Algert Global LLC Grows Stake in Harmonic Inc. (NASDAQ:HLIT)

Algert Global LLC increased its holdings in shares of Harmonic Inc. (NASDAQ:HLIT - Free Report) by 1,583.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 435,852 shares of the communications equipment provider's stock after purchasing an additional 409,966 shares during the quarter. Algert Global LLC owned approximately 0.37% of Harmonic worth $5,766,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Amundi increased its position in shares of Harmonic by 113.3% in the fourth quarter. Amundi now owns 71,976 shares of the communications equipment provider's stock valued at $962,000 after acquiring an additional 38,230 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Harmonic in the 4th quarter valued at approximately $4,292,000. Russell Investments Group Ltd. grew its stake in shares of Harmonic by 5,388.1% in the fourth quarter. Russell Investments Group Ltd. now owns 5,543 shares of the communications equipment provider's stock valued at $73,000 after buying an additional 5,442 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Harmonic by 6.0% in the 3rd quarter. Franklin Resources Inc. now owns 39,041 shares of the communications equipment provider's stock valued at $538,000 after acquiring an additional 2,207 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of Harmonic by 18.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 246,944 shares of the communications equipment provider's stock worth $3,598,000 after purchasing an additional 38,137 shares during the last quarter. 99.38% of the stock is currently owned by institutional investors and hedge funds.

Harmonic Price Performance

Shares of Harmonic stock remained flat at $9.08 during trading on Friday. 760,018 shares of the stock were exchanged, compared to its average volume of 1,166,899. The company has a current ratio of 2.18, a quick ratio of 1.80 and a debt-to-equity ratio of 0.26. Harmonic Inc. has a 12 month low of $7.91 and a 12 month high of $15.46. The firm has a 50-day simple moving average of $9.42 and a 200-day simple moving average of $11.21. The company has a market cap of $1.03 billion, a P/E ratio of 27.52 and a beta of 1.03.

Harmonic (NASDAQ:HLIT - Get Free Report) last released its earnings results on Monday, April 28th. The communications equipment provider reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates of $0.05 by $0.06. Harmonic had a return on equity of 15.90% and a net margin of 5.78%. The company had revenue of $133.14 million during the quarter, compared to analyst estimates of $127.51 million. The company's revenue for the quarter was up 9.1% on a year-over-year basis. On average, equities research analysts anticipate that Harmonic Inc. will post 0.31 EPS for the current year.

Harmonic announced that its board has approved a share repurchase program on Monday, February 10th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the communications equipment provider to reacquire up to 15.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

HLIT has been the subject of several research reports. Jefferies Financial Group initiated coverage on Harmonic in a report on Friday, February 21st. They set a "hold" rating for the company. Needham & Company LLC restated a "buy" rating and issued a $14.00 target price on shares of Harmonic in a research note on Tuesday, April 29th. Barclays restated an "underperform" rating on shares of Harmonic in a research report on Tuesday, April 29th. StockNews.com raised shares of Harmonic from a "hold" rating to a "buy" rating in a report on Thursday, March 27th. Finally, Rosenblatt Securities lowered their price objective on Harmonic from $12.00 to $11.00 and set a "buy" rating on the stock in a research report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $12.33.

Insider Transactions at Harmonic

In related news, Director Daniel T. Whalen bought 3,000 shares of the business's stock in a transaction dated Monday, February 24th. The shares were purchased at an average price of $10.15 per share, with a total value of $30,450.00. Following the purchase, the director now owns 8,840 shares of the company's stock, valued at approximately $89,726. This trade represents a 51.37 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Walter Jankovic acquired 12,000 shares of the business's stock in a transaction on Wednesday, February 12th. The stock was acquired at an average price of $9.44 per share, for a total transaction of $113,280.00. Following the acquisition, the chief financial officer now owns 46,129 shares of the company's stock, valued at approximately $435,457.76. This trade represents a 35.16 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 32,780 shares of company stock worth $316,607. Company insiders own 2.36% of the company's stock.

About Harmonic

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.