Harmonic Inc. (NASDAQ:HLIT) Shares Sold by Price T Rowe Associates Inc. MD

Price T Rowe Associates Inc. MD trimmed its position in Harmonic Inc. (NASDAQ:HLIT - Free Report) by 39.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 83,905 shares of the communications equipment provider's stock after selling 53,683 shares during the quarter. Price T Rowe Associates Inc. MD owned about 0.07% of Harmonic worth $1,111,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Russell Investments Group Ltd. boosted its position in shares of 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 worth $73,000 after acquiring an additional 5,442 shares during the last quarter. AlphaQuest LLC raised its holdings in shares of Harmonic by 14,765.9% during the 4th quarter. AlphaQuest LLC now owns 6,095 shares of the communications equipment provider's stock worth $81,000 after acquiring an additional 6,054 shares in the last quarter. KBC Group NV boosted its position in shares of Harmonic by 84.8% during the 4th quarter. KBC Group NV now owns 6,295 shares of the communications equipment provider's stock valued at $83,000 after acquiring an additional 2,888 shares during the last quarter. Cibc World Markets Corp purchased a new position in shares of Harmonic in the fourth quarter valued at $137,000. Finally, Entropy Technologies LP bought a new stake in Harmonic in the fourth quarter worth $146,000. 99.38% of the stock is owned by hedge funds and other institutional investors.

Harmonic Trading Up 0.5%

Shares of NASDAQ:HLIT traded up $0.05 on Thursday, hitting $9.65. 123,086 shares of the company's stock were exchanged, compared to its average volume of 1,160,916. The business's 50 day simple moving average is $9.37 and its two-hundred day simple moving average is $11.10. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.18 and a quick ratio of 1.80. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of 29.17 and a beta of 1.03. Harmonic Inc. has a 12 month low of $7.91 and a 12 month high of $15.46.

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 the consensus estimate of $0.05 by $0.06. The company had revenue of $133.14 million during the quarter, compared to analysts' expectations of $127.51 million. Harmonic had a net margin of 5.78% and a return on equity of 15.90%. Harmonic's revenue for the quarter was up 9.1% on a year-over-year basis. Analysts anticipate that Harmonic Inc. will post 0.31 EPS for the current fiscal year.

Harmonic declared that its board has approved a share repurchase plan on Monday, February 10th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the communications equipment provider to buy up to 15.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board believes its stock is undervalued.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Rosenblatt Securities lowered their price objective on shares of Harmonic from $12.00 to $11.00 and set a "buy" rating for the company in a research report on Tuesday, April 29th. Jefferies Financial Group assumed coverage on shares of Harmonic in a report on Friday, February 21st. They issued a "hold" rating for the company. Needham & Company LLC reissued a "buy" rating and set a $14.00 price objective on shares of Harmonic in a research note on Tuesday, April 29th. StockNews.com upgraded Harmonic from a "hold" rating to a "buy" rating in a research report on Thursday, March 27th. Finally, Barclays reaffirmed an "underperform" rating on shares of Harmonic in a research note on Tuesday, April 29th. 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $12.33.

Insider Buying and Selling at Harmonic

In other news, Director Daniel T. Whalen purchased 3,000 shares of the business's stock in a transaction dated Monday, February 24th. The shares were purchased at an average price of $10.15 per share, for a total transaction of $30,450.00. Following the completion of the purchase, the director now owns 8,840 shares in the company, valued at approximately $89,726. This represents a 51.37% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 2.36% of the stock is currently owned by corporate insiders.

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.