Arizona State Retirement System Sells 1,884 Shares of Harmonic Inc. (NASDAQ:HLIT)

Arizona State Retirement System reduced its stake in shares of Harmonic Inc. (NASDAQ:HLIT) by 6.6% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 26,571 shares of the communications equipment provider’s stock after selling 1,884 shares during the quarter. Arizona State Retirement System’s holdings in Harmonic were worth $226,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of HLIT. BlackRock Inc. raised its holdings in Harmonic by 8.6% during the first quarter. BlackRock Inc. now owns 16,596,578 shares of the communications equipment provider’s stock valued at $130,118,000 after buying an additional 1,313,511 shares in the last quarter. Royal Bank of Canada raised its holdings in Harmonic by 31.0% during the first quarter. Royal Bank of Canada now owns 2,161,737 shares of the communications equipment provider’s stock valued at $16,948,000 after buying an additional 511,243 shares in the last quarter. Morgan Stanley raised its holdings in Harmonic by 119.9% during the first quarter. Morgan Stanley now owns 704,569 shares of the communications equipment provider’s stock valued at $5,524,000 after buying an additional 384,128 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Harmonic by 645.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 306,356 shares of the communications equipment provider’s stock valued at $2,402,000 after buying an additional 265,283 shares in the last quarter. Finally, FMR LLC raised its holdings in Harmonic by 270.6% during the first quarter. FMR LLC now owns 290,357 shares of the communications equipment provider’s stock valued at $1,574,000 after buying an additional 212,010 shares in the last quarter. Institutional investors own 91.12% of the company’s stock.

In other Harmonic news, SVP Nimrod Ben-Natan sold 60,000 shares of Harmonic stock in a transaction that occurred on Monday, August 9th. The stock was sold at an average price of $9.83, for a total transaction of $589,800.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Patrick Harshman sold 100,000 shares of Harmonic stock in a transaction that occurred on Thursday, September 9th. The shares were sold at an average price of $8.96, for a total transaction of $896,000.00. Following the completion of the transaction, the chief executive officer now owns 1,022,295 shares of the company’s stock, valued at approximately $9,159,763.20. The disclosure for this sale can be found here. 3.78% of the stock is currently owned by insiders.

HLIT stock opened at $8.93 on Wednesday. Harmonic Inc. has a twelve month low of $5.20 and a twelve month high of $10.75. The company has a market cap of $909.13 million, a PE ratio of -892.11, a price-to-earnings-growth ratio of 8.88 and a beta of 0.79. The business’s 50-day simple moving average is $9.01 and its 200 day simple moving average is $8.21. The company has a quick ratio of 1.38, a current ratio of 1.62 and a debt-to-equity ratio of 0.55.

Harmonic (NASDAQ:HLIT) last released its earnings results on Monday, August 2nd. The communications equipment provider reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.09. Harmonic had a positive return on equity of 4.84% and a negative net margin of 0.01%. The business had revenue of $113.45 million for the quarter, compared to the consensus estimate of $107.59 million. During the same period last year, the business earned ($0.06) earnings per share. The firm’s revenue for the quarter was up 53.3% compared to the same quarter last year. On average, equities research analysts anticipate that Harmonic Inc. will post 0.07 EPS for the current year.

A number of equities analysts have recently commented on the company. Zacks Investment Research lowered Harmonic from a “buy” rating to a “hold” rating in a research note on Thursday, August 5th. Needham & Company LLC lifted their price objective on Harmonic from $9.50 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, August 3rd. Barclays lifted their price objective on Harmonic from $8.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 3rd. Finally, Raymond James lifted their price objective on Harmonic from $9.00 to $11.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 3rd. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $10.63.

About Harmonic

Harmonic, Inc engages in the development and sale of video delivery software, products, system solutions, and services. It operates through the Video and Cable Access segments. The Video segment sells video processing and production and playout services to cable operators, satellite and telecommunications pay-TV service providers, and broadcast and media companies.

Further Reading: What is a trade deficit?

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Institutional Ownership by Quarter for Harmonic (NASDAQ:HLIT)

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