Assenagon Asset Management S.A. Boosts Stake in Harmonic Inc. (NASDAQ:HLIT)

Assenagon Asset Management S.A. raised its position in Harmonic Inc. (NASDAQ:HLIT) by 33.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 348,382 shares of the communications equipment provider’s stock after purchasing an additional 86,390 shares during the quarter. Assenagon Asset Management S.A. owned 0.30% of Harmonic worth $3,341,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Handelsbanken Fonder AB raised its position in Harmonic by 2.6% in the 4th quarter. Handelsbanken Fonder AB now owns 36,100 shares of the communications equipment provider’s stock worth $478,000 after purchasing an additional 900 shares during the period. Barclays PLC increased its position in shares of Harmonic by 0.7% during the fourth quarter. Barclays PLC now owns 203,300 shares of the communications equipment provider’s stock worth $2,690,000 after acquiring an additional 1,324 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Harmonic by 3.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,811 shares of the communications equipment provider’s stock worth $831,000 after acquiring an additional 2,146 shares during the period. Quarry LP purchased a new position in shares of Harmonic during the fourth quarter worth approximately $33,000. Finally, Bridgefront Capital LLC increased its position in shares of Harmonic by 30.2% during the fourth quarter. Bridgefront Capital LLC now owns 13,703 shares of the communications equipment provider’s stock worth $181,000 after acquiring an additional 3,178 shares during the period. 99.38% of the stock is owned by hedge funds and other institutional investors.

Harmonic Stock Performance

Shares of HLIT stock opened at $8.85 on Monday. The firm has a market cap of $1.00 billion, a price-to-earnings ratio of 26.82 and a beta of 1.04. The company’s 50 day moving average is $9.13 and its 200 day moving average is $10.65. The company has a quick ratio of 1.80, a current ratio of 2.18 and a debt-to-equity ratio of 0.26. Harmonic Inc. has a 52-week low of $7.91 and a 52-week high of $15.46.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings data on Monday, April 28th. The communications equipment provider reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.06. The company had revenue of $133.14 million for the quarter, compared to analyst estimates of $127.51 million. Harmonic had a net margin of 5.78% and a return on equity of 15.90%. The firm’s revenue was up 9.1% on a year-over-year basis. On average, sell-side analysts anticipate that Harmonic Inc. will post 0.31 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently commented on HLIT shares. Rosenblatt Securities reduced their target price on shares of Harmonic from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Tuesday, April 29th. Needham & Company LLC reaffirmed a “buy” rating and set a $14.00 target price on shares of Harmonic in a research report on Tuesday, April 29th. Jefferies Financial Group started coverage on shares of Harmonic in a research report on Friday, February 21st. They set a “hold” rating on the stock. Wall Street Zen raised shares of Harmonic from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 6th. Finally, Barclays reaffirmed an “underperform” rating on shares of Harmonic in a research report on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $12.33.

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.