Algert Global LLC Purchases New Position in Harmonic Inc. (NASDAQ:HLIT)

Algert Global LLC purchased a new position in shares of Harmonic Inc. (NASDAQ:HLIT) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 24,566 shares of the communications equipment provider’s stock, valued at approximately $289,000.

Other institutional investors also recently bought and sold shares of the company. Sierra Summit Advisors LLC purchased a new position in shares of Harmonic during the 4th quarter valued at approximately $280,000. Wellington Management Group LLP lifted its holdings in Harmonic by 12.7% during the fourth quarter. Wellington Management Group LLP now owns 8,796,165 shares of the communications equipment provider’s stock valued at $114,702,000 after purchasing an additional 990,425 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Harmonic by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 9,686,046 shares of the communications equipment provider’s stock worth $126,306,000 after purchasing an additional 289,443 shares in the last quarter. Wasatch Advisors LP increased its stake in shares of Harmonic by 4.4% during the first quarter. Wasatch Advisors LP now owns 1,355,274 shares of the communications equipment provider’s stock worth $18,215,000 after purchasing an additional 57,002 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Harmonic by 0.4% during the 1st quarter. Principal Financial Group Inc. now owns 585,533 shares of the communications equipment provider’s stock worth $7,870,000 after purchasing an additional 2,142 shares during the last quarter. 99.38% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Harmonic

In other Harmonic news, SVP Neven Haltmayer sold 40,000 shares of Harmonic stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $14.41, for a total transaction of $576,400.00. Following the transaction, the senior vice president now directly owns 122,211 shares of the company’s stock, valued at $1,761,060.51. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.20% of the stock is currently owned by insiders.

Harmonic Trading Up 1.6 %

Shares of Harmonic stock opened at $13.59 on Thursday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.87 and a quick ratio of 1.32. The stock’s 50 day simple moving average is $13.87 and its 200-day simple moving average is $12.43. The stock has a market cap of $1.52 billion, a P/E ratio of 22.65 and a beta of 0.87. Harmonic Inc. has a 1-year low of $9.05 and a 1-year high of $15.31.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The company had revenue of $138.70 million for the quarter, compared to analyst estimates of $133.67 million. During the same quarter in the previous year, the company posted $0.07 earnings per share. The firm’s revenue for the quarter was down 11.1% compared to the same quarter last year. Analysts predict that Harmonic Inc. will post 0.44 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Barclays boosted their price objective on Harmonic from $14.00 to $20.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Rosenblatt Securities reiterated a “buy” rating and set a $18.00 price target on shares of Harmonic in a research report on Thursday, July 18th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $18.00 price objective on shares of Harmonic in a research note on Tuesday, July 30th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $18.50.

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.