Versor Investments LP Takes Position in Harmonic Inc. (NASDAQ:HLIT)

Versor Investments LP bought a new position in Harmonic Inc. (NASDAQ:HLIT) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 15,600 shares of the communications equipment provider’s stock, valued at approximately $227,000.

Other institutional investors have also recently bought and sold shares of the company. Lisanti Capital Growth LLC bought a new position in shares of Harmonic during the 3rd quarter worth about $2,915,000. Los Angeles Capital Management LLC bought a new position in Harmonic during the third quarter worth about $842,000. Baker Avenue Asset Management LP acquired a new stake in Harmonic during the third quarter valued at approximately $833,000. Wealth Enhancement Advisory Services LLC grew its stake in shares of Harmonic by 18.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 35,365 shares of the communications equipment provider’s stock valued at $515,000 after purchasing an additional 5,414 shares during the period. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Harmonic by 117.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,187,528 shares of the communications equipment provider’s stock worth $17,302,000 after buying an additional 642,033 shares in the last quarter. Institutional investors and hedge funds own 99.38% of the company’s stock.

Harmonic Stock Performance

HLIT stock opened at $11.92 on Friday. The company has a 50 day moving average price of $13.40 and a 200 day moving average price of $12.74. Harmonic Inc. has a fifty-two week low of $9.10 and a fifty-two week high of $15.46. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.08 and a quick ratio of 1.62. The stock has a market capitalization of $1.39 billion, a PE ratio of 16.33 and a beta of 0.89.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings results on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.09. The business had revenue of $195.80 million for 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 for the quarter was up 53.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.05) earnings per share. Analysts forecast that Harmonic Inc. will post 0.52 EPS for the current year.

Analysts Set New Price Targets

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