Harmonic Inc. $HLIT Shares Acquired by Renaissance Technologies LLC

Renaissance Technologies LLC increased its holdings in shares of Harmonic Inc. (NASDAQ:HLIT) by 120.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,052,927 shares of the communications equipment provider’s stock after buying an additional 575,800 shares during the period. Renaissance Technologies LLC’s holdings in Harmonic were worth $9,455,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership increased its holdings in Harmonic by 290.3% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 980,484 shares of the communications equipment provider’s stock worth $9,981,000 after acquiring an additional 729,269 shares in the last quarter. Walleye Capital LLC purchased a new position in Harmonic during the fourth quarter valued at $7,182,000. Lazard Asset Management LLC lifted its holdings in Harmonic by 249.1% during the second quarter. Lazard Asset Management LLC now owns 718,996 shares of the communications equipment provider’s stock valued at $6,808,000 after purchasing an additional 513,022 shares in the last quarter. Qube Research & Technologies Ltd grew its position in shares of Harmonic by 37.1% in the second quarter. Qube Research & Technologies Ltd now owns 1,371,746 shares of the communications equipment provider’s stock valued at $12,990,000 after purchasing an additional 371,302 shares during the period. Finally, AQR Capital Management LLC grew its position in shares of Harmonic by 99.5% in the second quarter. AQR Capital Management LLC now owns 711,638 shares of the communications equipment provider’s stock valued at $6,739,000 after purchasing an additional 354,845 shares during the period. Institutional investors and hedge funds own 99.38% of the company’s stock.

Insider Buying and Selling

In related news, Director Stephanie Copeland sold 4,300 shares of Harmonic stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $13.30, for a total transaction of $57,190.00. Following the transaction, the director owned 20,752 shares in the company, valued at approximately $276,001.60. This trade represents a 17.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Neven Haltmayer sold 31,766 shares of the business’s stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $13.24, for a total value of $420,581.84. Following the transaction, the senior vice president directly owned 133,924 shares in the company, valued at $1,773,153.76. This trade represents a 19.17% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.74% of the stock is owned by corporate insiders.

Harmonic Price Performance

HLIT stock opened at $11.55 on Monday. The company has a current ratio of 2.27, a quick ratio of 2.03 and a debt-to-equity ratio of 0.31. The firm has a 50-day moving average of $13.99 and a two-hundred day moving average of $11.67. Harmonic Inc. has a 12 month low of $8.25 and a 12 month high of $17.68. The company has a market cap of $1.25 billion, a price-to-earnings ratio of -31.22 and a beta of 1.32.

Wall Street Analysts Forecast Growth

HLIT has been the subject of a number of research reports. Jefferies Financial Group reissued a “hold” rating and set a $15.00 target price on shares of Harmonic in a research note on Tuesday, May 12th. Weiss Ratings upgraded Harmonic from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, July 17th. Zacks Research lowered Harmonic from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 24th. Barclays increased their target price on Harmonic from $11.00 to $15.00 and gave the company an “equal weight” rating in a report on Tuesday, May 12th. Finally, Needham & Company LLC raised their target price on Harmonic from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Harmonic presently has a consensus rating of “Hold” and a consensus target price of $16.60.

About Harmonic

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.