Polar Asset Management Partners Inc. Has $16.74 Million Stake in Harmonic Inc. (NASDAQ:HLIT)

Polar Asset Management Partners Inc. cut its stake in Harmonic Inc. (NASDAQ:HLIT) by 12.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,148,562 shares of the communications equipment provider’s stock after selling 160,300 shares during the period. Polar Asset Management Partners Inc.’s holdings in Harmonic were worth $16,735,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Assenagon Asset Management S.A. raised its position in Harmonic by 216.5% in the second quarter. Assenagon Asset Management S.A. now owns 545,495 shares of the communications equipment provider’s stock valued at $6,420,000 after purchasing an additional 373,155 shares during the last quarter. Baker Avenue Asset Management LP bought a new stake in Harmonic in the 3rd quarter valued at about $833,000. Lisanti Capital Growth LLC acquired a new position in Harmonic during the third quarter worth $2,915,000. Intech Investment Management LLC purchased a new stake in shares of Harmonic in the second quarter worth approximately $444,000. Finally, Mutual of America Capital Management LLC lifted its stake in Harmonic by 15.2% during the 2nd quarter. Mutual of America Capital Management LLC now owns 279,996 shares of the communications equipment provider’s stock valued at $3,296,000 after acquiring an additional 36,937 shares in the last quarter. 99.38% of the stock is currently owned by institutional investors and hedge funds.

Harmonic Stock Down 0.2 %

Shares of NASDAQ:HLIT opened at $12.91 on Wednesday. The company has a market cap of $1.50 billion, a price-to-earnings ratio of 17.68 and a beta of 0.92. Harmonic Inc. has a one year low of $9.10 and a one year high of $15.46. The firm has a fifty day moving average price of $13.08 and a two-hundred day moving average price of $12.86. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.08 and a quick ratio of 1.62.

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

Wall Street Analysts Forecast Growth

HLIT has been the topic of a number of recent analyst reports. Northland Securities lowered their target price on Harmonic from $16.00 to $14.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 29th. Raymond James downgraded shares of Harmonic from a “strong-buy” rating to an “outperform” rating and reduced their target price for the company from $17.00 to $14.00 in a research report on Tuesday, October 29th. Rosenblatt Securities lowered their price target on shares of Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Needham & Company LLC reissued a “buy” rating and issued a $18.00 target price on shares of Harmonic in a research report on Tuesday, October 29th. Finally, Jefferies Financial Group cut Harmonic from a “buy” rating to a “hold” rating and dropped their price target for the company from $14.00 to $12.50 in a research report on Tuesday, October 29th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $15.25.

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.