Equity Management

Victory Capital Management Inc. Sells 263,783 Shares of Harmonic Inc. (NASDAQ:HLIT)

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Feb 5, 2023 • 5 min read

Victory Capital Management Inc. decreased its holdings in shares of Harmonic Inc. (NASDAQ:HLIT - Get Rating) by 12.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,818,740 shares of the communications equipment provider's stock after selling 263,783 shares during the quarter. Victory Capital Management Inc. owned 1.74% of Harmonic worth $23,771,000 at the end of the most recent reporting period.

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Several other hedge funds and other institutional investors have also recently modified their holdings of HLIT. BlackRock Inc. grew its position in Harmonic by 0.5% in the 1st quarter. BlackRock Inc. now owns 16,004,878 shares of the communications equipment provider's stock valued at $148,685,000 after acquiring an additional 72,246 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Harmonic by 3.7% during the 1st quarter. Vanguard Group Inc. now owns 6,891,964 shares of the communications equipment provider's stock valued at $64,027,000 after buying an additional 247,780 shares in the last quarter. Trigran Investments Inc. boosted its position in Harmonic by 7.6% in the 2nd quarter. Trigran Investments Inc. now owns 6,050,465 shares of the communications equipment provider's stock valued at $52,458,000 after buying an additional 428,566 shares during the period. Dimensional Fund Advisors LP grew its stake in Harmonic by 1.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,768,594 shares of the communications equipment provider's stock worth $44,300,000 after acquiring an additional 51,817 shares in the last quarter. Finally, State Street Corp increased its position in shares of Harmonic by 0.6% during the second quarter. State Street Corp now owns 3,213,917 shares of the communications equipment provider's stock worth $27,865,000 after acquiring an additional 20,508 shares during the period. 97.72% of the stock is currently owned by hedge funds and other institutional investors.

Harmonic Stock Performance

HLIT stock opened at $14.49 on Tuesday. Harmonic Inc. has a one year low of $8.25 and a one year high of $15.80. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of 37.15 and a beta of 0.89. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.07 and a current ratio of 1.52. The firm has a 50-day simple moving average of $14.06 and a two-hundred day simple moving average of $12.72.

Harmonic (NASDAQ:HLIT - Get Rating) last issued its quarterly earnings results on Monday, October 31st. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.05 by $0.03. Harmonic had a return on equity of 11.89% and a net margin of 6.80%. The business had revenue of $155.70 million for the quarter, compared to the consensus estimate of $153.27 million. During the same period in the prior year, the firm posted $0.03 earnings per share. The business's quarterly revenue was up 23.3% on a year-over-year basis. On average, equities analysts forecast that Harmonic Inc. will post 0.32 EPS for the current fiscal year.

Insider Activity

In other Harmonic news, SVP Nimrod Ben-Natan sold 149,835 shares of the company's stock in a transaction that occurred on Thursday, November 3rd. The shares were sold at an average price of $14.07, for a total transaction of $2,108,178.45. Following the transaction, the senior vice president now owns 298,576 shares in the company, valued at approximately $4,200,964.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP Neven Haltmayer sold 24,947 shares of the stock in a transaction dated Friday, November 18th. The stock was sold at an average price of $14.80, for a total value of $369,215.60. Following the transaction, the senior vice president now directly owns 150,447 shares of the company's stock, valued at $2,226,615.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Nimrod Ben-Natan sold 149,835 shares of Harmonic stock in a transaction dated Thursday, November 3rd. The stock was sold at an average price of $14.07, for a total value of $2,108,178.45. Following the sale, the senior vice president now directly owns 298,576 shares of the company's stock, valued at approximately $4,200,964.32. The disclosure for this sale can be found here. Insiders have sold a total of 230,822 shares of company stock worth $3,303,390 over the last 90 days. 3.50% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

HLIT has been the topic of several research analyst reports. Rosenblatt Securities increased their price objective on Harmonic from $17.00 to $20.00 and gave the stock a "buy" rating in a research note on Wednesday, October 19th. Barclays raised their price target on Harmonic from $14.00 to $17.00 and gave the company an "overweight" rating in a research note on Tuesday, November 1st. Jefferies Financial Group raised shares of Harmonic from a "hold" rating to a "buy" rating and upped their price objective for the stock from $14.25 to $19.00 in a research note on Monday, January 9th. StockNews.com downgraded shares of Harmonic from a "buy" rating to a "hold" rating in a research report on Thursday, November 3rd. Finally, Raymond James upped their price target on shares of Harmonic from $13.00 to $18.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 1st. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $17.67.

About Harmonic

Harmonic Inc, together with its subsidiaries, provide video delivery software, products, system solutions, and services worldwide. The company operates in two segments, Video and Cable Access. The Video segment sells video processing, production, and playout solutions and services to cable operators, and satellite and telecommunications Pay-TV service providers, as well as to broadcast and media, including streaming media companies.