Louisiana State Employees Retirement System purchased a new stake in Harmonic Inc. (NASDAQ:HLIT – Free Report) in the 1st quarter, HoldingsChannel.com reports. The fund purchased 49,800 shares of the communications equipment provider’s stock, valued at approximately $447,000.
A number of other large investors have also recently bought and sold shares of the business. iSAM Funds UK Ltd acquired a new position in Harmonic in the third quarter valued at $49,000. Global Retirement Partners LLC raised its holdings in shares of Harmonic by 23,193.5% in the fourth quarter. Global Retirement Partners LLC now owns 7,221 shares of the communications equipment provider’s stock valued at $71,000 after buying an additional 7,190 shares during the last quarter. KBC Group NV boosted its stake in shares of Harmonic by 130.7% during the fourth quarter. KBC Group NV now owns 7,476 shares of the communications equipment provider’s stock worth $74,000 after buying an additional 4,236 shares during the period. Royal Bank of Canada boosted its stake in shares of Harmonic by 64.6% during the fourth quarter. Royal Bank of Canada now owns 7,645 shares of the communications equipment provider’s stock worth $75,000 after buying an additional 3,000 shares during the period. Finally, Kemnay Advisory Services Inc. purchased a new position in shares of Harmonic during the fourth quarter worth about $90,000. Institutional investors and hedge funds own 99.38% of the company’s stock.
Wall Street Analyst Weigh In
HLIT has been the subject of several analyst reports. Wall Street Zen raised Harmonic from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 6th. Rosenblatt Securities reissued a “buy” rating and issued a $20.00 target price on shares of Harmonic in a report on Monday, June 15th. Zacks Research upgraded Harmonic from a “hold” rating to a “strong-buy” rating in a research note on Thursday, June 25th. Weiss Ratings downgraded Harmonic from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, July 2nd. Finally, Barclays lifted their price objective on shares of Harmonic from $11.00 to $15.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $16.60.
Insider Buying and Selling
In other news, SVP Neven Haltmayer sold 31,766 shares of the stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $13.24, for a total transaction of $420,581.84. Following the completion of the transaction, the senior vice president directly owned 133,924 shares of the company’s stock, valued at approximately $1,773,153.76. This represents a 19.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Stephanie Copeland sold 4,300 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $13.30, for a total value of $57,190.00. Following the completion of the sale, the director directly owned 20,752 shares of the company’s stock, valued at $276,001.60. This represents a 17.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.74% of the company’s stock.
Harmonic Price Performance
Shares of NASDAQ:HLIT opened at $13.73 on Thursday. Harmonic Inc. has a 52 week low of $7.80 and a 52 week high of $17.68. The company has a 50-day moving average price of $14.05 and a 200 day moving average price of $11.39. The company has a market cap of $1.49 billion, a P/E ratio of -37.11 and a beta of 1.29. The company has a quick ratio of 2.03, a current ratio of 2.27 and a debt-to-equity ratio of 0.31.
Harmonic Company Profile
Harmonic Inc (NASDAQ:HLIT) is a leading provider of video delivery infrastructure that enables service providers, broadcasters and content owners to capture, process and distribute high‐quality video across broadcast, cable, satellite and IP networks. The company’s portfolio spans real‐time video compression solutions, including encoders and transcoders, as well as storage and server products designed for live production, playout and streaming on any device.
Harmonic’s product lines include cable edge QAM modules and set‐top video processing platforms for traditional pay‐TV operators, alongside cloud‐native software for over‐the‐top (OTT) delivery, origin servers and content delivery network (CDN) services.
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