Harmonic Inc. (NASDAQ:HLIT) Position Cut by Victory Capital Management Inc.

Key Points

• Victory Capital Management Inc. has reduced its holdings in Harmonic Inc. by 68.4%, selling 857,872 shares and now owning approximately 0.34% of the company valued at $3.8 million.
• Several hedge funds have shifted their positions in Harmonic, with Russell Investments increasing its stake by 5,388.1% and CWM LLC growing its holdings by 132.6% in the first quarter.
• Analysts have mixed reviews on Harmonic, with a consensus rating of “Hold” and a target price of $12.33; Needham & Company LLC has a buy rating with a price objective of $14.00.

Victory Capital Management Inc. decreased its position in Harmonic Inc. (NASDAQ:HLIT - Free Report) by 68.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 395,882 shares of the communications equipment provider's stock after selling 857,872 shares during the quarter. Victory Capital Management Inc. owned 0.34% of Harmonic worth $3,797,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of HLIT. Quarry LP acquired a new stake in Harmonic in the fourth quarter valued at approximately $33,000. CWM LLC grew its position in Harmonic by 132.6% in the first quarter. CWM LLC now owns 7,119 shares of the communications equipment provider's stock valued at $68,000 after acquiring an additional 4,058 shares in the last quarter. Russell Investments Group Ltd. grew its position in Harmonic by 5,388.1% in the fourth quarter. Russell Investments Group Ltd. now owns 5,543 shares of the communications equipment provider's stock valued at $73,000 after acquiring an additional 5,442 shares in the last quarter. Cresset Asset Management LLC purchased a new position in shares of Harmonic during the 4th quarter valued at approximately $133,000. Finally, PharVision Advisers LLC purchased a new position in shares of Harmonic during the 4th quarter valued at approximately $138,000. Institutional investors and hedge funds own 99.38% of the company's stock.

Harmonic Stock Performance

HLIT traded down $0.25 during trading hours on Thursday, hitting $8.75. 184,250 shares of the stock were exchanged, compared to its average volume of 1,171,160. The stock has a 50-day simple moving average of $9.24 and a 200-day simple moving average of $9.79. Harmonic Inc. has a 12 month low of $7.80 and a 12 month high of $15.46. The stock has a market cap of $989.06 million, a price-to-earnings ratio of 14.84 and a beta of 1.05. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.99 and a quick ratio of 1.69.

Harmonic (NASDAQ:HLIT - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The communications equipment provider reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.06. Harmonic had a return on equity of 17.83% and a net margin of 9.96%. The firm had revenue of $138.03 million for the quarter, compared to analysts' expectations of $134.90 million. During the same period last year, the business posted $0.08 earnings per share. The firm's revenue for the quarter was down .5% on a year-over-year basis. Analysts anticipate that Harmonic Inc. will post 0.31 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently commented on HLIT shares. Rosenblatt Securities reiterated a "buy" rating and set a $11.00 target price on shares of Harmonic in a research note on Tuesday. Wolfe Research started coverage on Harmonic in a research note on Tuesday, July 8th. They set an "underperform" rating for the company. Barclays reduced their target price on Harmonic from $10.00 to $8.00 and set an "equal weight" rating for the company in a research note on Tuesday. Needham & Company LLC reduced their target price on Harmonic from $14.00 to $12.00 and set a "buy" rating for the company in a research note on Tuesday. Finally, Wall Street Zen cut Harmonic from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 12th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Harmonic currently has a consensus rating of "Moderate Buy" and an average price target of $11.67.

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.