Charles Schwab Investment Management Inc. Grows Stock Holdings in Harmonic Inc. (NASDAQ:HLIT)

Charles Schwab Investment Management Inc. increased its stake in shares of Harmonic Inc. (NASDAQ:HLIT) by 3.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,036,729 shares of the communications equipment provider’s stock after buying an additional 34,405 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Harmonic were worth $15,105,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. GAMMA Investing LLC grew its holdings in shares of Harmonic by 117.6% during the third 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. Dark Forest Capital Management LP grew its holdings in shares of Harmonic by 7.2% during the second quarter. Dark Forest Capital Management LP now owns 20,192 shares of the communications equipment provider’s stock worth $238,000 after buying an additional 1,362 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of Harmonic by 0.4% during the second quarter. Rhumbline Advisers now owns 320,516 shares of the communications equipment provider’s stock worth $3,772,000 after buying an additional 1,382 shares during the last quarter. CWM LLC grew its holdings in shares of Harmonic by 780.9% during the second quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock worth $27,000 after buying an additional 1,999 shares during the last quarter. Finally, Louisiana State Employees Retirement System grew its holdings in shares of Harmonic by 5.2% during the second quarter. Louisiana State Employees Retirement System now owns 58,600 shares of the communications equipment provider’s stock worth $690,000 after buying an additional 2,900 shares during the last quarter. Hedge funds and other institutional investors own 99.38% of the company’s stock.

Analyst Ratings Changes

HLIT has been the topic of a number of analyst reports. Rosenblatt Securities lowered their price objective on Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, October 29th. Barclays lowered their price objective on Harmonic from $20.00 to $17.00 and set an “overweight” rating on the stock in a report on Tuesday, October 29th. Northland Securities lowered their price objective on Harmonic from $16.00 to $14.00 and set an “outperform” rating on the stock in a report on Tuesday, October 29th. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Harmonic in a report on Tuesday, October 29th. Finally, Raymond James lowered Harmonic from a “strong-buy” rating to an “outperform” rating and lowered their price objective for the company from $17.00 to $14.00 in a report on Tuesday, October 29th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $15.25.

Harmonic Stock Performance

HLIT opened at $12.89 on Friday. The stock has a market cap of $1.50 billion, a P/E ratio of 17.66 and a beta of 0.92. 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’s 50 day simple moving average is $12.99 and its 200 day simple moving average is $12.88. Harmonic Inc. has a 1-year low of $9.10 and a 1-year high of $15.46.

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

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.