BNP Paribas Financial Markets Increases Holdings in Harmonic Inc. (NASDAQ:HLIT)

BNP Paribas Financial Markets grew its position in Harmonic Inc. (NASDAQ:HLIT) by 23.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 58,108 shares of the communications equipment provider’s stock after acquiring an additional 11,051 shares during the period. BNP Paribas Financial Markets’ holdings in Harmonic were worth $847,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in HLIT. CWM LLC boosted its holdings in Harmonic by 780.9% in the 2nd quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock valued at $27,000 after purchasing an additional 1,999 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Harmonic by 117.6% during the 3rd quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock worth $36,000 after buying an additional 1,323 shares during the last quarter. Innealta Capital LLC purchased a new position in Harmonic during the 2nd quarter worth approximately $47,000. Verdence Capital Advisors LLC acquired a new position in Harmonic in the second quarter valued at $140,000. Finally, Versor Investments LP purchased a new position in Harmonic during the 3rd quarter worth $227,000. Hedge funds and other institutional investors own 99.38% of the company’s stock.

Harmonic Stock Performance

HLIT stock opened at $13.25 on Thursday. Harmonic Inc. has a 12 month low of $9.10 and a 12 month high of $15.46. The firm has a 50 day moving average of $12.93 and a two-hundred day moving average of $12.91. The company has a quick ratio of 1.62, a current ratio of 2.08 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of 18.15 and a beta of 0.92.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings data on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.09. The business had revenue of $195.80 million during the quarter, compared to the consensus estimate of $181.77 million. Harmonic had a net margin of 13.62% and a return on equity of 7.56%. Harmonic’s quarterly revenue was up 53.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.05) EPS. As a group, equities analysts anticipate that Harmonic Inc. will post 0.52 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.