Harmonic Inc. $HLIT Shares Sold by Lazard Asset Management LLC

Lazard Asset Management LLC cut its stake in Harmonic Inc. (NASDAQ:HLIT - Free Report) by 93.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,598 shares of the communications equipment provider's stock after selling 494,570 shares during the period. Lazard Asset Management LLC's holdings in Harmonic were worth $302,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Harmonic by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 12,022,963 shares of the communications equipment provider's stock valued at $118,907,000 after buying an additional 148,281 shares during the last quarter. State Street Corp grew its holdings in Harmonic by 1.8% in the 4th quarter. State Street Corp now owns 4,471,187 shares of the communications equipment provider's stock worth $44,220,000 after buying an additional 80,791 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Harmonic by 5.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,673,398 shares of the communications equipment provider's stock worth $32,987,000 after buying an additional 188,293 shares in the last quarter. Alliancebernstein L.P. increased its position in Harmonic by 2.9% in the 3rd quarter. Alliancebernstein L.P. now owns 2,406,945 shares of the communications equipment provider's stock valued at $24,503,000 after acquiring an additional 68,921 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its position in Harmonic by 2.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,196,469 shares of the communications equipment provider's stock valued at $19,724,000 after acquiring an additional 54,157 shares during the period. 99.38% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Harmonic

In related news, Director Stephanie Copeland sold 4,300 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $13.30, for a total value of $57,190.00. Following the completion of the transaction, the director owned 20,752 shares in the company, valued at $276,001.60. This trade represents a 17.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Neven Haltmayer sold 31,766 shares of the stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $13.24, for a total value of $420,581.84. Following the completion of the transaction, the senior vice president owned 133,924 shares of the company's stock, valued at $1,773,153.76. This trade represents a 19.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.74% of the company's stock.

Wall Street Analysts Forecast Growth

HLIT has been the subject of a number of research analyst reports. Needham & Company LLC upped their target price on Harmonic from $17.00 to $18.00 and gave the stock a "buy" rating in a research report on Tuesday, May 12th. Zacks Research downgraded Harmonic from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 24th. Jefferies Financial Group reissued a "hold" rating and issued a $15.00 price objective on shares of Harmonic in a research note on Tuesday, May 12th. Rosenblatt Securities restated a "buy" rating and issued a $20.00 price objective on shares of Harmonic in a report on Monday, June 15th. Finally, Barclays raised their target price on Harmonic from $11.00 to $15.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 12th. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $16.60.

Harmonic Trading Up 1.4%

Shares of NASDAQ:HLIT opened at $11.84 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.03 and a current ratio of 2.27. The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of -32.00 and a beta of 1.32. Harmonic Inc. has a 1-year low of $8.47 and a 1-year high of $17.68. The company has a 50 day moving average price of $13.56 and a 200 day moving average price of $11.72.

Harmonic Company Profile

Harmonic Inc NASDAQ: HLIT is a leading provider of video delivery infrastructure that enables service providers, broadcasters and content owners to capture, process and distribute high‐quality video across broadcast, cable, satellite and IP networks. The company's portfolio spans real‐time video compression solutions, including encoders and transcoders, as well as storage and server products designed for live production, playout and streaming on any device.

Harmonic's product lines include cable edge QAM modules and set‐top video processing platforms for traditional pay‐TV operators, alongside cloud‐native software for over‐the‐top (OTT) delivery, origin servers and content delivery network (CDN) services.

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