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

Clearline Capital LP cut its stake in shares of Harmonic Inc. (NASDAQ:HLIT) by 34.4% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,029,768 shares of the communications equipment provider’s stock after selling 540,693 shares during the quarter. Harmonic comprises approximately 0.6% of Clearline Capital LP’s investment portfolio, making the stock its 25th largest holding. Clearline Capital LP’s holdings in Harmonic were worth $15,004,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. CWM LLC lifted its stake 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 acquiring an additional 1,999 shares during the period. GAMMA Investing LLC lifted its position in shares of Harmonic by 117.6% in the 3rd quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock worth $36,000 after purchasing an additional 1,323 shares during the period. Innealta Capital LLC bought a new stake in shares of Harmonic in the 2nd quarter valued at $47,000. Verdence Capital Advisors LLC acquired a new stake in shares of Harmonic during the second quarter worth $140,000. Finally, Captrust Financial Advisors raised its stake 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 buying an additional 1,647 shares during the last quarter. Institutional investors own 99.38% of the company’s stock.

Harmonic Stock Performance

Shares of HLIT stock opened at $12.82 on Monday. Harmonic Inc. has a 12 month low of $9.10 and a 12 month high of $15.46. The firm has a market capitalization of $1.49 billion, a PE ratio of 17.56 and a beta of 0.89. The firm has a fifty day simple moving average of $13.14 and a two-hundred day simple moving average of $12.84. The company has a current ratio of 2.08, a quick ratio of 1.62 and a debt-to-equity ratio of 0.29.

Harmonic (NASDAQ:HLIT) last posted its 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 company had revenue of $195.80 million for the quarter, compared to analyst estimates of $181.77 million. Harmonic had a net margin of 13.62% and a return on equity of 7.56%. The firm’s revenue was up 53.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.05) EPS. Analysts forecast that Harmonic Inc. will post 0.52 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on HLIT. Jefferies Financial Group downgraded Harmonic from a “buy” rating to a “hold” rating and decreased their price target for the stock from $14.00 to $12.50 in a report on Tuesday, October 29th. Barclays decreased their target price on Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Tuesday, October 29th. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price target on shares of Harmonic in a research note on Tuesday, October 29th. Northland Securities cut their price target on Harmonic from $16.00 to $14.00 and set an “outperform” rating on the stock in a report on Tuesday, October 29th. Finally, Raymond James downgraded shares of Harmonic from a “strong-buy” rating to an “outperform” rating and dropped their target price for the company from $17.00 to $14.00 in a research 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 stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $15.25.

Harmonic Profile

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.