Harmonic Inc. (NASDAQ:HLIT) Shares Sold by Advantage Alpha Capital Partners LP

Advantage Alpha Capital Partners LP cut its stake in shares of Harmonic Inc. (NASDAQ:HLIT) by 14.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 333,233 shares of the communications equipment provider’s stock after selling 56,352 shares during the period. Advantage Alpha Capital Partners LP owned approximately 0.29% of Harmonic worth $4,855,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Clearline Capital LP boosted its holdings in shares of Harmonic by 777.6% in the second quarter. Clearline Capital LP now owns 1,570,461 shares of the communications equipment provider’s stock valued at $18,484,000 after acquiring an additional 1,391,504 shares in the last quarter. Jane Street Group LLC lifted its position in Harmonic by 1,276.3% in the first quarter. Jane Street Group LLC now owns 1,203,297 shares of the communications equipment provider’s stock valued at $16,172,000 after purchasing an additional 1,115,870 shares during the period. Marshall Wace LLP lifted its position in Harmonic by 1,952.4% in the second quarter. Marshall Wace LLP now owns 978,127 shares of the communications equipment provider’s stock valued at $11,513,000 after purchasing an additional 930,469 shares during the period. Point72 Asset Management L.P. purchased a new stake in Harmonic in the 2nd quarter valued at approximately $7,687,000. Finally, Assenagon Asset Management S.A. increased its position in Harmonic by 117.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,187,528 shares of the communications equipment provider’s stock worth $17,302,000 after purchasing an additional 642,033 shares during the period. 99.38% of the stock is owned by institutional investors and hedge funds.

Harmonic Trading Down 0.6 %

NASDAQ:HLIT opened at $12.39 on Tuesday. Harmonic Inc. has a 52-week low of $9.10 and a 52-week high of $15.46. The company has a quick ratio of 1.62, a current ratio of 2.08 and a debt-to-equity ratio of 0.29. The stock has a fifty day simple moving average of $13.26 and a 200-day simple moving average of $12.80. The company has a market capitalization of $1.44 billion, a PE ratio of 16.97 and a beta of 0.89.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.09. Harmonic had a net margin of 13.62% and a return on equity of 7.56%. The company had revenue of $195.80 million for the quarter, compared to the consensus estimate of $181.77 million. During the same quarter in the prior year, the firm earned ($0.05) earnings per share. The company’s revenue for the quarter was up 53.9% compared to the same quarter last year. On average, equities research analysts expect that Harmonic Inc. will post 0.52 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on HLIT. Northland Securities reduced their price target on Harmonic from $16.00 to $14.00 and set an “outperform” rating for the company in a report on Tuesday, October 29th. Barclays reduced their target price on Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a report on Tuesday, October 29th. Jefferies Financial Group lowered shares of Harmonic from a “buy” rating to a “hold” rating and decreased their target price for the stock from $14.00 to $12.50 in a research report on Tuesday, October 29th. Rosenblatt Securities cut their price target on shares of Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, October 29th. Finally, Raymond James downgraded shares of Harmonic from a “strong-buy” rating to an “outperform” rating and decreased their price objective for the stock from $17.00 to $14.00 in a report on Tuesday, October 29th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $15.25.

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.