Harmonic Inc. (NASDAQ:HLIT) Shares Purchased by Schonfeld Strategic Advisors LLC

Schonfeld Strategic Advisors LLC boosted its position in Harmonic Inc. (NASDAQ:HLIT - Free Report) by 133.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 66,230 shares of the communications equipment provider's stock after buying an additional 37,914 shares during the period. Schonfeld Strategic Advisors LLC owned approximately 0.06% of Harmonic worth $876,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of HLIT. Quarry LP purchased a new stake in shares of Harmonic in the 4th quarter valued at $33,000. Russell Investments Group Ltd. lifted its position in Harmonic by 5,388.1% during the fourth 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 boosted its holdings in Harmonic by 14,765.9% in the fourth 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 last quarter. KBC Group NV grew its position in Harmonic by 84.8% during 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 period. Finally, Cibc World Markets Corp purchased a new position in shares of Harmonic during the 4th quarter valued at about $137,000. Institutional investors and hedge funds own 99.38% of the company's stock.

Analyst Ratings Changes

Several research firms recently commented on HLIT. Barclays reaffirmed an "underperform" rating on shares of Harmonic in a report on Tuesday, April 29th. Rosenblatt Securities cut their target price on shares of Harmonic from $12.00 to $11.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Needham & Company LLC reissued a "buy" rating and set a $14.00 price target on shares of Harmonic in a report on Tuesday, April 29th. Jefferies Financial Group started coverage on shares of Harmonic in a report on Friday, February 21st. They issued a "hold" rating for the company. Finally, Northland Securities lowered their target price on shares of Harmonic from $14.00 to $12.50 and set an "outperform" rating on the stock in a research note on Tuesday, February 11th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $12.33.

Harmonic Stock Performance

NASDAQ:HLIT opened at $9.09 on Friday. The company has a fifty day moving average of $9.44 and a two-hundred day moving average of $11.24. Harmonic Inc. has a fifty-two week low of $7.91 and a fifty-two week high of $15.46. The stock has a market capitalization of $1.03 billion, a PE ratio of 27.53 and a beta of 1.03. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.80 and a current ratio of 2.18.

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 for the quarter, topping the consensus estimate of $0.05 by $0.06. Harmonic had a net margin of 5.78% and a return on equity of 15.90%. The firm had revenue of $133.14 million during the quarter, compared to the consensus estimate of $127.51 million. The business's revenue for the quarter was up 9.1% on a year-over-year basis. As a group, research analysts forecast that Harmonic Inc. will post 0.31 earnings per share for the current fiscal year.

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

Insider Activity

In other Harmonic news, CEO Nimrod Ben-Natan acquired 7,780 shares of the business's stock in a transaction on Thursday, February 13th. The stock was bought at an average price of $9.65 per share, for a total transaction of $75,077.00. Following the acquisition, the chief executive officer now owns 347,797 shares in the company, valued at approximately $3,356,241.05. The trade was a 2.29 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Daniel T. Whalen bought 3,000 shares of the stock in a transaction dated Monday, February 24th. The shares were bought at an average price of $10.15 per share, for a total transaction of $30,450.00. Following the completion of the acquisition, the director now owns 8,840 shares in the company, valued at approximately $89,726. The trade was a 51.37 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 32,780 shares of company stock worth $316,607 over the last quarter. 2.36% of the stock is currently owned by corporate insiders.

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.

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