Verition Fund Management LLC Grows Holdings in Harmonic Inc. (NASDAQ:HLIT)

Verition Fund Management LLC boosted its position in Harmonic Inc. (NASDAQ:HLIT) by 9.8% in the third quarter, HoldingsChannel reports. The firm owned 426,309 shares of the communications equipment provider’s stock after buying an additional 37,911 shares during the quarter. Verition Fund Management LLC’s holdings in Harmonic were worth $6,211,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. 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 purchasing an additional 1,999 shares during the period. GAMMA Investing LLC raised its position in Harmonic by 117.6% in the third quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock worth $36,000 after acquiring an additional 1,323 shares during the period. Innealta Capital LLC purchased a new position in Harmonic in the second quarter valued at about $47,000. Verdence Capital Advisors LLC purchased a new position in Harmonic in the second quarter valued at about $140,000. Finally, Captrust Financial Advisors increased its stake in shares of Harmonic by 14.9% during the 3rd quarter. Captrust Financial Advisors now owns 12,671 shares of the communications equipment provider’s stock worth $185,000 after purchasing an additional 1,647 shares during the last quarter. Hedge funds and other institutional investors own 99.38% of the company’s stock.

Wall Street Analyst Weigh In

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

Harmonic Stock Up 0.9 %

HLIT stock opened at $12.94 on Tuesday. The stock has a 50-day simple moving average of $13.11 and a two-hundred day simple moving average of $12.85. The firm has a market capitalization of $1.51 billion, a PE ratio of 17.73 and a beta of 0.89. Harmonic Inc. has a twelve month low of $9.10 and a twelve month high of $15.46. The company has a quick ratio of 1.62, a current ratio of 2.08 and a debt-to-equity ratio of 0.29.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings results on Monday, October 28th. The communications equipment provider reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.09. Harmonic had a net margin of 13.62% and a return on equity of 7.56%. 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 previous year, the business earned ($0.05) EPS. The business’s revenue for the quarter was up 53.9% on a year-over-year basis. On average, equities 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.