Waterfront Wealth Inc. Sells 44,603 Shares of Harmonic Inc. (NASDAQ:HLIT)

Waterfront Wealth Inc. reduced its position in Harmonic Inc. (NASDAQ:HLIT - Free Report) by 54.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 37,510 shares of the communications equipment provider's stock after selling 44,603 shares during the quarter. Waterfront Wealth Inc.'s holdings in Harmonic were worth $360,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Quarry LP bought a new position in Harmonic in the 4th quarter valued at about $33,000. Russell Investments Group Ltd. increased 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 valued at $73,000 after buying an additional 5,442 shares during the period. AlphaQuest LLC increased 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 valued at $81,000 after buying an additional 6,054 shares during the period. GAMMA Investing LLC increased 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 valued at $898,000 after buying an additional 6,942 shares during the period. Finally, Cresset Asset Management LLC bought a new position in Harmonic in the 4th quarter valued at about $133,000. 99.38% of the stock is owned by institutional investors.

Harmonic Stock Up 0.7%

NASDAQ:HLIT opened at $9.49 on Monday. The firm's 50 day simple moving average is $9.17 and its 200 day simple moving average is $10.37. 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 cap of $1.07 billion, a PE ratio of 21.09 and a beta of 1.04.

Harmonic (NASDAQ:HLIT - Get Free Report) last posted its earnings results on Monday, April 28th. The communications equipment provider reported $0.11 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $127.51 million. The firm's quarterly revenue was up 9.1% on a year-over-year basis. On average, research analysts anticipate that Harmonic Inc. will post 0.31 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on HLIT. Needham & Company LLC reaffirmed a "buy" rating and set a $14.00 price target on shares of Harmonic in a report on Tuesday, April 29th. Rosenblatt Securities reaffirmed a "buy" rating and set a $11.00 price target on shares of Harmonic in a report on Tuesday, June 17th. Barclays reaffirmed an "underperform" rating on shares of Harmonic in a report on Tuesday, April 29th. Finally, Wall Street Zen raised shares of Harmonic from a "buy" rating to a "strong-buy" rating in a report on Friday, June 6th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $12.33.

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.

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