Schwab Charles Investment Management Inc. Raises Position in Harmonic Inc (NASDAQ:HLIT)

Schwab Charles Investment Management Inc. lifted its position in Harmonic Inc (NASDAQ:HLIT) by 8.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,012,912 shares of the communications equipment provider’s stock after acquiring an additional 76,741 shares during the period. Schwab Charles Investment Management Inc. owned 1.24% of Harmonic worth $4,255,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA grew its position 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 purchasing an additional 14,536 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in Harmonic during the 3rd quarter worth about $190,000. Voya Investment Management LLC grew its position in Harmonic by 12.1% during the 2nd quarter. Voya Investment Management LLC now owns 43,910 shares of the communications equipment provider’s stock worth $231,000 after purchasing an additional 4,742 shares during the period. The Manufacturers Life Insurance Company grew its position 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 purchasing an additional 4,942 shares during the period. Finally, JPMorgan Chase & Co. grew its position in Harmonic by 18.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 139,888 shares of the communications equipment provider’s stock worth $419,000 after purchasing an additional 21,554 shares during the period. 91.77% of the stock is currently owned by hedge funds and other institutional investors.

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Several equities research analysts have weighed in on the company. BidaskClub downgraded Harmonic from a “sell” rating to a “strong sell” rating in a research report on Tuesday, January 30th. Zacks Investment Research downgraded Harmonic from a “buy” rating to a “hold” rating in a research report on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. Harmonic currently has a consensus rating of “Hold” and an average price target of $5.06.

In other news, CEO Patrick Harshman sold 35,581 shares of the firm’s stock in a transaction dated Friday, March 9th. The stock was sold at an average price of $3.53, for a total transaction of $125,600.93. Following the sale, the chief executive officer now directly owns 708,160 shares in the company, valued at approximately $2,499,804.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Sanjay Kalra sold 10,455 shares of the firm’s stock in a transaction dated Friday, March 9th. The shares were sold at an average price of $3.53, for a total value of $36,906.15. Following the sale, the chief financial officer now owns 39,198 shares in the company, valued at $138,368.94. The disclosure for this sale can be found here. Insiders have sold a total of 56,234 shares of company stock worth $198,506 over the last 90 days. Insiders own 4.27% of the company’s stock.

Shares of NASDAQ:HLIT traded down $0.15 during trading on Friday, reaching $3.75. 407,214 shares of the company’s stock traded hands, compared to its average volume of 495,346. Harmonic Inc has a fifty-two week low of $2.80 and a fifty-two week high of $6.03. The company has a quick ratio of 1.03, a current ratio of 1.21 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $315.37, a PE ratio of -6.94 and a beta of 0.79.

Harmonic (NASDAQ:HLIT) last posted its earnings results on Wednesday, February 28th. The communications equipment provider reported ($0.07) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.04) by ($0.03). Harmonic had a negative net margin of 23.16% and a negative return on equity of 17.41%. The business had revenue of $100.97 million for the quarter, compared to analyst estimates of $96.47 million. sell-side analysts expect that Harmonic Inc will post -0.06 earnings per share for the current fiscal year.

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Harmonic Profile

Harmonic Inc designs, manufactures, and sells video infrastructure products and system solutions worldwide. Its products enable customers to create, prepare, and deliver a range of video and broadband services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones.

Institutional Ownership by Quarter for Harmonic (NASDAQ:HLIT)

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