Baker Avenue Asset Management LP Takes $833,000 Position in Harmonic Inc. (NASDAQ:HLIT)

Baker Avenue Asset Management LP purchased a new stake in shares of Harmonic Inc. (NASDAQ:HLIT) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 57,189 shares of the communications equipment provider’s stock, valued at approximately $833,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of HLIT. Jane Street Group LLC raised its holdings in Harmonic by 1,276.3% in the 1st quarter. Jane Street Group LLC now owns 1,203,297 shares of the communications equipment provider’s stock worth $16,172,000 after purchasing an additional 1,115,870 shares during the period. Assenagon Asset Management S.A. raised its holdings in Harmonic by 216.5% in the 2nd quarter. Assenagon Asset Management S.A. now owns 545,495 shares of the communications equipment provider’s stock worth $6,420,000 after purchasing an additional 373,155 shares during the period. Russell Investments Group Ltd. raised its holdings in Harmonic by 24.0% in the 1st quarter. Russell Investments Group Ltd. now owns 290,842 shares of the communications equipment provider’s stock worth $3,909,000 after purchasing an additional 56,269 shares during the period. Silvercrest Asset Management Group LLC bought a new position in Harmonic in the 1st quarter worth $8,295,000. Finally, Intech Investment Management LLC bought a new position in Harmonic in the 2nd quarter worth $444,000. 99.38% of the stock is owned by institutional investors.

Harmonic Trading Up 4.1 %

HLIT opened at $12.54 on Tuesday. The firm has a market cap of $1.46 billion, a P/E ratio of 17.18 and a beta of 0.89. Harmonic Inc. has a 12 month low of $9.10 and a 12 month high of $15.46. The company has a current ratio of 2.08, a quick ratio of 1.62 and a debt-to-equity ratio of 0.29. The stock has a 50-day moving average of $13.52 and a 200 day moving average of $12.69.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings results on Monday, October 28th. The communications equipment provider reported $0.26 EPS for the quarter, topping the consensus estimate of $0.17 by $0.09. The company had revenue of $195.80 million during the quarter, compared to analyst estimates of $181.77 million. Harmonic had a return on equity of 7.56% and a net margin of 13.62%. The firm’s revenue was up 53.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.05) earnings per share. As a group, research analysts forecast that Harmonic Inc. will post 0.52 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on HLIT shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 target price on shares of Harmonic in a report on Tuesday, October 29th. Northland Securities cut their price target on Harmonic from $16.00 to $14.00 and set an “outperform” rating for the company in a research note on Tuesday, October 29th. Raymond James lowered Harmonic from a “strong-buy” rating to an “outperform” rating and cut their price objective for the company from $17.00 to $14.00 in a research report on Tuesday, October 29th. Jefferies Financial Group lowered Harmonic from a “buy” rating to a “hold” rating and cut their price objective for the company from $14.00 to $12.50 in a research report on Tuesday, October 29th. Finally, Barclays cut their price objective on Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Tuesday, October 29th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $15.25.

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.