GAMMA Investing LLC Buys 6,942 Shares of Harmonic Inc. (NASDAQ:HLIT)

GAMMA Investing LLC boosted its stake in Harmonic Inc. (NASDAQ:HLIT) by 415.7% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 8,612 shares of the communications equipment provider’s stock after buying an additional 6,942 shares during the period. GAMMA Investing LLC’s holdings in Harmonic were worth $898,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Millennium Management LLC grew its holdings in shares of Harmonic by 9,004.4% during the 4th quarter. Millennium Management LLC now owns 4,719,837 shares of the communications equipment provider’s stock worth $62,443,000 after purchasing an additional 4,667,996 shares in the last quarter. Invesco Ltd. grew its position in Harmonic by 20.0% in the fourth quarter. Invesco Ltd. now owns 7,788,714 shares of the communications equipment provider’s stock valued at $103,045,000 after acquiring an additional 1,300,128 shares during the last quarter. Tudor Investment Corp ET AL increased its position in Harmonic by 198.2% during the 4th quarter. Tudor Investment Corp ET AL now owns 797,176 shares of the communications equipment provider’s stock worth $10,547,000 after purchasing an additional 529,833 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Harmonic by 175.9% in the 4th quarter. JPMorgan Chase & Co. now owns 681,425 shares of the communications equipment provider’s stock valued at $9,015,000 after acquiring an additional 434,481 shares during the last quarter. Finally, Algert Global LLC boosted its stake in shares of Harmonic by 1,583.7% during the fourth quarter. Algert Global LLC now owns 435,852 shares of the communications equipment provider’s stock valued at $5,766,000 after purchasing an additional 409,966 shares in the last quarter. 99.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on HLIT shares. Barclays reiterated an “underperform” rating on shares of Harmonic in a report on Tuesday, April 29th. Jefferies Financial Group began coverage on Harmonic in a report on Friday, February 21st. They issued 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. Needham & Company LLC reiterated a “buy” rating and set a $14.00 target price on shares of Harmonic in a research report on Tuesday, April 29th. Finally, Rosenblatt Securities cut their price target on shares of Harmonic from $12.00 to $11.00 and set a “buy” rating for the company in a report on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $12.33.

Harmonic Stock Up 0.7%

HLIT opened at $8.91 on Tuesday. The company has a market capitalization of $1.01 billion, a PE ratio of 27.00 and a beta of 1.04. The firm has a 50-day simple moving average of $9.15 and a two-hundred day simple moving average of $10.62. 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 announced its earnings results 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 business had revenue of $133.14 million during the quarter, compared to analyst estimates of $127.51 million. Harmonic had a return on equity of 15.90% and a net margin of 5.78%. The business’s revenue for the quarter was up 9.1% compared to the same quarter last year. Analysts forecast that Harmonic Inc. will post 0.31 earnings per share for the current fiscal 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.