Squarepoint Ops LLC Has $7.74 Million Stock Position in Harmonic Inc. (NASDAQ:HLIT)

Squarepoint Ops LLC raised its stake in shares of Harmonic Inc. (NASDAQ:HLIT - Free Report) by 30.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 585,340 shares of the communications equipment provider's stock after buying an additional 135,878 shares during the quarter. Squarepoint Ops LLC owned about 0.50% of Harmonic worth $7,744,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of HLIT. Millennium Management LLC raised its holdings in shares of 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 worth $62,443,000 after acquiring an additional 4,667,996 shares during the period. Invesco Ltd. raised its stake 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 raised its stake 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. lifted its holdings in shares of Harmonic by 175.9% in the fourth 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 in the last quarter. Finally, Algert Global LLC lifted its holdings in shares of Harmonic by 1,583.7% in the fourth 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 in the last quarter. 99.38% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on HLIT. Wall Street Zen upgraded shares of Harmonic from a "hold" rating to a "buy" rating in a report on Thursday, March 27th. Barclays reiterated an "underperform" rating on shares of Harmonic in a report on Tuesday, April 29th. Jefferies Financial Group began coverage on Harmonic in a research report on Friday, February 21st. They set a "hold" rating for the company. Rosenblatt Securities decreased their price target on Harmonic from $12.00 to $11.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $14.00 price target on shares of Harmonic in a research report on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Harmonic presently has a consensus rating of "Moderate Buy" and an average target price of $12.33.

Harmonic Stock Performance

NASDAQ:HLIT traded up $0.03 during mid-day trading on Wednesday, hitting $9.17. The stock had a trading volume of 397,478 shares, compared to its average volume of 1,149,474. Harmonic Inc. has a twelve month low of $7.91 and a twelve month high of $15.46. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.80 and a current ratio of 2.18. The stock has a market cap of $1.04 billion, a price-to-earnings ratio of 27.77 and a beta of 1.03. The company's 50 day simple moving average is $9.18 and its 200 day simple moving average is $10.94.

Harmonic (NASDAQ:HLIT - Get Free Report) last released its quarterly earnings data 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. Harmonic had a return on equity of 15.90% and a net margin of 5.78%. The company had revenue of $133.14 million during the quarter, compared to analysts' expectations of $127.51 million. Harmonic's revenue was up 9.1% on a year-over-year basis. On average, equities research analysts forecast that Harmonic Inc. will post 0.31 earnings per share for the current year.

Harmonic declared that its board has approved a stock buyback plan on Monday, February 10th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the communications equipment provider to purchase up to 15.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its shares are undervalued.

About Harmonic

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.