MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Buys 2,146 Shares of Harmonic Inc. (NASDAQ:HLIT)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Harmonic Inc. (NASDAQ:HLIT) by 3.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 62,811 shares of the communications equipment provider’s stock after acquiring an additional 2,146 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.05% of Harmonic worth $831,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Quarry LP purchased a new position in shares of Harmonic during the 4th quarter worth about $33,000. Russell Investments Group Ltd. lifted its stake in Harmonic by 5,388.1% in the fourth quarter. Russell Investments Group Ltd. now owns 5,543 shares of the communications equipment provider’s stock worth $73,000 after purchasing an additional 5,442 shares during the last quarter. AlphaQuest LLC boosted its position in shares of Harmonic by 14,765.9% during the fourth quarter. AlphaQuest LLC now owns 6,095 shares of the communications equipment provider’s stock valued at $81,000 after buying an additional 6,054 shares during the period. KBC Group NV grew its stake in shares of Harmonic by 84.8% during the fourth quarter. KBC Group NV now owns 6,295 shares of the communications equipment provider’s stock valued at $83,000 after buying an additional 2,888 shares during the last quarter. Finally, Cresset Asset Management LLC bought a new position in shares of Harmonic during the fourth quarter valued at approximately $133,000. Hedge funds and other institutional investors own 99.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on HLIT shares. Needham & Company LLC restated a “buy” rating and set a $14.00 price objective on shares of Harmonic in a report on Tuesday, April 29th. Wall Street Zen upgraded Harmonic from a “hold” rating to a “buy” rating in a research report on Thursday, March 27th. Barclays restated an “underperform” rating on shares of Harmonic in a report on Tuesday, April 29th. Jefferies Financial Group initiated coverage on shares of Harmonic in a research note on Friday, February 21st. They issued a “hold” rating on the stock. Finally, Northland Securities lowered their price objective on shares of Harmonic from $14.00 to $12.50 and set an “outperform” rating for the company in a research report on Tuesday, February 11th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $12.33.

Harmonic Stock Performance

HLIT stock opened at $8.94 on Tuesday. Harmonic Inc. has a 1-year low of $7.91 and a 1-year high of $15.46. The business has a 50-day moving average price of $9.20 and a 200 day moving average price of $10.95. The company has a market capitalization of $1.01 billion, a P/E ratio of 27.09 and a beta of 1.03. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.18 and a quick ratio of 1.80.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings results on Monday, April 28th. The communications equipment provider reported $0.11 EPS for the quarter, beating the consensus estimate of $0.05 by $0.06. Harmonic had a net margin of 5.78% and a return on equity of 15.90%. The business had revenue of $133.14 million during the quarter, compared to analyst estimates of $127.51 million. The company’s quarterly revenue was up 9.1% on a year-over-year basis. As a group, equities research analysts forecast that Harmonic Inc. will post 0.31 EPS for the current fiscal year.

Harmonic declared that its Board of Directors has initiated a share buyback plan on Monday, February 10th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the communications equipment provider to repurchase up to 15.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

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.