Stanley Laman Group Ltd. Acquires 16,558 Shares of Harmonic Inc. (NASDAQ:HLIT)

Stanley Laman Group Ltd. boosted its holdings in Harmonic Inc. (NASDAQ:HLIT) by 5.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 319,611 shares of the communications equipment provider’s stock after purchasing an additional 16,558 shares during the period. Stanley Laman Group Ltd.’s holdings in Harmonic were worth $4,657,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. GSA Capital Partners LLP bought a new position in Harmonic in the first quarter valued at $923,000. Jane Street Group LLC grew 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 in the last quarter. Assenagon Asset Management S.A. grew its position in Harmonic by 216.5% in the second quarter. Assenagon Asset Management S.A. now owns 545,495 shares of the communications equipment provider’s stock valued at $6,420,000 after purchasing an additional 373,155 shares in the last quarter. Lisanti Capital Growth LLC bought a new position in Harmonic in the first quarter valued at $3,659,000. Finally, Russell Investments Group Ltd. grew its position in Harmonic by 24.0% in the first quarter. Russell Investments Group Ltd. now owns 290,842 shares of the communications equipment provider’s stock valued at $3,909,000 after purchasing an additional 56,269 shares in the last quarter. Institutional investors own 99.38% of the company’s stock.

Insider Transactions at Harmonic

In other news, SVP Neven Haltmayer sold 40,000 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $14.41, for a total transaction of $576,400.00. Following the completion of the sale, the senior vice president now owns 122,211 shares in the company, valued at approximately $1,761,060.51. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have commented on HLIT shares. Barclays increased their price target on shares of Harmonic from $14.00 to $20.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price target on shares of Harmonic in a research note on Tuesday, July 30th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $18.00 price target on shares of Harmonic in a research note on Tuesday, October 15th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Harmonic currently has an average rating of “Buy” and an average price target of $18.50.

Harmonic Stock Performance

NASDAQ HLIT opened at $14.54 on Wednesday. The firm has a 50-day moving average of $14.00 and a 200-day moving average of $12.48. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.32 and a current ratio of 1.87. The stock has a market cap of $1.63 billion, a PE ratio of 24.23 and a beta of 0.87. Harmonic Inc. has a 52-week low of $9.10 and a 52-week high of $15.31.

Harmonic (NASDAQ:HLIT) last posted its earnings results on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. The company had revenue of $138.70 million during the quarter, compared to analysts’ expectations of $133.67 million. Harmonic had a net margin of 10.22% and a return on equity of 0.27%. Harmonic’s quarterly revenue was down 11.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.07 EPS. On average, sell-side analysts anticipate that Harmonic Inc. will post 0.44 EPS for the current year.

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.