Victory Capital Management Inc. Cuts Stake in Harmonic Inc. (NASDAQ:HLIT)

Victory Capital Management Inc. cut its stake in Harmonic Inc. (NASDAQ:HLIT) by 68.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 395,882 shares of the communications equipment provider’s stock after selling 857,872 shares during the period. Victory Capital Management Inc. owned approximately 0.34% of Harmonic worth $3,797,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. Quarry LP purchased a new position in Harmonic in the fourth quarter valued at approximately $33,000. Russell Investments Group Ltd. grew its stake in Harmonic by 5,388.1% during the fourth quarter. Russell Investments Group Ltd. now owns 5,543 shares of the communications equipment provider’s stock worth $73,000 after buying an additional 5,442 shares during the period. CWM LLC increased its position in shares of Harmonic by 132.6% in the first quarter. CWM LLC now owns 7,119 shares of the communications equipment provider’s stock worth $68,000 after acquiring an additional 4,058 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Harmonic by 415.7% in the first quarter. GAMMA Investing LLC now owns 8,612 shares of the communications equipment provider’s stock worth $898,000 after acquiring an additional 6,942 shares in the last quarter. Finally, Cresset Asset Management LLC purchased a new position in shares of Harmonic in the 4th quarter valued at $133,000. 99.38% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on HLIT shares. Needham & Company LLC restated a “buy” rating and set a $14.00 target price on shares of Harmonic in a report on Tuesday, April 29th. Wolfe Research assumed coverage on Harmonic in a research note on Tuesday, July 8th. They set an “underperform” rating on the stock. Rosenblatt Securities reaffirmed a “buy” rating and issued a $11.00 target price on shares of Harmonic in a research report on Tuesday, June 17th. Barclays reiterated an “underperform” rating on shares of Harmonic in a research note on Tuesday, April 29th. Finally, Wall Street Zen lowered Harmonic from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 12th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $12.33.

Harmonic Stock Up 1.2%

Shares of NASDAQ HLIT opened at $9.00 on Monday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.69 and a current ratio of 2.06. Harmonic Inc. has a 1 year low of $7.91 and a 1 year high of $15.46. The stock’s 50-day simple moving average is $9.25 and its 200-day simple moving average is $9.82. The firm has a market cap of $1.02 billion, a price-to-earnings ratio of 20.00 and a beta of 1.05.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings data on Monday, April 28th. The communications equipment provider reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.06. Harmonic had a return on equity of 18.28% and a net margin of 7.72%. The firm had revenue of $133.14 million during the quarter, compared to analyst estimates of $127.51 million. The business’s revenue for the quarter was up 9.1% on a year-over-year basis. As a group, equities analysts anticipate that Harmonic Inc. will post 0.31 earnings per share for the current fiscal year.

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.