White Pine Capital LLC Has $1.04 Million Holdings in Harmonic Inc. (NASDAQ:HLIT)

White Pine Capital LLC cut its stake in shares of Harmonic Inc. (NASDAQ:HLIT) by 26.3% in the fourth quarter, Holdings Channel reports. The firm owned 79,745 shares of the communications equipment provider’s stock after selling 28,447 shares during the quarter. White Pine Capital LLC’s holdings in Harmonic were worth $1,040,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. PNC Financial Services Group Inc. grew its stake in shares of Harmonic by 12.7% during the third quarter. PNC Financial Services Group Inc. now owns 16,622 shares of the communications equipment provider’s stock worth $160,000 after purchasing an additional 1,871 shares during the period. OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in Harmonic by 1.4% during the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 160,504 shares of the communications equipment provider’s stock worth $1,546,000 after acquiring an additional 2,151 shares in the last quarter. Swiss National Bank lifted its holdings in Harmonic by 1.3% during the third quarter. Swiss National Bank now owns 232,615 shares of the communications equipment provider’s stock worth $2,240,000 after acquiring an additional 2,900 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Harmonic by 33.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,731 shares of the communications equipment provider’s stock worth $388,000 after acquiring an additional 7,422 shares in the last quarter. Finally, Harbor Capital Advisors Inc. lifted its holdings in Harmonic by 41.4% during the third quarter. Harbor Capital Advisors Inc. now owns 27,212 shares of the communications equipment provider’s stock worth $262,000 after acquiring an additional 7,962 shares in the last quarter. 99.38% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Rosenblatt Securities reduced their target price on Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, January 30th. Raymond James reduced their target price on Harmonic from $19.00 to $18.00 and set a “strong-buy” rating on the stock in a report on Tuesday, January 30th. StockNews.com upgraded Harmonic from a “sell” rating to a “hold” rating in a report on Wednesday, February 28th. Needham & Company LLC reiterated a “buy” rating and set a $18.00 target price on shares of Harmonic in a report on Wednesday, April 17th. Finally, TheStreet upgraded Harmonic from a “c” rating to a “b” rating in a report on Monday, January 29th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $17.20.

Harmonic Stock Performance

Shares of Harmonic stock remained flat at $9.20 during trading on Friday. The stock had a trading volume of 7,936,060 shares, compared to its average volume of 2,108,406. The company has a market cap of $1.03 billion, a P/E ratio of 12.96 and a beta of 0.84. The business’s 50 day simple moving average is $12.25 and its two-hundred day simple moving average is $11.74. Harmonic Inc. has a 12 month low of $8.80 and a 12 month high of $18.43. The company has a quick ratio of 0.91, a current ratio of 1.21 and a debt-to-equity ratio of 0.02.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings results on Monday, January 29th. The communications equipment provider reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.03. The company had revenue of $167.10 million for the quarter, compared to analyst estimates of $158.98 million. Harmonic had a return on equity of 4.71% and a net margin of 13.82%. The company’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.12 earnings per share. On average, equities analysts forecast that Harmonic Inc. will post 0.32 EPS for the current fiscal year.

Insider Activity at Harmonic

In related news, SVP Neven Haltmayer sold 14,747 shares of Harmonic stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $13.68, for a total value of $201,738.96. Following the sale, the senior vice president now owns 156,559 shares of the company’s stock, valued at $2,141,727.12. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Harmonic news, SVP Nimrod Ben-Natan sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $12.91, for a total transaction of $1,291,000.00. Following the transaction, the senior vice president now owns 302,214 shares of the company’s stock, valued at $3,901,582.74. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Neven Haltmayer sold 14,747 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $13.68, for a total value of $201,738.96. Following the transaction, the senior vice president now directly owns 156,559 shares in the company, valued at approximately $2,141,727.12. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 150,000 shares of company stock valued at $1,917,122. 2.20% of the stock is owned by 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.