Royce & Associates LP Has $6.63 Million Stake in Harmonic Inc. (NASDAQ:HLIT)

Key Points

• Royce & Associates LP increased its stake in Harmonic Inc. (NASDAQ:HLIT) by 13.1%, acquiring an additional 80,000 shares, which brings their total ownership to 690,849 shares valued at approximately $6.6 million.
• Other institutions, including Legato Capital Management and Y Intercept Hong Kong Ltd, also boosted their holdings in Harmonic during the first quarter, reflecting strong interest from institutional investors who collectively own 99.38% of the company's stock.
• Harmonic reported earnings of $0.11 per share for the most recent quarter, exceeding expectations, with revenues rising 9.1% year-over-year, contributing to a positive outlook for the company amidst mixed analyst ratings.

Royce & Associates LP grew its holdings in shares of Harmonic Inc. (NASDAQ:HLIT - Free Report) by 13.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 690,849 shares of the communications equipment provider's stock after purchasing an additional 80,000 shares during the period. Royce & Associates LP owned approximately 0.61% of Harmonic worth $6,625,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

A number of research firms recently weighed in on HLIT. Wall Street Zen lowered Harmonic from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 12th. Needham & Company LLC reaffirmed a "buy" rating and set a $14.00 target price on shares of Harmonic in a research note on Tuesday, April 29th. Barclays reaffirmed an "underperform" rating on shares of Harmonic in a research note on Tuesday, April 29th. Rosenblatt Securities reaffirmed a "buy" rating and set a $11.00 price target on shares of Harmonic in a research note on Tuesday, June 17th. Finally, Wolfe Research initiated coverage on Harmonic in a research note on Tuesday, July 8th. They set an "underperform" rating for the company. Two equities research 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. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $12.33.

Harmonic Stock Performance

Shares of HLIT stock traded up $0.11 during trading on Friday, reaching $9.00. The company had a trading volume of 951,201 shares, compared to its average volume of 1,207,680. The firm's 50 day simple moving average is $9.25 and its two-hundred day simple moving average is $9.85. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.06 and a quick ratio of 1.69. Harmonic Inc. has a one year low of $7.91 and a one year high of $15.46. The company has a market capitalization of $1.02 billion, a PE ratio of 20.00 and a beta of 1.05.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.05 by $0.06. The firm had revenue of $133.14 million for the quarter, compared to analyst estimates of $127.51 million. Harmonic had a return on equity of 18.28% and a net margin of 7.72%. The business's revenue for the quarter was up 9.1% compared to the same quarter last year. Sell-side analysts forecast that Harmonic Inc. will post 0.31 earnings per share for the current year.

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.