Stanley Laman Group Ltd. Acquires 2,742 Shares of Harmonic Inc. (NASDAQ:HLIT)

Stanley Laman Group Ltd. lifted its holdings in Harmonic Inc. (NASDAQ:HLIT) by 0.9% in the fourth quarter, HoldingsChannel.com reports. The fund owned 322,353 shares of the communications equipment provider’s stock after buying an additional 2,742 shares during the quarter. Stanley Laman Group Ltd.’s holdings in Harmonic were worth $4,265,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. GAMMA Investing LLC increased its holdings in shares of Harmonic by 117.6% in the 3rd quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock valued at $36,000 after acquiring an additional 1,323 shares during the period. CWM LLC boosted its holdings in shares of Harmonic by 274.2% during the 3rd quarter. CWM LLC now owns 8,439 shares of the communications equipment provider’s stock worth $123,000 after purchasing an additional 6,184 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in Harmonic by 117.7% in the third quarter. Assenagon Asset Management S.A. now owns 1,187,528 shares of the communications equipment provider’s stock valued at $17,302,000 after acquiring an additional 642,033 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Harmonic by 18.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 35,365 shares of the communications equipment provider’s stock valued at $515,000 after acquiring an additional 5,414 shares during the last quarter. Finally, Baker Avenue Asset Management LP acquired a new position in Harmonic in the third quarter valued at approximately $833,000. 99.38% of the stock is owned by institutional investors.

Harmonic Stock Up 1.0 %

HLIT opened at $9.51 on Thursday. Harmonic Inc. has a one year low of $8.42 and a one year high of $15.46. The business’s 50-day simple moving average is $12.47 and its 200-day simple moving average is $13.09. The stock has a market capitalization of $1.11 billion, a P/E ratio of 13.03 and a beta of 0.89. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.62 and a current ratio of 2.08.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings results on Monday, February 10th. The communications equipment provider reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. Harmonic had a net margin of 13.62% and a return on equity of 7.56%. Analysts anticipate that Harmonic Inc. will post 0.52 EPS for the current year.

Harmonic declared that its Board of Directors has authorized a stock buyback plan on Monday, February 10th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the communications equipment provider to repurchase up to 15.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Northland Securities lowered their price target on Harmonic from $14.00 to $12.50 and set an “outperform” rating for the company in a research report on Tuesday. Barclays reduced their price objective on Harmonic from $14.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Needham & Company LLC reduced their price objective on Harmonic from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Tuesday. Raymond James cut Harmonic from a “strong-buy” rating to an “outperform” rating and cut their price target for the company from $17.00 to $14.00 in a research note on Tuesday, October 29th. Finally, Rosenblatt Securities cut their price target on Harmonic from $16.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $12.50.

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.