Inspire Advisors LLC Purchases New Position in Harmonic Inc. (NASDAQ:HLIT)

Key Points

• Inspire Advisors LLC has acquired a new position in Harmonic Inc. (NASDAQ:HLIT), purchasing 213,354 shares valued at approximately $2,046,000.
• Several hedge funds increased their holdings in Harmonic during the last quarter, with Millennium Management LLC raising its position by 9,004.4%.
• Harmonic's earnings report showed a net margin of 7.72% and revenue growth of 9.1% compared to the previous year, with earnings per share beating estimates at $0.11.

Inspire Advisors LLC purchased a new stake in Harmonic Inc. (NASDAQ:HLIT - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 213,354 shares of the communications equipment provider's stock, valued at approximately $2,046,000. Inspire Advisors LLC owned 0.19% of Harmonic at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of HLIT. Millennium Management LLC raised its position in shares of Harmonic by 9,004.4% in the 4th quarter. Millennium Management LLC now owns 4,719,837 shares of the communications equipment provider's stock valued at $62,443,000 after acquiring an additional 4,667,996 shares during the period. Invesco Ltd. increased its stake in Harmonic by 20.0% during the 4th quarter. Invesco Ltd. now owns 7,788,714 shares of the communications equipment provider's stock worth $103,045,000 after purchasing an additional 1,300,128 shares in the last quarter. Tudor Investment Corp ET AL increased its stake in Harmonic by 198.2% during the 4th quarter. Tudor Investment Corp ET AL now owns 797,176 shares of the communications equipment provider's stock worth $10,547,000 after purchasing an additional 529,833 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Harmonic by 175.9% during the 4th quarter. JPMorgan Chase & Co. now owns 681,425 shares of the communications equipment provider's stock worth $9,015,000 after purchasing an additional 434,481 shares in the last quarter. Finally, Algert Global LLC increased its stake in Harmonic by 1,583.7% during the 4th quarter. Algert Global LLC now owns 435,852 shares of the communications equipment provider's stock worth $5,766,000 after purchasing an additional 409,966 shares in the last quarter. 99.38% of the stock is currently owned by institutional investors and hedge funds.

Harmonic Price Performance

Shares of HLIT opened at $9.00 on Friday. The stock has a market capitalization of $1.02 billion, a P/E ratio of 20.00 and a beta of 1.05. Harmonic Inc. has a twelve month low of $7.91 and a twelve month high of $15.46. The company has a 50 day moving average of $9.25 and a 200-day moving average of $9.85. The company has a quick ratio of 1.69, a current ratio of 2.06 and a debt-to-equity ratio of 0.27.

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 the consensus estimate of $0.05 by $0.06. Harmonic had a net margin of 7.72% and a return on equity of 18.28%. The business had revenue of $133.14 million during the quarter, compared to analysts' expectations of $127.51 million. Harmonic's quarterly revenue was up 9.1% compared to the same quarter last year. As a group, equities research analysts forecast that Harmonic Inc. will post 0.31 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on HLIT. Wolfe Research began coverage on Harmonic in a research note on Tuesday, July 8th. They set an "underperform" rating for the company. Wall Street Zen cut Harmonic from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 12th. Needham & Company LLC reissued a "buy" rating and set a $14.00 target price on shares of Harmonic in a research note on Tuesday, April 29th. Barclays reissued an "underperform" rating on shares of Harmonic in a research note on Tuesday, April 29th. Finally, Rosenblatt Securities reissued a "buy" rating and set a $11.00 target price on shares of Harmonic in a research note on Tuesday, June 17th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $12.33.

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.

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