Lisanti Capital Growth LLC Invests $3.66 Million in Harmonic Inc. (NASDAQ:HLIT)

Lisanti Capital Growth LLC acquired a new position in Harmonic Inc. (NASDAQ:HLIT) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 272,245 shares of the communications equipment provider’s stock, valued at approximately $3,659,000. Lisanti Capital Growth LLC owned approximately 0.24% of Harmonic at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Silverberg Bernstein Capital Management LLC purchased a new position in shares of Harmonic in the 4th quarter worth about $10,481,000. GSA Capital Partners LLP purchased a new stake in Harmonic during the 1st quarter valued at about $923,000. Thornburg Investment Management Inc. boosted its holdings in Harmonic by 21.6% during the 4th quarter. Thornburg Investment Management Inc. now owns 921,312 shares of the communications equipment provider’s stock valued at $12,008,000 after acquiring an additional 163,882 shares during the period. Ghisallo Capital Management LLC purchased a new stake in Harmonic during the 4th quarter valued at about $2,848,000. Finally, Westfield Capital Management Co. LP purchased a new stake in Harmonic during the 4th quarter valued at about $19,257,000. 99.38% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Harmonic news, SVP Ian Graham sold 52,730 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $10.95, for a total value of $577,393.50. Following the completion of the sale, the senior vice president now owns 63,616 shares in the company, valued at approximately $696,595.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 2.20% of the company’s stock.

Analysts Set New Price Targets

Separately, Needham & Company LLC restated a “buy” rating and set a $18.00 target price on shares of Harmonic in a report on Monday, June 17th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $17.20.

Harmonic Trading Down 0.7 %

NASDAQ HLIT traded down $0.09 on Friday, hitting $11.91. The company’s stock had a trading volume of 1,302,649 shares, compared to its average volume of 919,680. Harmonic Inc. has a 52-week low of $8.80 and a 52-week high of $16.10. The company has a current ratio of 1.09, a quick ratio of 0.78 and a debt-to-equity ratio of 0.03. The company’s 50-day simple moving average is $11.62 and its 200 day simple moving average is $12.05. The firm has a market cap of $1.34 billion, a P/E ratio of 19.85 and a beta of 0.89.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.04). Harmonic had a return on equity of 1.35% and a net margin of 12.37%. The business had revenue of $122.06 million during the quarter, compared to analysts’ expectations of $121.70 million. During the same quarter last year, the business posted $0.06 EPS. The company’s quarterly revenue was down 22.6% compared to the same quarter last year. Research analysts predict that Harmonic Inc. will post 0.36 EPS for the current fiscal 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.