57,779 Shares in Harmonic Inc. (NASDAQ:HLIT) Bought by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC bought a new stake in Harmonic Inc. (NASDAQ:HLIT) during the third quarter, according to its most recent filing with the SEC. The firm bought 57,779 shares of the communications equipment provider’s stock, valued at approximately $842,000.

Several other institutional investors have also recently bought and sold shares of HLIT. CWM LLC increased its stake in shares of Harmonic by 780.9% in the second quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock worth $27,000 after purchasing an additional 1,999 shares during the period. GAMMA Investing LLC increased its position in Harmonic by 117.6% in the 3rd quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock worth $36,000 after buying an additional 1,323 shares during the period. Innealta Capital LLC bought a new stake in shares of Harmonic in the second quarter valued at approximately $47,000. SageView Advisory Group LLC bought a new stake in shares of Harmonic in the first quarter valued at approximately $114,000. Finally, Verdence Capital Advisors LLC bought a new position in Harmonic during the second quarter worth $140,000. Institutional investors own 99.38% of the company’s stock.

Harmonic Trading Down 3.9 %

Shares of HLIT opened at $11.92 on Friday. The company has a current ratio of 2.08, a quick ratio of 1.62 and a debt-to-equity ratio of 0.29. The stock has a market cap of $1.39 billion, a PE ratio of 16.33 and a beta of 0.89. Harmonic Inc. has a 1 year low of $9.10 and a 1 year high of $15.46. The stock has a 50 day simple moving average of $13.40 and a 200-day simple moving average of $12.73.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.09. Harmonic had a return on equity of 7.56% and a net margin of 13.62%. The firm had revenue of $195.80 million during the quarter, compared to analyst estimates of $181.77 million. During the same period in the prior year, the company posted ($0.05) earnings per share. The business’s revenue for the quarter was up 53.9% compared to the same quarter last year. On average, sell-side analysts predict that Harmonic Inc. will post 0.52 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have weighed in on HLIT. Northland Securities reduced their price target on shares of Harmonic from $16.00 to $14.00 and set an “outperform” rating for the company in a report on Tuesday, October 29th. Rosenblatt Securities reduced their target price on shares of Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Barclays lowered their price target on Harmonic from $20.00 to $17.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 29th. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price objective on shares of Harmonic in a research report on Tuesday, October 29th. Finally, Raymond James cut Harmonic from a “strong-buy” rating to an “outperform” rating and lowered their price objective for the company from $17.00 to $14.00 in a research report on Tuesday, October 29th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $15.25.

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.