Nuveen Asset Management LLC Sells 99,648 Shares of Harmonic Inc. (NASDAQ:HLIT)

Nuveen Asset Management LLC cut its position in shares of Harmonic Inc. (NASDAQ:HLIT - Free Report) by 7.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,307,549 shares of the communications equipment provider's stock after selling 99,648 shares during the quarter. Nuveen Asset Management LLC owned about 1.12% of Harmonic worth $17,299,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Handelsbanken Fonder AB increased its stake in Harmonic by 2.6% during the fourth quarter. Handelsbanken Fonder AB now owns 36,100 shares of the communications equipment provider's stock worth $478,000 after acquiring an additional 900 shares during the last quarter. Barclays PLC boosted its position in shares of Harmonic by 0.7% in the fourth quarter. Barclays PLC now owns 203,300 shares of the communications equipment provider's stock worth $2,690,000 after buying an additional 1,324 shares during the period. Inspire Investing LLC boosted its position in shares of Harmonic by 6.9% in the fourth quarter. Inspire Investing LLC now owns 30,154 shares of the communications equipment provider's stock worth $399,000 after buying an additional 1,944 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Harmonic by 3.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,811 shares of the communications equipment provider's stock worth $831,000 after buying an additional 2,146 shares during the period. Finally, Quarry LP purchased a new stake in shares of Harmonic in the fourth quarter worth about $33,000. 99.38% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Harmonic Stock Down 0.7%

Shares of NASDAQ:HLIT traded down $0.07 on Thursday, reaching $9.11. The company had a trading volume of 76,386 shares, compared to its average volume of 1,177,761. Harmonic Inc. has a twelve month low of $7.91 and a twelve month high of $15.46. The stock has a 50-day moving average price of $9.15 and a 200 day moving average price of $10.93. The stock has a market capitalization of $1.03 billion, a P/E ratio of 27.61 and a beta of 1.03. The company has a quick ratio of 1.80, a current ratio of 2.18 and a debt-to-equity ratio of 0.26.

Harmonic (NASDAQ:HLIT - Get Free Report) last posted its quarterly earnings data on Monday, April 28th. The communications equipment provider reported $0.11 EPS for the quarter, topping 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 business had revenue of $133.14 million for the quarter, compared to analyst estimates of $127.51 million. The firm's revenue was up 9.1% compared to the same quarter last year. On average, equities analysts expect that Harmonic Inc. will post 0.31 EPS for the current year.

Harmonic declared that its Board of Directors has initiated a stock repurchase plan 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 repurchase up to 15.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's leadership believes its stock is undervalued.

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.