BNP Paribas Arbitrage SNC increased its position in shares of Harmonic Inc. (NASDAQ:HLIT – Free Report) by 174.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 369,980 shares of the communications equipment provider’s stock after acquiring an additional 235,204 shares during the quarter. BNP Paribas Arbitrage SNC owned about 0.33% of Harmonic worth $5,983,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Jennison Associates LLC grew its position in shares of Harmonic by 3.5% during the 2nd quarter. Jennison Associates LLC now owns 53,309 shares of the communications equipment provider’s stock worth $862,000 after buying an additional 1,779 shares during the period. Credit Suisse AG grew its stake in shares of Harmonic by 2.4% during the first quarter. Credit Suisse AG now owns 124,022 shares of the communications equipment provider’s stock worth $1,809,000 after purchasing an additional 2,870 shares during the period. Level Four Advisory Services LLC bought a new stake in Harmonic in the second quarter valued at about $440,000. Emerald Advisers LLC acquired a new position in Harmonic in the first quarter valued at about $1,981,000. Finally, Navellier & Associates Inc. acquired a new position in shares of Harmonic during the 2nd quarter worth about $331,000. 99.38% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
HLIT has been the topic of several recent analyst reports. Barclays reduced their price objective on shares of Harmonic from $20.00 to $14.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 1st. StockNews.com raised Harmonic from a “sell” rating to a “hold” rating in a research note on Tuesday, October 31st. Raymond James cut their price objective on Harmonic from $16.00 to $15.00 and set a “strong-buy” rating on the stock in a report on Tuesday, October 31st. Rosenblatt Securities dropped their target price on shares of Harmonic from $22.00 to $18.00 and set a “buy” rating on the stock in a report on Tuesday, August 1st. Finally, Northland Securities reduced their price target on shares of Harmonic from $23.00 to $20.00 and set an “outperform” rating for the company in a report on Tuesday, August 1st. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $17.33.
Harmonic Stock Down 1.4 %
Harmonic stock opened at $10.91 on Tuesday. The company has a current ratio of 1.20, a quick ratio of 0.82 and a debt-to-equity ratio of 0.03. Harmonic Inc. has a 1-year low of $8.80 and a 1-year high of $18.43. The company has a fifty day simple moving average of $10.07 and a 200 day simple moving average of $12.99. The company has a market cap of $1.22 billion, a P/E ratio of 272.75 and a beta of 0.90.
Harmonic (NASDAQ:HLIT – Get Free Report) last announced its quarterly earnings data on Monday, October 30th. The communications equipment provider reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.01). Harmonic had a net margin of 1.04% and a return on equity of 6.97%. The company had revenue of $127.20 million during the quarter, compared to the consensus estimate of $132.63 million. Research analysts anticipate that Harmonic Inc. will post 0.16 earnings per share for the current fiscal year.
Harmonic Inc, together with its subsidiaries, provide video delivery software, products, system solutions, and services worldwide. The company operates in two segments, Video and Broadband. The Video segment sells video processing, production, and playout solutions and services to broadband operators, and satellite and telecommunications Pay-TV service providers, as well as to broadcast and media, including streaming media companies.
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