Lazard Asset Management LLC Invests $1.04 Million in Harmonic Inc. (NASDAQ:HLIT)

Lazard Asset Management LLC acquired a new stake in shares of Harmonic Inc. (NASDAQ:HLIT - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 78,334 shares of the communications equipment provider's stock, valued at approximately $1,036,000. Lazard Asset Management LLC owned approximately 0.07% of Harmonic as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. Handelsbanken Fonder AB increased its position in Harmonic by 2.6% in the 4th quarter. Handelsbanken Fonder AB now owns 36,100 shares of the communications equipment provider's stock worth $478,000 after buying an additional 900 shares during the period. Barclays PLC lifted its position in Harmonic by 0.7% during the 4th quarter. Barclays PLC now owns 203,300 shares of the communications equipment provider's stock valued at $2,690,000 after purchasing an additional 1,324 shares during the period. Inspire Investing LLC increased its holdings in Harmonic by 6.9% in the fourth quarter. Inspire Investing LLC now owns 30,154 shares of the communications equipment provider's stock valued at $399,000 after purchasing an additional 1,944 shares during the last quarter. Franklin Resources Inc. lifted its stake in Harmonic by 6.0% in the third quarter. Franklin Resources Inc. now owns 39,041 shares of the communications equipment provider's stock valued at $538,000 after buying an additional 2,207 shares during the period. Finally, Quarry LP acquired a new position in shares of Harmonic during the 4th quarter worth about $33,000. 99.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on HLIT. Northland Securities decreased their price objective on shares of Harmonic from $14.00 to $12.50 and set an "outperform" rating for the company in a report on Tuesday, February 11th. Jefferies Financial Group started coverage on shares of Harmonic in a report on Friday, February 21st. They issued a "hold" rating for the company. Needham & Company LLC restated a "buy" rating and issued a $14.00 price target on shares of Harmonic in a report on Tuesday, April 29th. Rosenblatt Securities cut their price objective on Harmonic from $12.00 to $11.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. Finally, Wall Street Zen upgraded Harmonic from a "hold" rating to a "buy" rating in a research report on Thursday, March 27th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $12.33.

Harmonic Stock Performance

NASDAQ:HLIT traded down $0.15 during mid-day trading on Thursday, hitting $9.09. 480,843 shares of the stock were exchanged, compared to its average volume of 1,153,874. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.80 and a current ratio of 2.18. The firm's 50-day simple moving average is $9.26 and its 200 day simple moving average is $11.00. Harmonic Inc. has a fifty-two week low of $7.91 and a fifty-two week high of $15.46. The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of 27.55 and a beta of 1.03.

Harmonic (NASDAQ:HLIT - Get Free Report) last announced its quarterly earnings data on Monday, April 28th. The communications equipment provider reported $0.11 EPS for the quarter, beating the consensus estimate of $0.05 by $0.06. The business had revenue of $133.14 million during the quarter, compared to the consensus estimate of $127.51 million. Harmonic had a net margin of 5.78% and a return on equity of 15.90%. Harmonic's quarterly revenue was up 9.1% on a year-over-year basis. As a group, equities analysts anticipate that Harmonic Inc. will post 0.31 EPS for the current fiscal year.

Harmonic declared that its board has initiated a stock repurchase plan on Monday, February 10th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the communications equipment provider to buy up to 15.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Insider Activity

In other Harmonic news, Director Daniel T. Whalen purchased 3,000 shares of the business's stock in a transaction dated Monday, February 24th. The shares were bought at an average price of $10.15 per share, for a total transaction of $30,450.00. Following the completion of the acquisition, the director now owns 8,840 shares in the company, valued at approximately $89,726. This trade represents a 51.37% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.21% of the company's stock.

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.