Texas Permanent School Fund Buys 2,529 Shares of Harmonic Inc. (NASDAQ:HLIT)

Texas Permanent School Fund increased its stake in shares of Harmonic Inc. (NASDAQ:HLITGet Rating) by 3.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 75,522 shares of the communications equipment provider’s stock after acquiring an additional 2,529 shares during the quarter. Texas Permanent School Fund owned approximately 0.07% of Harmonic worth $655,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Captrust Financial Advisors lifted its stake in shares of Harmonic by 411.4% in the first quarter. Captrust Financial Advisors now owns 3,866 shares of the communications equipment provider’s stock valued at $36,000 after buying an additional 3,110 shares in the last quarter. KBC Group NV bought a new position in shares of Harmonic in the second quarter valued at $77,000. Canandaigua National Corp bought a new position in shares of Harmonic in the first quarter valued at $94,000. Running Point Capital Advisors LLC bought a new position in shares of Harmonic in the first quarter valued at $100,000. Finally, Graham Capital Management L.P. bought a new position in shares of Harmonic in the first quarter valued at $105,000. 97.62% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on HLIT. Barclays raised their price objective on shares of Harmonic from $14.00 to $17.00 and gave the company an “overweight” rating in a research note on Tuesday, November 1st. Raymond James increased their target price on shares of Harmonic from $13.00 to $18.00 and gave the company an “outperform” rating in a report on Tuesday, November 1st. Needham & Company LLC increased their target price on shares of Harmonic from $15.00 to $17.00 and gave the company a “buy” rating in a report on Friday, September 16th. Rosenblatt Securities increased their target price on shares of Harmonic from $17.00 to $20.00 and gave the company a “buy” rating in a report on Wednesday, October 19th. Finally, TheStreet upgraded shares of Harmonic from a “c+” rating to a “b+” rating in a report on Monday, August 1st. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Harmonic presently has an average rating of “Buy” and an average target price of $17.33.

Insiders Place Their Bets

In other news, CEO Patrick Harshman sold 6,040 shares of the stock in a transaction that occurred on Wednesday, November 16th. The stock was sold at an average price of $13.41, for a total transaction of $80,996.40. Following the completion of the transaction, the chief executive officer now directly owns 434,578 shares in the company, valued at approximately $5,827,690.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Patrick Harshman sold 6,040 shares of the firm’s stock in a transaction dated Wednesday, November 16th. The stock was sold at an average price of $13.41, for a total transaction of $80,996.40. Following the sale, the chief executive officer now owns 434,578 shares of the company’s stock, valued at $5,827,690.98. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Sanjay Kalra sold 53,585 shares of the firm’s stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $11.36, for a total value of $608,725.60. Following the completion of the sale, the chief financial officer now directly owns 96,419 shares of the company’s stock, valued at approximately $1,095,319.84. The disclosure for this sale can be found here. Insiders sold 359,460 shares of company stock worth $4,597,900 in the last three months. 3.50% of the stock is owned by company insiders.

Harmonic Trading Down 2.4 %

Shares of Harmonic stock opened at $14.34 on Tuesday. The firm has a market cap of $1.51 billion, a PE ratio of 36.77 and a beta of 0.87. Harmonic Inc. has a 1 year low of $8.25 and a 1 year high of $15.80. The company has a 50 day simple moving average of $13.41 and a two-hundred day simple moving average of $11.14. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.52 and a quick ratio of 1.07.

Harmonic (NASDAQ:HLITGet Rating) last issued its quarterly earnings data on Monday, October 31st. The communications equipment provider reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.03. The business had revenue of $155.70 million for the quarter, compared to the consensus estimate of $153.27 million. Harmonic had a net margin of 6.80% and a return on equity of 11.89%. The company’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.03 EPS. Analysts expect that Harmonic Inc. will post 0.32 earnings per share for the current fiscal year.

Harmonic Profile

(Get Rating)

Harmonic Inc, together with its subsidiaries, provide video delivery software, products, system solutions, and services worldwide. The company operates in two segments, Video and Cable Access. The Video segment sells video processing, production, and playout solutions and services to cable operators, and satellite and telecommunications Pay-TV service providers, as well as to broadcast and media, including streaming media companies.

Further Reading

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Institutional Ownership by Quarter for Harmonic (NASDAQ:HLIT)

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