Wasatch Advisors LP Acquires 57,002 Shares of Harmonic Inc. (NASDAQ:HLIT)

Wasatch Advisors LP increased its holdings in Harmonic Inc. (NASDAQ:HLIT) by 4.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,355,274 shares of the communications equipment provider’s stock after acquiring an additional 57,002 shares during the quarter. Wasatch Advisors LP’s holdings in Harmonic were worth $18,215,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Silverberg Bernstein Capital Management LLC purchased a new position in shares of Harmonic in the 4th quarter worth about $10,481,000. Thornburg Investment Management Inc. lifted its stake in shares of Harmonic by 21.6% in the fourth quarter. Thornburg Investment Management Inc. now owns 921,312 shares of the communications equipment provider’s stock worth $12,008,000 after buying an additional 163,882 shares in the last quarter. Ghisallo Capital Management LLC purchased a new stake in shares of Harmonic during the fourth quarter valued at approximately $2,848,000. Westfield Capital Management Co. LP bought a new stake in shares of Harmonic during the fourth quarter valued at approximately $19,257,000. Finally, DigitalBridge Group Inc. raised its holdings in Harmonic by 126.4% in the 3rd quarter. DigitalBridge Group Inc. now owns 932,096 shares of the communications equipment provider’s stock worth $8,976,000 after acquiring an additional 520,369 shares during the last quarter. 99.38% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Harmonic

In other Harmonic news, SVP Ian Graham sold 52,730 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $10.95, for a total value of $577,393.50. Following the transaction, the senior vice president now directly owns 63,616 shares in the company, valued at $696,595.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.20% of the company’s stock.

Analyst Ratings Changes

Separately, Needham & Company LLC reissued a “buy” rating and issued a $18.00 target price on shares of Harmonic in a report on Monday, June 17th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $17.20.

Harmonic Stock Up 0.3 %

Shares of Harmonic stock opened at $11.91 on Wednesday. The company has a quick ratio of 0.78, a current ratio of 1.09 and a debt-to-equity ratio of 0.03. Harmonic Inc. has a twelve month low of $8.80 and a twelve month high of $16.39. The company has a market cap of $1.34 billion, a price-to-earnings ratio of 19.85 and a beta of 0.89. The company’s 50 day moving average is $11.33 and its 200 day moving average is $12.05.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings results on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.04). Harmonic had a net margin of 12.37% and a return on equity of 1.35%. The firm had revenue of $122.06 million for the quarter, compared to the consensus estimate of $121.70 million. During the same period in the previous year, the company earned $0.06 earnings per share. Harmonic’s quarterly revenue was down 22.6% compared to the same quarter last year. Research analysts anticipate that Harmonic Inc. will post 0.36 EPS for the current year.

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.