UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $4.26 Million Position in Harmonic Inc. (NASDAQ:HLIT)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Harmonic Inc. (NASDAQ:HLIT - Free Report) by 18.5% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 322,262 shares of the communications equipment provider's stock after buying an additional 50,342 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.28% of Harmonic worth $4,264,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Quarry LP acquired a new position in Harmonic in the fourth quarter valued at approximately $33,000. Russell Investments Group Ltd. lifted its stake in shares of 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 valued at $73,000 after purchasing an additional 5,442 shares during the period. AlphaQuest LLC lifted its stake in shares of Harmonic by 14,765.9% in the 4th quarter. AlphaQuest LLC now owns 6,095 shares of the communications equipment provider's stock valued at $81,000 after purchasing an additional 6,054 shares during the period. KBC Group NV boosted its position in shares of Harmonic by 84.8% in the 4th quarter. KBC Group NV now owns 6,295 shares of the communications equipment provider's stock worth $83,000 after purchasing an additional 2,888 shares during the last quarter. Finally, Cresset Asset Management LLC acquired a new stake in shares of Harmonic during the fourth quarter worth $133,000. Institutional investors own 99.38% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Wall Street Zen raised Harmonic from a "buy" rating to a "strong-buy" rating in a research note on Friday. Jefferies Financial Group initiated coverage on shares of Harmonic in a research report on Friday, February 21st. They issued a "hold" rating for the company. Northland Securities reduced their target price on Harmonic from $14.00 to $12.50 and set an "outperform" rating on the stock in a report on Tuesday, February 11th. Rosenblatt Securities decreased their target price 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 restated a "buy" rating and issued a $14.00 price target on shares of Harmonic in a report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Harmonic currently has an average rating of "Moderate Buy" and a consensus price target of $12.33.

Harmonic Stock Up 1.8%

Shares of NASDAQ:HLIT traded up $0.17 during midday trading on Friday, reaching $9.49. 460,503 shares of the company were exchanged, compared to its average volume of 1,141,010. The firm has a market cap of $1.07 billion, a PE ratio of 28.76 and a beta of 1.04. Harmonic Inc. has a fifty-two week low of $7.91 and a fifty-two week high of $15.46. The stock has a fifty day simple moving average of $9.07 and a two-hundred day simple moving average of $10.76. 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 released its quarterly earnings results on Monday, April 28th. The communications equipment provider reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.06. The firm had revenue of $133.14 million for the quarter, compared to the consensus estimate of $127.51 million. Harmonic had a return on equity of 15.90% and a net margin of 5.78%. The business's quarterly revenue was up 9.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Harmonic Inc. will post 0.31 earnings per share for the current year.

Harmonic declared that its Board of Directors has approved a stock buyback program on Monday, February 10th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the communications equipment provider to reacquire up to 15.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management 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.