Schwab Charles Investment Management Inc. boosted its stake in shares of Harmonic Inc (NASDAQ:HLIT) by 21.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 936,171 shares of the communications equipment provider’s stock after purchasing an additional 166,398 shares during the period. Schwab Charles Investment Management Inc. owned approximately 1.15% of Harmonic worth $2,856,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. JPMorgan Chase & Co. grew its holdings in Harmonic by 18.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 139,888 shares of the communications equipment provider’s stock valued at $419,000 after purchasing an additional 21,554 shares in the last quarter. Cowen Prime Services LLC grew its holdings in Harmonic by 13.0% during the 3rd quarter. Cowen Prime Services LLC now owns 217,503 shares of the communications equipment provider’s stock worth $663,000 after acquiring an additional 24,988 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Harmonic during the 3rd quarter worth $190,000. BNP Paribas Arbitrage SA grew its holdings in Harmonic by 41.0% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 49,992 shares of the communications equipment provider’s stock worth $152,000 after acquiring an additional 14,536 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in Harmonic by 7.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 67,464 shares of the communications equipment provider’s stock worth $354,000 after acquiring an additional 4,942 shares in the last quarter. 95.98% of the stock is currently owned by institutional investors and hedge funds.
Shares of Harmonic Inc (NASDAQ:HLIT) opened at $3.95 on Tuesday. The company has a quick ratio of 0.99, a current ratio of 1.20 and a debt-to-equity ratio of 0.56. Harmonic Inc has a fifty-two week low of $2.80 and a fifty-two week high of $6.18. The company has a market cap of $322.39, a P/E ratio of -3.91 and a beta of 1.05.
Harmonic (NASDAQ:HLIT) last released its earnings results on Monday, October 30th. The communications equipment provider reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.07. The business had revenue of $92.00 million for the quarter, compared to the consensus estimate of $85.63 million. Harmonic had a negative net margin of 22.02% and a negative return on equity of 13.06%. The business’s revenue for the quarter was down 9.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.01) EPS. analysts predict that Harmonic Inc will post -0.51 earnings per share for the current fiscal year.
HLIT has been the subject of several research reports. BidaskClub raised shares of Harmonic from a “sell” rating to a “hold” rating in a report on Tuesday, December 12th. Zacks Investment Research downgraded shares of Harmonic from a “buy” rating to a “hold” rating in a research report on Wednesday, January 3rd. ValuEngine upgraded shares of Harmonic from a “sell” rating to a “hold” rating in a research report on Friday, December 1st. Northland Securities set a $6.00 price objective on shares of Harmonic and gave the company a “buy” rating in a research report on Tuesday, October 17th. Finally, Dougherty & Co restated a “buy” rating and set a $6.50 price target on shares of Harmonic in a research report on Monday, October 23rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $5.06.
In other Harmonic news, insider Neven Haltmayer sold 8,311 shares of Harmonic stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $3.81, for a total value of $31,664.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Bart Spriester sold 8,004 shares of Harmonic stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $3.81, for a total transaction of $30,495.24. The disclosure for this sale can be found here. Over the last three months, insiders sold 25,933 shares of company stock worth $98,389. 5.53% of the stock is currently owned by insiders.
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Harmonic Company Profile
Harmonic Inc (Harmonic) designs, manufactures and sells video infrastructure products, and system solutions. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers.
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