Assenagon Asset Management S.A. Acquires 86,390 Shares of Harmonic Inc. (NASDAQ:HLIT)

Assenagon Asset Management S.A. grew its stake in Harmonic Inc. (NASDAQ:HLIT - Free Report) by 33.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 348,382 shares of the communications equipment provider's stock after buying an additional 86,390 shares during the period. Assenagon Asset Management S.A. owned approximately 0.30% of Harmonic worth $3,341,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Quarry LP bought a new stake in shares of Harmonic during the 4th quarter worth $33,000. Russell Investments Group Ltd. boosted its holdings in shares of Harmonic by 5,388.1% in the 4th quarter. Russell Investments Group Ltd. now owns 5,543 shares of the communications equipment provider's stock worth $73,000 after purchasing an additional 5,442 shares in the last quarter. AlphaQuest LLC increased its position in shares of Harmonic by 14,765.9% during the 4th quarter. AlphaQuest LLC now owns 6,095 shares of the communications equipment provider's stock valued at $81,000 after purchasing an additional 6,054 shares during the last quarter. Cresset Asset Management LLC bought a new stake in Harmonic in the 4th quarter worth approximately $133,000. Finally, Cibc World Markets Corp purchased a new position in shares of Harmonic during the fourth quarter worth approximately $137,000. Institutional investors own 99.38% of the company's stock.

Wall Street Analysts Forecast Growth

HLIT has been the subject of several recent research reports. Barclays reissued an "underperform" rating on shares of Harmonic in a research note on Tuesday, April 29th. Needham & Company LLC restated a "buy" rating and set a $14.00 price target on shares of Harmonic in a research report on Tuesday, April 29th. Rosenblatt Securities reiterated a "buy" rating and issued a $11.00 price objective on shares of Harmonic in a research report on Tuesday. Jefferies Financial Group assumed coverage on shares of Harmonic in a report on Friday, February 21st. They issued a "hold" rating on the stock. Finally, Wall Street Zen upgraded shares of Harmonic from a "buy" rating to a "strong-buy" rating in a research report on Friday, June 6th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $12.33.

Harmonic Stock Up 1.2%

Shares of NASDAQ:HLIT traded up $0.10 during midday trading on Thursday, reaching $8.79. The company's stock had a trading volume of 1,139,843 shares, compared to its average volume of 1,138,072. The company has a quick ratio of 1.69, a current ratio of 2.06 and a debt-to-equity ratio of 0.27. The firm has a 50 day moving average of $9.13 and a 200-day moving average of $10.60. The firm has a market capitalization of $994.15 million, a P/E ratio of 19.53 and a beta of 1.04. Harmonic Inc. has a 12-month low of $7.91 and a 12-month high of $15.46.

Harmonic (NASDAQ:HLIT - Get Free Report) last announced 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. 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 7.72% and a return on equity of 18.28%. The company's quarterly revenue was up 9.1% compared to the same quarter last year. On average, research analysts anticipate that Harmonic Inc. will post 0.31 earnings per share for the current year.

Harmonic Company 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.