Teza Capital Management LLC Invests $312,000 in Harmonic Inc. (NASDAQ:HLIT)

Teza Capital Management LLC acquired a new stake in shares of Harmonic Inc. (NASDAQ:HLIT) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 23,611 shares of the communications equipment provider’s stock, valued at approximately $312,000.

A number of other institutional investors have also recently made changes to their positions in HLIT. Vanguard Group Inc. increased its position in Harmonic by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 11,063,328 shares of the communications equipment provider’s stock valued at $146,368,000 after buying an additional 235,188 shares in the last quarter. Invesco Ltd. grew its stake in shares of Harmonic by 20.0% during the fourth quarter. Invesco Ltd. now owns 7,788,714 shares of the communications equipment provider’s stock worth $103,045,000 after acquiring an additional 1,300,128 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Harmonic by 9,004.4% during the fourth quarter. Millennium Management LLC now owns 4,719,837 shares of the communications equipment provider’s stock valued at $62,443,000 after acquiring an additional 4,667,996 shares in the last quarter. Alliancebernstein L.P. increased its holdings in shares of Harmonic by 8.9% during the fourth quarter. Alliancebernstein L.P. now owns 2,145,357 shares of the communications equipment provider’s stock valued at $28,383,000 after acquiring an additional 175,133 shares in the last quarter. Finally, CenterBook Partners LP raised its position in shares of Harmonic by 4.5% in the 4th quarter. CenterBook Partners LP now owns 1,335,941 shares of the communications equipment provider’s stock valued at $17,674,000 after purchasing an additional 57,046 shares during the last quarter. Institutional investors and hedge funds own 99.38% of the company’s stock.

Insider Activity at Harmonic

In other news, Director Daniel T. Whalen acquired 3,000 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were acquired at an average price of $10.15 per share, with a total value of $30,450.00. Following the purchase, the director now directly owns 8,840 shares of the company’s stock, valued at $89,726. This trade represents a 51.37% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.21% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have weighed in on HLIT. StockNews.com raised shares of Harmonic from a “hold” rating to a “buy” rating in a research report on Thursday, March 27th. Barclays reissued an “underperform” rating on shares of Harmonic in a report on Tuesday, April 29th. Needham & Company LLC restated a “buy” rating and issued a $14.00 target price on shares of Harmonic in a research note on Tuesday, April 29th. Northland Securities dropped their price target on Harmonic from $14.00 to $12.50 and set an “outperform” rating on the stock in a research note on Tuesday, February 11th. Finally, Rosenblatt Securities reduced their price objective on Harmonic from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Tuesday, April 29th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.33.

Harmonic Trading Down 0.4%

Shares of Harmonic stock opened at $9.34 on Wednesday. The stock has a market cap of $1.06 billion, a PE ratio of 28.30 and a beta of 1.03. The firm has a fifty day moving average price of $9.31 and a 200 day moving average price of $11.03. Harmonic Inc. has a 1 year low of $7.91 and a 1 year high of $15.46. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.18 and a quick ratio of 1.80.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, April 28th. The communications equipment provider reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.06. Harmonic had a return on equity of 15.90% and a net margin of 5.78%. The business had revenue of $133.14 million during the quarter, compared to analyst estimates of $127.51 million. The company’s revenue was up 9.1% compared to the same quarter last year. Equities research analysts predict that Harmonic Inc. will post 0.31 earnings per share for the current year.

Harmonic announced that its Board of Directors has initiated a share buyback program on Monday, February 10th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the communications equipment provider to repurchase up to 15.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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.