PAX Financial Group LLC Purchases New Holdings in Harmonic Inc. (NASDAQ:HLIT)

PAX Financial Group LLC bought a new position in Harmonic Inc. (NASDAQ:HLIT - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The fund bought 69,265 shares of the communications equipment provider's stock, valued at approximately $664,000. PAX Financial Group LLC owned 0.06% of Harmonic at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Quarry LP bought a new position in Harmonic in the 4th quarter worth $33,000. Russell Investments Group Ltd. raised its holdings in 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 during the period. AlphaQuest LLC raised its holdings in Harmonic by 14,765.9% in the 4th quarter. AlphaQuest LLC now owns 6,095 shares of the communications equipment provider's stock worth $81,000 after purchasing an additional 6,054 shares during the period. CWM LLC raised its holdings in Harmonic by 132.6% in the 1st quarter. CWM LLC now owns 7,119 shares of the communications equipment provider's stock worth $68,000 after purchasing an additional 4,058 shares during the period. Finally, GAMMA Investing LLC raised its holdings in Harmonic by 415.7% in the 1st quarter. GAMMA Investing LLC now owns 8,612 shares of the communications equipment provider's stock worth $898,000 after purchasing an additional 6,942 shares during the period. Institutional investors own 99.38% of the company's stock.

Harmonic Price Performance

Shares of HLIT traded down $0.09 during midday trading on Friday, hitting $9.26. 472,445 shares of the company traded hands, compared to its average volume of 1,155,153. The firm has a 50 day moving average of $9.31 and a 200-day moving average of $10.04. Harmonic Inc. has a 52 week low of $7.91 and a 52 week high of $15.46. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of 20.57 and a beta of 1.05. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.69 and a current ratio of 2.06.

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

Analyst Upgrades and Downgrades

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

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.