Wellington Management Group LLP reduced its holdings in shares of Harmonic Inc. (NASDAQ:HLIT - Free Report) by 48.5% in the third quarter, according to its most recent filing with the SEC. The fund owned 2,077,816 shares of the communications equipment provider's stock after selling 1,954,275 shares during the period. Wellington Management Group LLP owned about 1.78% of Harmonic worth $30,274,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. CWM LLC lifted its position in shares of Harmonic by 780.9% during 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 last quarter. Assenagon Asset Management S.A. boosted its position in Harmonic by 216.5% in the 2nd quarter. Assenagon Asset Management S.A. now owns 545,495 shares of the communications equipment provider's stock valued at $6,420,000 after buying an additional 373,155 shares during the period. Raymond James & Associates grew its stake in Harmonic by 88.3% in the 2nd quarter. Raymond James & Associates now owns 272,477 shares of the communications equipment provider's stock worth $3,207,000 after acquiring an additional 127,752 shares in the last quarter. Leeward Investments LLC MA increased its position in shares of Harmonic by 5.6% during the second quarter. Leeward Investments LLC MA now owns 1,975,966 shares of the communications equipment provider's stock worth $23,257,000 after acquiring an additional 105,162 shares during the period. Finally, Louisiana State Employees Retirement System raised its stake in shares of Harmonic by 5.2% during the second quarter. Louisiana State Employees Retirement System now owns 58,600 shares of the communications equipment provider's stock valued at $690,000 after acquiring an additional 2,900 shares in the last quarter. Hedge funds and other institutional investors own 99.38% of the company's stock.
NASDAQ:HLIT opened at $13.36 on Friday. The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of 18.30 and a beta of 0.92. Harmonic Inc. has a 52 week low of $9.10 and a 52 week 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. The firm has a 50 day moving average of $12.92 and a 200 day moving average of $12.91.
Harmonic (NASDAQ:HLIT - Get Free Report) last issued its quarterly earnings data on Monday, October 28th. The communications equipment provider reported $0.26 EPS for the quarter, beating 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 quarter in the prior year, the business posted ($0.05) EPS. The business's revenue for the quarter was up 53.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Harmonic Inc. will post 0.52 earnings per share for the current fiscal year.
HLIT has been the topic of several research reports. Northland Securities reduced their price objective on Harmonic from $16.00 to $14.00 and set an "outperform" rating on the stock in a report on Tuesday, October 29th. Raymond James downgraded Harmonic from a "strong-buy" rating to an "outperform" rating and decreased their price objective for the company from $17.00 to $14.00 in a report on Tuesday, October 29th. Jefferies Financial Group cut shares of Harmonic from a "buy" rating to a "hold" rating and dropped their target price for the stock from $14.00 to $12.50 in a report on Tuesday, October 29th. Barclays cut their target price on shares of Harmonic from $20.00 to $17.00 and set an "overweight" rating on the stock in a research report on Tuesday, October 29th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $18.00 price objective on shares of Harmonic in a research note on Tuesday, October 29th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, Harmonic presently has a consensus rating of "Moderate Buy" and an average price target of $15.25.
Get Our Latest Analysis on HLIT
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.
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