shares of Harmonic by 149.5% during the third quarter. Toronado Partners LLC now owns 2,011,532 shares of the communications equipment provider’s stock worth $19,371,000 after purchasing an additional 1,205,380 shares in the last quarter. Institutional investors and hedge funds own 99.38% of the company’s stock.

Insider Buying and Selling at Harmonic

In related news, SVP Ian Graham sold 52,730 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $10.95, for a total value of $577,393.50. Following the sale, the senior vice president now directly owns 63,616 shares in the company, valued at approximately $696,595.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 transaction, the senior vice president now directly owns 156,559 shares in the company, valued at $2,141,727.12. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Ian Graham sold 52,730 shares of Harmonic stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $10.95, for a total value of $577,393.50. Following the completion of the sale, the senior vice president now directly owns 63,616 shares of the company’s stock, valued at $696,595.20. The disclosure for this sale can be found here. Company insiders own 2.20% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on HLIT shares. Rosenblatt Securities decreased their price objective on Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, January 30th. StockNews.com upgraded shares of Harmonic from a “sell” rating to a “hold” rating in a research report on Wednesday, February 28th. Raymond James cut their price objective on shares of Harmonic from $19.00 to $18.00 and set a “strong-buy” rating for the company in a report on Tuesday, January 30th. Needham & Company LLC reissued a “buy” rating and issued a $18.00 target price on shares of Harmonic in a research note on Tuesday, April 30th. Finally, TheStreet upgraded Harmonic from a “c” rating to a “b” rating in a research report on Monday, January 29th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Harmonic has a consensus rating of “Buy” and a consensus target price of $17.20.

Harmonic Price Performance

Harmonic stock opened at $11.35 on Friday. The company has a current ratio of 1.09, a quick ratio of 0.78 and a debt-to-equity ratio of 0.03. The stock has a market cap of $1.27 billion, a P/E ratio of 18.92 and a beta of 0.90. The company has a 50-day moving average price of $11.81 and a 200 day moving average price of $11.79. Harmonic Inc. has a 12-month low of $8.80 and a 12-month high of $18.43.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). Harmonic had a return on equity of 1.35% and a net margin of 12.37%. The firm had revenue of $122.06 million for the quarter, compared to analyst estimates of $121.70 million. During the same quarter in the prior year, the business earned $0.06 EPS. The firm’s quarterly revenue was down 22.6% on a year-over-year basis. Sell-side analysts anticipate that Harmonic Inc. will post 0.36 earnings per share for the current 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.