White Pine Capital LLC Reduces Stock Position in Harmonic Inc. (NASDAQ:HLIT)

White Pine Capital LLC cut its holdings in shares of Harmonic Inc. (NASDAQ:HLIT) by 26.3% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 79,745 shares of the communications equipment provider’s stock after selling 28,447 shares during the quarter. White Pine Capital LLC owned approximately 0.07% of Harmonic worth $1,040,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Avior Wealth Management LLC acquired a new position in shares of Harmonic in the 4th quarter worth approximately $137,000. Kestra Advisory Services LLC acquired a new position in shares of Harmonic in the 3rd quarter worth approximately $131,000. PNC Financial Services Group Inc. grew its position in shares of Harmonic by 12.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 16,622 shares of the communications equipment provider’s stock worth $160,000 after acquiring an additional 1,871 shares in the last quarter. Innovis Asset Management LLC acquired a new position in shares of Harmonic in the 3rd quarter worth approximately $174,000. Finally, FNY Investment Advisers LLC acquired a new position in shares of Harmonic in the 4th quarter worth approximately $249,000. Institutional investors and hedge funds own 99.38% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on HLIT shares. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 target price on shares of Harmonic in a research report on Wednesday, April 17th. Raymond James reduced their price objective on Harmonic from $19.00 to $18.00 and set a “strong-buy” rating for the company in a research report on Tuesday, January 30th. TheStreet upgraded Harmonic from a “c” rating to a “b” rating in a research report on Monday, January 29th. Rosenblatt Securities reduced their price objective on Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, January 30th. Finally, StockNews.com upgraded Harmonic from a “sell” rating to a “hold” rating in a research report on Wednesday, February 28th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Harmonic has a consensus rating of “Buy” and a consensus target price of $17.20.

Harmonic Price Performance

HLIT stock remained flat at $9.20 during trading on Friday. The company’s stock had a trading volume of 7,936,060 shares, compared to its average volume of 2,108,406. The company has a current ratio of 1.21, a quick ratio of 0.91 and a debt-to-equity ratio of 0.02. Harmonic Inc. has a one year low of $8.80 and a one year high of $18.43. The company has a fifty day simple moving average of $12.25 and a two-hundred day simple moving average of $11.74. The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of 12.96 and a beta of 0.84.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, January 29th. The communications equipment provider reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.03. Harmonic had a return on equity of 4.71% and a net margin of 13.82%. The company had revenue of $167.10 million during the quarter, compared to analyst estimates of $158.98 million. During the same quarter in the previous year, the firm posted $0.12 EPS. The firm’s quarterly revenue was up 1.7% on a year-over-year basis. As a group, sell-side analysts expect that Harmonic Inc. will post 0.32 earnings per share for the current fiscal year.

Insider Transactions at Harmonic

In other news, SVP Nimrod Ben-Natan sold 100,000 shares of the business’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $12.91, for a total value of $1,291,000.00. Following the sale, the senior vice president now owns 302,214 shares of the company’s stock, valued at approximately $3,901,582.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, SVP Nimrod Ben-Natan sold 100,000 shares of the business’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $12.91, for a total value of $1,291,000.00. Following the sale, the senior vice president now owns 302,214 shares of the company’s stock, valued at approximately $3,901,582.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Neven Haltmayer sold 14,747 shares of the business’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $13.68, for a total value of $201,738.96. Following the completion of the sale, the senior vice president now directly owns 156,559 shares in the company, valued at approximately $2,141,727.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 150,000 shares of company stock valued at $1,917,122. Corporate insiders own 2.20% of the company’s stock.

Harmonic 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.