Pacer Advisors Inc. Has $3.87 Million Stock Holdings in Harmonic Inc. $HLIT

Key Points

• Pacer Advisors reduced its Harmonic stake by 17.5% in the first quarter, selling 91,145 shares and retaining 430,859 shares worth approximately $3.87 million. Institutional investors collectively own 99.38% of HLIT.
• Harmonic shares opened at $11.68, below the 50-day moving average of $13.62 and the 12-month high of $17.68. The stock has a market capitalization of approximately $1.27 billion.
• Analysts maintain a consensus “Hold” rating with an average price target of $16.60, while company insiders recently sold shares, including a 31,766-share sale by Senior Vice President Neven Haltmayer.

Pacer Advisors Inc. reduced its holdings in shares of Harmonic Inc. (NASDAQ:HLIT - Free Report) by 17.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 430,859 shares of the communications equipment provider's stock after selling 91,145 shares during the quarter. Pacer Advisors Inc. owned 0.40% of Harmonic worth $3,869,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Amundi raised its holdings in shares of Harmonic by 68.5% in the 1st quarter. Amundi now owns 52,167 shares of the communications equipment provider's stock worth $468,000 after acquiring an additional 21,205 shares during the last quarter. California State Teachers Retirement System increased its holdings in Harmonic by 16.9% during the 1st quarter. California State Teachers Retirement System now owns 126,667 shares of the communications equipment provider's stock worth $1,137,000 after purchasing an additional 18,318 shares in the last quarter. Quantinno Capital Management LP increased its holdings in Harmonic by 17.7% during the 1st quarter. Quantinno Capital Management LP now owns 32,605 shares of the communications equipment provider's stock worth $293,000 after purchasing an additional 4,910 shares in the last quarter. Gateway Wealth Partners LLC purchased a new stake in shares of Harmonic in the first quarter worth approximately $90,000. Finally, Renaissance Technologies LLC lifted its holdings in shares of Harmonic by 120.7% in the first quarter. Renaissance Technologies LLC now owns 1,052,927 shares of the communications equipment provider's stock valued at $9,455,000 after purchasing an additional 575,800 shares in the last quarter. 99.38% of the stock is owned by institutional investors.

Harmonic Stock Performance

Shares of HLIT opened at $11.68 on Friday. The stock has a 50 day moving average of $13.62 and a 200 day moving average of $11.72. The company has a market capitalization of $1.27 billion, a price-to-earnings ratio of -31.57 and a beta of 1.32. Harmonic Inc. has a 12 month low of $8.47 and a 12 month high of $17.68. The company has a current ratio of 2.27, a quick ratio of 2.03 and a debt-to-equity ratio of 0.31.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on HLIT shares. Needham & Company LLC upped their price target on Harmonic from $17.00 to $18.00 and gave the stock a "buy" rating in a report on Tuesday, May 12th. Wall Street Zen cut Harmonic from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 1st. Northland Securities set a $15.00 price objective on shares of Harmonic in a report on Tuesday, May 12th. Weiss Ratings upgraded shares of Harmonic from a "sell (d)" rating to a "sell (d+)" rating in a research note on Friday, July 17th. Finally, Jefferies Financial Group reiterated a "hold" rating and issued a $15.00 target price on shares of Harmonic in a report on Tuesday, May 12th. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $16.60.

Insiders Place Their Bets

In related news, SVP Neven Haltmayer sold 31,766 shares of the business's stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $13.24, for a total value of $420,581.84. Following the transaction, the senior vice president directly owned 133,924 shares of the company's stock, valued at approximately $1,773,153.76. The trade was a 19.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Stephanie Copeland sold 4,300 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $13.30, for a total transaction of $57,190.00. Following the transaction, the director owned 20,752 shares of the company's stock, valued at approximately $276,001.60. The trade was a 17.16% decrease in their position. The SEC filing for this sale provides additional information. 1.74% of the stock is owned by corporate insiders.

About Harmonic

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source