New York State Common Retirement Fund Sells 10,000 Shares of Harmonic Inc. (NASDAQ:HLIT)

New York State Common Retirement Fund lowered its stake in Harmonic Inc. (NASDAQ:HLIT) by 27.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,229 shares of the communications equipment provider’s stock after selling 10,000 shares during the quarter. New York State Common Retirement Fund’s holdings in Harmonic were worth $252,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Russell Investments Group Ltd. raised its holdings in shares of Harmonic by 5,388.1% in the 4th quarter. Russell Investments Group Ltd. now owns 5,543 shares of the communications equipment provider’s stock valued at $73,000 after acquiring an additional 5,442 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Harmonic by 2.8% in the first quarter. Principal Financial Group Inc. now owns 583,943 shares of the communications equipment provider’s stock worth $5,600,000 after purchasing an additional 15,756 shares during the last quarter. GAMMA Investing LLC raised its stake in Harmonic by 415.7% in the first quarter. GAMMA Investing LLC now owns 8,612 shares of the communications equipment provider’s stock valued at $898,000 after purchasing an additional 6,942 shares in the last quarter. Northern Trust Corp raised its stake in Harmonic by 13.3% in the fourth quarter. Northern Trust Corp now owns 1,252,837 shares of the communications equipment provider’s stock valued at $16,575,000 after purchasing an additional 147,274 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in Harmonic during the fourth quarter valued at approximately $307,000. Hedge funds and other institutional investors own 99.38% of the company’s stock.

Harmonic Stock Performance

NASDAQ HLIT opened at $9.00 on Friday. The company has a 50-day simple moving average of $9.25 and a two-hundred day simple moving average of $9.85. Harmonic Inc. has a 12-month low of $7.91 and a 12-month high of $15.46. The firm has a market cap of $1.02 billion, a price-to-earnings ratio of 20.00 and a beta of 1.05. The company has a quick ratio of 1.69, a current ratio of 2.06 and a debt-to-equity ratio of 0.27.

Harmonic (NASDAQ:HLIT) last issued its earnings results on Monday, April 28th. The communications equipment provider reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.06. The company had revenue of $133.14 million during the quarter, compared to analysts’ expectations of $127.51 million. Harmonic had a return on equity of 18.28% and a net margin of 7.72%. The firm’s quarterly revenue was up 9.1% compared to the same quarter last year. On average, equities analysts forecast that Harmonic Inc. will post 0.31 EPS for the current year.

Wall Street Analysts Forecast Growth

HLIT has been the topic of a number of research analyst reports. Barclays reissued an “underperform” rating on shares of Harmonic in a report on Tuesday, April 29th. Rosenblatt Securities reissued a “buy” rating and issued a $11.00 target price on shares of Harmonic in a research note on Tuesday, June 17th. Wall Street Zen lowered Harmonic from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 12th. Needham & Company LLC reiterated a “buy” rating and issued a $14.00 price objective on shares of Harmonic in a report on Tuesday, April 29th. Finally, Wolfe Research initiated coverage on Harmonic in a report on Tuesday, July 8th. They set an “underperform” rating on the stock. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $12.33.

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.