Harmonic Inc. $HLIT Shares Sold by Philadelphia Trust Co.

Philadelphia Trust Co. decreased its position in shares of Harmonic Inc. (NASDAQ:HLIT) by 21.5% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 195,032 shares of the communications equipment provider’s stock after selling 53,365 shares during the quarter. Philadelphia Trust Co.’s holdings in Harmonic were worth $2,060,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in Harmonic during the second quarter worth approximately $294,012,000. Dimensional Fund Advisors LP raised its holdings in Harmonic by 5.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,673,398 shares of the communications equipment provider’s stock valued at $32,987,000 after acquiring an additional 188,293 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Harmonic by 2.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,196,469 shares of the communications equipment provider’s stock valued at $19,724,000 after acquiring an additional 54,157 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Harmonic during the 2nd quarter worth $10,509,000. Finally, Renaissance Technologies LLC lifted its stake in shares of Harmonic by 120.7% during the 1st quarter. Renaissance Technologies LLC now owns 1,052,927 shares of the communications equipment provider’s stock worth $9,455,000 after purchasing an additional 575,800 shares during the period. Institutional investors and hedge funds own 99.38% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Jefferies Financial Group decreased their price objective on Harmonic from $15.00 to $13.00 and set a “hold” rating on the stock in a report on Tuesday, November 3rd. Raymond James Financial reaffirmed an “outperform” rating and issued a $19.00 price objective on shares of Harmonic in a research report on Thursday, August 13th. Northland Securities set a $17.00 target price on Harmonic in a research note on Thursday, August 13th. Needham & Company LLC reiterated a “buy” rating on shares of Harmonic in a research report on Thursday, August 13th. Finally, Barclays reduced their target price on Harmonic from $16.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Tuesday, November 3rd. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $16.83.

Harmonic Price Performance

Harmonic stock opened at $9.99 on Wednesday. Harmonic Inc. has a 1 year low of $8.47 and a 1 year high of $17.68. The firm has a 50 day moving average price of $10.85 and a 200 day moving average price of $11.56. The company has a market cap of $1.07 billion, a price-to-earnings ratio of 20.88 and a beta of 1.37. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.82 and a current ratio of 2.43.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings results on Monday, November 2nd. The communications equipment provider reported $0.23 EPS for the quarter, topping the consensus estimate of $0.17 by $0.06. The firm had revenue of $148.84 million during the quarter, compared to analyst estimates of $129.47 million. Harmonic had a negative net margin of 6.27% and a positive return on equity of 14.73%. Harmonic’s revenue for the quarter was up 64.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.12 earnings per share. Sell-side analysts predict that Harmonic Inc. will post 0.53 earnings per share for the current year.

Harmonic Profile

Harmonic Inc. develops technology for broadband access and video delivery. Its customers include cable and other broadband service providers, broadcasters, and streaming and media companies. For broadband providers, Harmonic offers network equipment and software, including its CableOS platform, which supports virtualized cable access networks. Its video products and services help customers process, manage, and distribute content across broadcast, streaming, and other delivery platforms. Harmonic serves customers around the world.