Harmonic Inc. $HLIT Stock Position Decreased by Philadelphia Trust Co.

Philadelphia Trust Co. lowered its position in Harmonic Inc. (NASDAQ:HLIT) by 21.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 195,032 shares of the communications equipment provider’s stock after selling 53,365 shares during the period. Philadelphia Trust Co. owned approximately 0.18% of Harmonic worth $2,060,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Nykredit A S acquired a new position in Harmonic during the second quarter worth $36,000. Sterling Capital Management LLC grew its holdings in Harmonic by 847.4% in the third quarter. Sterling Capital Management LLC now owns 3,695 shares of the communications equipment provider’s stock valued at $39,000 after purchasing an additional 3,305 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new stake in Harmonic in the second quarter valued at $47,000. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Harmonic in the second quarter valued at $49,000. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Harmonic in the first quarter valued at $75,000. 99.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Jefferies Financial Group cut their price target on Harmonic from $15.00 to $13.00 and set a “hold” rating for the company in a research note on Tuesday, November 3rd. Northland Securities set a $17.00 price objective on shares of Harmonic in a research note on Thursday, August 13th. Needham & Company LLC reissued a “buy” rating on shares of Harmonic in a research note on Thursday, August 13th. Weiss Ratings upgraded shares of Harmonic from a “sell (d)” rating to a “sell (d+)” rating in a report on Thursday, October 8th. Finally, Rosenblatt Securities restated a “buy” rating and set a $20.00 target price on shares of Harmonic in a research report on Thursday, October 29th. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $16.83.

Harmonic Price Performance

HLIT stock opened at $9.99 on Wednesday. The stock’s 50 day moving average price is $10.85 and its 200 day moving average price is $11.56. The firm has a market cap of $1.07 billion, a P/E ratio of 20.88 and a beta of 1.37. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.82 and a current ratio of 2.43. Harmonic Inc. has a 1 year low of $8.47 and a 1 year high of $17.68.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings results on Monday, November 2nd. The communications equipment provider reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.06. Harmonic had a positive return on equity of 14.73% and a negative net margin of 6.27%. The company had revenue of $148.84 million during the quarter, compared to the consensus estimate of $129.47 million. During the same quarter last year, the business posted $0.12 earnings per share. Harmonic’s revenue was up 64.5% compared to the same quarter last year. On average, sell-side analysts expect that Harmonic Inc. will post 0.53 earnings per share for the current fiscal year.

Harmonic Company Profile

Harmonic Inc. develops technology for broadband access and video delivery. Its customers include cable and other broadband service providers, broadcasters, and streaming and media companies. For broadband providers, Harmonic offers network equipment and software, including its CableOS platform, which supports virtualized cable access networks. Its video products and services help customers process, manage, and distribute content across broadcast, streaming, and other delivery platforms. Harmonic serves customers around the world.