Harmonic Inc. (NASDAQ:HLIT) Stock Holdings Lessened by Scopia Capital Management LP

Scopia Capital Management LP cut its stake in shares of Harmonic Inc. (NASDAQ:HLIT) by 60.7% in the 3rd quarter, Holdings Channel reports. The fund owned 2,197,308 shares of the communications equipment provider’s stock after selling 3,400,886 shares during the quarter. Harmonic accounts for approximately 6.6% of Scopia Capital Management LP’s portfolio, making the stock its 2nd biggest position. Scopia Capital Management LP’s holdings in Harmonic were worth $32,015,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in HLIT. Vanguard Group Inc. raised its position in Harmonic by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 9,852,064 shares of the communications equipment provider’s stock worth $132,412,000 after buying an additional 166,018 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its position in Harmonic by 9.1% in the first quarter. CANADA LIFE ASSURANCE Co now owns 129,390 shares of the communications equipment provider’s stock valued at $1,737,000 after purchasing an additional 10,838 shares during the period. Jane Street Group LLC boosted its holdings in Harmonic by 1,276.3% in the 1st quarter. Jane Street Group LLC now owns 1,203,297 shares of the communications equipment provider’s stock valued at $16,172,000 after purchasing an additional 1,115,870 shares in the last quarter. Boston Partners increased its position in Harmonic by 82.4% during the 1st quarter. Boston Partners now owns 120,296 shares of the communications equipment provider’s stock worth $1,617,000 after purchasing an additional 54,362 shares during the period. Finally, CWM LLC raised its stake in shares of Harmonic by 780.9% during the 2nd quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock worth $27,000 after buying an additional 1,999 shares in the last quarter. 99.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on HLIT. Raymond James downgraded Harmonic from a “strong-buy” rating to an “outperform” rating and decreased their price target for the company from $17.00 to $14.00 in a research note on Tuesday, October 29th. Jefferies Financial Group lowered shares of Harmonic from a “buy” rating to a “hold” rating and decreased their target price for the stock from $14.00 to $12.50 in a research report on Tuesday, October 29th. Barclays reduced their price objective on shares of Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Tuesday, October 29th. Needham & Company LLC restated a “buy” rating and set a $18.00 target price on shares of Harmonic in a research report on Tuesday, October 29th. Finally, Rosenblatt Securities reduced their price target on shares of Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, October 29th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $15.25.

Harmonic Stock Performance

Shares of HLIT opened at $12.82 on Friday. Harmonic Inc. has a 12-month low of $9.10 and a 12-month high of $15.46. The stock has a market cap of $1.49 billion, a P/E ratio of 17.56 and a beta of 0.89. 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 company has a 50-day moving average of $13.14 and a two-hundred day moving average of $12.82.

Harmonic (NASDAQ:HLIT) last issued 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. The firm had revenue of $195.80 million during the quarter, compared to the consensus estimate of $181.77 million. Harmonic had a return on equity of 7.56% and a net margin of 13.62%. The company’s quarterly revenue was up 53.9% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.05) EPS. As a group, research analysts predict that Harmonic Inc. will post 0.52 EPS for the current fiscal year.

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.