Clearline Capital LP Has $15 Million Position in Harmonic Inc. (NASDAQ:HLIT)

Clearline Capital LP lessened its position in Harmonic Inc. (NASDAQ:HLIT) by 34.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,029,768 shares of the communications equipment provider’s stock after selling 540,693 shares during the quarter. Harmonic makes up about 0.6% of Clearline Capital LP’s portfolio, making the stock its 25th biggest position. Clearline Capital LP owned about 0.88% of Harmonic worth $15,004,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of HLIT. CWM LLC lifted its position in shares of Harmonic by 780.9% in the second quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock worth $27,000 after purchasing an additional 1,999 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Harmonic by 117.6% during the 3rd quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock worth $36,000 after buying an additional 1,323 shares during the last quarter. Innealta Capital LLC bought a new position in shares of Harmonic in the 2nd quarter valued at about $47,000. Verdence Capital Advisors LLC acquired a new stake in shares of Harmonic in the second quarter valued at about $140,000. Finally, Captrust Financial Advisors raised its holdings in Harmonic by 14.9% during the third quarter. Captrust Financial Advisors now owns 12,671 shares of the communications equipment provider’s stock worth $185,000 after acquiring an additional 1,647 shares in the last quarter. Institutional investors own 99.38% of the company’s stock.

Harmonic Trading Up 2.1 %

Shares of Harmonic stock opened at $12.82 on Monday. Harmonic Inc. has a 1 year low of $9.10 and a 1 year 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 firm has a market capitalization of $1.49 billion, a PE ratio of 17.56 and a beta of 0.89. The firm’s 50 day moving average is $13.14 and its 200 day moving average is $12.84.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, October 28th. The communications equipment provider reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.09. Harmonic had a return on equity of 7.56% and a net margin of 13.62%. The company had revenue of $195.80 million during the quarter, compared to analysts’ expectations of $181.77 million. During the same period in the prior year, the company earned ($0.05) EPS. Harmonic’s revenue was up 53.9% compared to the same quarter last year. Equities research analysts forecast that Harmonic Inc. will post 0.52 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on HLIT. Rosenblatt Securities lowered their price target on Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Northland Securities dropped their price target on shares of Harmonic from $16.00 to $14.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 29th. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price objective on shares of Harmonic in a research report on Tuesday, October 29th. Raymond James lowered shares of Harmonic from a “strong-buy” rating to an “outperform” rating and lowered their price objective for the stock from $17.00 to $14.00 in a research note on Tuesday, October 29th. Finally, Barclays cut their target price on shares of Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Tuesday, October 29th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company has a consensus 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.