Rhumbline Advisers lowered its stake in Harmonic Inc. (NASDAQ:HLIT) by 7.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 302,359 shares of the communications equipment provider’s stock after selling 24,678 shares during the quarter. Rhumbline Advisers’ holdings in Harmonic were worth $2,576,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of HLIT. Lazard Asset Management LLC bought a new position in shares of Harmonic in the first quarter worth about $41,000. Quantbot Technologies LP bought a new position in shares of Harmonic in the first quarter worth about $58,000. Paloma Partners Management Co bought a new position in shares of Harmonic in the first quarter worth about $78,000. Teacher Retirement System of Texas bought a new position in shares of Harmonic in the first quarter worth about $83,000. Finally, US Bancorp DE lifted its holdings in shares of Harmonic by 38.2% in the first quarter. US Bancorp DE now owns 13,035 shares of the communications equipment provider’s stock worth $102,000 after acquiring an additional 3,601 shares during the last quarter. 91.12% of the stock is owned by hedge funds and other institutional investors.
In other news, SVP Nimrod Ben-Natan sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, August 9th. The shares were sold at an average price of $9.83, for a total transaction of $589,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Patrick Harshman sold 170,003 shares of the firm’s stock in a transaction that occurred on Tuesday, September 14th. The stock was sold at an average price of $8.95, for a total transaction of $1,521,526.85. Following the sale, the chief executive officer now directly owns 1,192,298 shares of the company’s stock, valued at approximately $10,671,067.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 330,003 shares of company stock valued at $3,007,327. Company insiders own 3.78% of the company’s stock.
Harmonic (NASDAQ:HLIT) last released its quarterly earnings results on Monday, August 2nd. The communications equipment provider reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.09. Harmonic had a negative net margin of 0.01% and a positive return on equity of 4.84%. The firm had revenue of $113.45 million during the quarter, compared to analyst estimates of $107.59 million. During the same quarter last year, the business earned ($0.06) EPS. The company’s revenue was up 53.3% compared to the same quarter last year. As a group, equities research analysts predict that Harmonic Inc. will post 0.07 EPS for the current fiscal year.
A number of research firms have recently commented on HLIT. Zacks Investment Research cut shares of Harmonic from a “buy” rating to a “hold” rating in a report on Thursday, August 5th. Needham & Company LLC raised their price objective on shares of Harmonic from $9.50 to $13.00 and gave the company a “buy” rating in a report on Tuesday, August 3rd. Barclays raised their price objective on shares of Harmonic from $8.00 to $9.00 and gave the company an “equal weight” rating in a report on Tuesday, August 3rd. Finally, Raymond James raised their price objective on shares of Harmonic from $9.00 to $11.00 and gave the company an “outperform” rating in a report on Tuesday, August 3rd. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Harmonic currently has an average rating of “Buy” and a consensus price target of $10.63.
Harmonic, Inc engages in the development and sale of video delivery software, products, system solutions, and services. It operates through the Video and Cable Access segments. The Video segment sells video processing and production and playout services to cable operators, satellite and telecommunications pay-TV service providers, and broadcast and media companies.
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