State of Alaska Department of Revenue increased its holdings in Harmonic Inc. (NASDAQ:HLIT) by 2.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 91,094 shares of the communications equipment provider’s stock after purchasing an additional 2,340 shares during the quarter. State of Alaska Department of Revenue owned 0.09% of Harmonic worth $508,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Zebra Capital Management LLC bought a new stake in shares of Harmonic in the 1st quarter worth approximately $62,000. Profund Advisors LLC bought a new stake in shares of Harmonic in the 2nd quarter worth approximately $52,000. Bank of Montreal Can raised its holdings in shares of Harmonic by 663.7% in the 2nd quarter. Bank of Montreal Can now owns 11,005 shares of the communications equipment provider’s stock worth $51,000 after purchasing an additional 9,564 shares in the last quarter. Heritage Investors Management Corp bought a new stake in shares of Harmonic in the 2nd quarter worth approximately $56,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Harmonic by 90.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,790 shares of the communications equipment provider’s stock worth $61,000 after purchasing an additional 6,065 shares in the last quarter. Institutional investors and hedge funds own 87.95% of the company’s stock.

Shares of HLIT opened at $6.40 on Friday. The company’s 50 day moving average price is $5.77 and its 200 day moving average price is $5.65. Harmonic Inc. has a 52 week low of $4.44 and a 52 week high of $8.57. The company has a market capitalization of $623.55 million, a PE ratio of -30.48 and a beta of 0.85. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.21 and a current ratio of 1.43.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings data on Monday, August 3rd. The communications equipment provider reported ($0.06) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.13) by $0.07. Harmonic had a negative net margin of 5.16% and a positive return on equity of 2.02%. The firm had revenue of $73.99 million for the quarter, compared to the consensus estimate of $69.92 million. During the same period in the previous year, the firm posted ($0.04) earnings per share. The firm’s revenue was down 12.8% on a year-over-year basis. On average, equities analysts forecast that Harmonic Inc. will post -0.2 earnings per share for the current fiscal year.

HLIT has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded shares of Harmonic from a “hold” rating to a “strong-buy” rating and set a $7.50 price target on the stock in a report on Saturday, August 8th. Needham & Company LLC restated a “buy” rating and set a $9.00 price target on shares of Harmonic in a report on Wednesday, September 16th. ValuEngine upgraded shares of Harmonic from a “hold” rating to a “buy” rating in a report on Friday, July 10th. BidaskClub upgraded shares of Harmonic from a “strong sell” rating to a “sell” rating in a report on Tuesday, October 13th. Finally, Raymond James boosted their price objective on shares of Harmonic from $7.50 to $8.00 and gave the company an “outperform” rating in a research report on Tuesday, August 4th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $7.29.

In other Harmonic news, Director David Krall bought 10,000 shares of the firm’s stock in a transaction on Tuesday, September 1st. The stock was bought at an average cost of $5.88 per share, with a total value of $58,800.00. Following the completion of the transaction, the director now directly owns 61,284 shares of the company’s stock, valued at approximately $360,349.92. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 4.10% of the company’s stock.

Harmonic Profile

Harmonic Inc designs, manufactures, and sells video infrastructure products and system solutions worldwide. Its products enable customers to create, prepare, and deliver a range of video and broadband services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones.

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Institutional Ownership by Quarter for Harmonic (NASDAQ:HLIT)

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