Cresset Asset Management LLC Purchases New Stake in Harmonic Inc. (NASDAQ:HLIT)

Cresset Asset Management LLC purchased a new stake in Harmonic Inc. (NASDAQ:HLIT) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,061 shares of the communications equipment provider’s stock, valued at approximately $133,000.

Other large investors have also added to or reduced their stakes in the company. Quarry LP bought a new stake in Harmonic in the 4th quarter valued at $33,000. Russell Investments Group Ltd. raised its stake in Harmonic by 5,388.1% in the 4th quarter. Russell Investments Group Ltd. now owns 5,543 shares of the communications equipment provider’s stock valued at $73,000 after acquiring an additional 5,442 shares during the period. AlphaQuest LLC raised its stake in Harmonic by 14,765.9% in the 4th quarter. AlphaQuest LLC now owns 6,095 shares of the communications equipment provider’s stock valued at $81,000 after acquiring an additional 6,054 shares during the period. KBC Group NV raised its stake in Harmonic by 84.8% in the 4th quarter. KBC Group NV now owns 6,295 shares of the communications equipment provider’s stock valued at $83,000 after acquiring an additional 2,888 shares during the period. Finally, Cibc World Markets Corp bought a new stake in Harmonic in the 4th quarter valued at $137,000. Institutional investors own 99.38% of the company’s stock.

Analyst Upgrades and Downgrades

HLIT has been the topic of a number of research analyst reports. Rosenblatt Securities dropped their price target on Harmonic from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Tuesday, April 29th. Barclays reiterated an “underperform” rating on shares of Harmonic in a research report on Tuesday, April 29th. StockNews.com upgraded Harmonic from a “hold” rating to a “buy” rating in a research report on Thursday, March 27th. Needham & Company LLC reiterated a “buy” rating and set a $14.00 price objective on shares of Harmonic in a research report on Tuesday, April 29th. Finally, Jefferies Financial Group began coverage on Harmonic in a research report on Friday, February 21st. They set a “hold” rating on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $12.33.

Insider Transactions at Harmonic

In related news, Director Daniel T. Whalen bought 3,000 shares of Harmonic stock in a transaction dated Monday, February 24th. The shares were bought at an average cost of $10.15 per share, with a total value of $30,450.00. Following the acquisition, the director now owns 8,840 shares in the company, valued at $89,726. This trade represents a 51.37% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.21% of the stock is currently owned by insiders.

Harmonic Stock Down 0.6%

HLIT stock opened at $9.54 on Monday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.18 and a quick ratio of 1.80. The stock has a market capitalization of $1.08 billion, a price-to-earnings ratio of 28.91 and a beta of 1.03. The business’s fifty day moving average price is $9.34 and its two-hundred day moving average price is $11.05. Harmonic Inc. has a fifty-two week low of $7.91 and a fifty-two week high of $15.46.

Harmonic (NASDAQ:HLIT) last released its earnings results on Monday, April 28th. The communications equipment provider reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.06. The company had revenue of $133.14 million for the quarter, compared to analyst estimates of $127.51 million. Harmonic had a return on equity of 15.90% and a net margin of 5.78%. Harmonic’s revenue for the quarter was up 9.1% on a year-over-year basis. On average, equities analysts anticipate that Harmonic Inc. will post 0.31 earnings per share for the current year.

Harmonic announced that its board has initiated a stock repurchase program on Monday, February 10th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the communications equipment provider to repurchase up to 15.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Harmonic Company Profile

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.