Zurcher Kantonalbank Zurich Cantonalbank Purchases 7,422 Shares of Harmonic Inc. (NASDAQ:HLIT)

Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Harmonic Inc. (NASDAQ:HLIT) by 33.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,731 shares of the communications equipment provider’s stock after acquiring an additional 7,422 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Harmonic were worth $388,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vontobel Holding Ltd. bought a new stake in shares of Harmonic during the fourth quarter worth $344,000. Louisiana State Employees Retirement System acquired a new stake in Harmonic in the 4th quarter valued at about $732,000. Mutual of America Capital Management LLC raised its stake in shares of Harmonic by 48.5% in the fourth quarter. Mutual of America Capital Management LLC now owns 373,437 shares of the communications equipment provider’s stock worth $4,870,000 after acquiring an additional 121,937 shares during the last quarter. International Assets Investment Management LLC acquired a new position in shares of Harmonic during the fourth quarter worth approximately $543,000. Finally, Silverberg Bernstein Capital Management LLC bought a new stake in shares of Harmonic during the fourth quarter valued at approximately $10,481,000. 99.38% of the stock is owned by institutional investors and hedge funds.

Harmonic Trading Down 1.3 %

NASDAQ HLIT opened at $10.96 on Friday. The company has a current ratio of 1.09, a quick ratio of 0.91 and a debt-to-equity ratio of 0.03. Harmonic Inc. has a 12 month low of $8.80 and a 12 month high of $18.43. The company has a market capitalization of $1.23 billion, a PE ratio of 18.27 and a beta of 0.90. The stock has a 50-day simple moving average of $11.98 and a 200 day simple moving average of $11.77.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, April 29th. The communications equipment provider reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). Harmonic had a net margin of 12.37% and a return on equity of 1.35%. The company had revenue of $122.06 million during the quarter, compared to the consensus estimate of $121.70 million. During the same period last year, the company earned $0.06 earnings per share. The business’s revenue was down 22.6% compared to the same quarter last year. Research analysts forecast that Harmonic Inc. will post 0.37 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. StockNews.com upgraded shares of Harmonic from a “sell” rating to a “hold” rating in a research report on Wednesday, February 28th. Rosenblatt Securities decreased their price target on Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, January 30th. TheStreet upgraded Harmonic from a “c” rating to a “b” rating in a research report on Monday, January 29th. Raymond James cut their target price on shares of Harmonic from $19.00 to $18.00 and set a “strong-buy” rating on the stock in a research report on Tuesday, January 30th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $18.00 price target on shares of Harmonic in a research report on Tuesday. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Harmonic has a consensus rating of “Buy” and a consensus price target of $17.20.

Insiders Place Their Bets

In other news, SVP Neven Haltmayer sold 14,747 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $13.68, for a total value of $201,738.96. Following the completion of the transaction, the senior vice president now owns 156,559 shares of the company’s stock, valued at approximately $2,141,727.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Harmonic news, SVP Neven Haltmayer sold 14,747 shares of Harmonic stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $13.68, for a total transaction of $201,738.96. Following the transaction, the senior vice president now directly owns 156,559 shares in the company, valued at $2,141,727.12. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Nimrod Ben-Natan sold 100,000 shares of the business’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $12.91, for a total value of $1,291,000.00. Following the completion of the transaction, the senior vice president now directly owns 302,214 shares of the company’s stock, valued at $3,901,582.74. The disclosure for this sale can be found here. Company insiders own 2.20% of the company’s stock.

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.