Gamco Investors INC. ET AL Sells 40,391 Shares of Harmonic Inc. $HLIT

Gamco Investors INC. ET AL reduced its position in shares of Harmonic Inc. (NASDAQ:HLIT) by 59.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 27,849 shares of the communications equipment provider’s stock after selling 40,391 shares during the period. Gamco Investors INC. ET AL’s holdings in Harmonic were worth $275,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in HLIT. Vanguard Group Inc. raised its holdings in Harmonic by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 12,022,963 shares of the communications equipment provider’s stock worth $118,907,000 after purchasing an additional 148,281 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Harmonic by 1.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 3,461,043 shares of the communications equipment provider’s stock valued at $35,232,000 after purchasing an additional 42,280 shares during the last quarter. Alliancebernstein L.P. boosted its stake in shares of Harmonic by 2.9% in the 3rd quarter. Alliancebernstein L.P. now owns 2,406,945 shares of the communications equipment provider’s stock valued at $24,503,000 after purchasing an additional 68,921 shares during the last quarter. Marshall Wace LLP boosted its stake in shares of Harmonic by 10.8% in the 3rd quarter. Marshall Wace LLP now owns 2,132,625 shares of the communications equipment provider’s stock valued at $21,710,000 after purchasing an additional 207,476 shares during the last quarter. Finally, Alyeska Investment Group L.P. boosted its stake in shares of Harmonic by 9.5% in the 3rd quarter. Alyeska Investment Group L.P. now owns 2,013,804 shares of the communications equipment provider’s stock valued at $20,501,000 after purchasing an additional 174,203 shares during the last quarter. Institutional investors and hedge funds own 99.38% of the company’s stock.

Harmonic Price Performance

Harmonic stock opened at $15.20 on Friday. The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of -41.08 and a beta of 1.24. Harmonic Inc. has a 52-week low of $7.80 and a 52-week high of $15.39. The stock’s 50 day moving average price is $10.61 and its two-hundred day moving average price is $10.23. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.03 and a current ratio of 2.27.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings results on Thursday, February 19th. The communications equipment provider reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.04). The business had revenue of ($53.02) million for the quarter, compared to the consensus estimate of $140.98 million. Harmonic had a positive return on equity of 7.84% and a negative net margin of 7.50%.Harmonic’s quarterly revenue was down 42.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.45 earnings per share. On average, equities analysts predict that Harmonic Inc. will post 0.35 earnings per share for the current year.

Insider Buying and Selling

In other Harmonic news, Director Stephanie Copeland sold 4,300 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $13.30, for a total transaction of $57,190.00. Following the transaction, the director directly owned 20,752 shares in the company, valued at approximately $276,001.60. This represents a 17.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Neven Haltmayer sold 31,766 shares of the stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $13.24, for a total value of $420,581.84. Following the transaction, the senior vice president owned 133,924 shares in the company, valued at $1,773,153.76. The trade was a 19.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.74% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Northland Securities set a $15.00 price objective on shares of Harmonic in a research note on Tuesday, May 12th. Rosenblatt Securities upped their price objective on shares of Harmonic from $16.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Weiss Ratings lowered shares of Harmonic from a “hold (c)” rating to a “sell (d)” rating in a research note on Friday, March 6th. Needham & Company LLC upped their price objective on shares of Harmonic from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $15.00 price objective on shares of Harmonic in a research note on Tuesday, May 12th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $16.60.

About Harmonic

Harmonic Inc (NASDAQ:HLIT) is a leading provider of video delivery infrastructure that enables service providers, broadcasters and content owners to capture, process and distribute high‐quality video across broadcast, cable, satellite and IP networks. The company’s portfolio spans real‐time video compression solutions, including encoders and transcoders, as well as storage and server products designed for live production, playout and streaming on any device.

Harmonic’s product lines include cable edge QAM modules and set‐top video processing platforms for traditional pay‐TV operators, alongside cloud‐native software for over‐the‐top (OTT) delivery, origin servers and content delivery network (CDN) services.