Public Sector Pension Investment Board Lowers Holdings in Harmonic Inc. (NASDAQ:HLIT)

Public Sector Pension Investment Board lowered its holdings in shares of Harmonic Inc. (NASDAQ:HLIT) by 3.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 246,791 shares of the communications equipment provider’s stock after selling 8,700 shares during the quarter. Public Sector Pension Investment Board owned approximately 0.21% of Harmonic worth $3,596,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CWM LLC raised its position in shares of Harmonic by 780.9% during the second quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock valued at $27,000 after buying an additional 1,999 shares during the last quarter. GAMMA Investing LLC increased its holdings in Harmonic by 117.6% in the 3rd quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock valued at $36,000 after acquiring an additional 1,323 shares during the last quarter. Innealta Capital LLC purchased a new stake in Harmonic in the 2nd quarter worth $47,000. Verdence Capital Advisors LLC bought a new position in shares of Harmonic during the 2nd quarter valued at about $140,000. Finally, Versor Investments LP purchased a new position in shares of Harmonic during the third quarter valued at about $227,000. Institutional investors own 99.38% of the company’s stock.

Harmonic Price Performance

HLIT stock opened at $12.94 on Tuesday. The stock has a market cap of $1.51 billion, a PE ratio of 17.73 and a beta of 0.89. Harmonic Inc. has a 12 month low of $9.10 and a 12 month high of $15.46. The company has a 50-day moving average price of $13.11 and a 200 day moving average price of $12.85. The company has a current ratio of 2.08, a quick ratio of 1.62 and a debt-to-equity ratio of 0.29.

Harmonic (NASDAQ:HLIT) last announced its earnings results on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.09. Harmonic had a return on equity of 7.56% and a net margin of 13.62%. The business had revenue of $195.80 million during the quarter, compared to analyst estimates of $181.77 million. During the same quarter in the previous year, the business earned ($0.05) earnings per share. The company’s revenue for the quarter was up 53.9% compared to the same quarter last year. Equities research analysts anticipate that Harmonic Inc. will post 0.52 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Rosenblatt Securities dropped their price target on Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Barclays lowered their target price on Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Tuesday, October 29th. Northland Securities reduced their price target on shares of Harmonic from $16.00 to $14.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 29th. Needham & Company LLC reiterated a “buy” rating and set a $18.00 price objective on shares of Harmonic in a research report on Tuesday, October 29th. Finally, Jefferies Financial Group downgraded shares of Harmonic from a “buy” rating to a “hold” rating and reduced their target price for the stock from $14.00 to $12.50 in a report on Tuesday, October 29th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $15.25.

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.