Victory Capital Management Inc. Sells 64,542 Shares of Harmonic Inc. (NASDAQ:HLIT)

Victory Capital Management Inc. lessened its position in Harmonic Inc. (NASDAQ:HLIT) by 3.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,626,253 shares of the communications equipment provider’s stock after selling 64,542 shares during the period. Victory Capital Management Inc. owned 1.45% of Harmonic worth $21,206,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Kestra Advisory Services LLC bought a new stake in Harmonic in the third quarter valued at $131,000. Avior Wealth Management LLC purchased a new position in shares of Harmonic during the fourth quarter valued at about $137,000. PNC Financial Services Group Inc. raised its stake in Harmonic by 12.7% in the third quarter. PNC Financial Services Group Inc. now owns 16,622 shares of the communications equipment provider’s stock worth $160,000 after buying an additional 1,871 shares in the last quarter. Innovis Asset Management LLC purchased a new stake in Harmonic in the third quarter worth about $174,000. Finally, Skandinaviska Enskilda Banken AB publ lifted its holdings in Harmonic by 205.3% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 23,200 shares of the communications equipment provider’s stock worth $223,000 after buying an additional 15,600 shares during the period. Hedge funds and other institutional investors own 99.38% of the company’s stock.

Harmonic Price Performance

Shares of NASDAQ:HLIT opened at $11.35 on Friday. The company has a market capitalization of $1.27 billion, a PE ratio of 18.92 and a beta of 0.90. The business has a fifty day moving average price of $11.81 and a 200-day moving average price of $11.79. Harmonic Inc. has a 1-year low of $8.80 and a 1-year high of $18.43. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.09 and a quick ratio of 0.78.

Harmonic (NASDAQ:HLIT) last issued its earnings results on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.04). Harmonic had a return on equity of 1.35% and a net margin of 12.37%. The firm had revenue of $122.06 million during the quarter, compared to analysts’ expectations of $121.70 million. During the same period last year, the firm posted $0.06 earnings per share. The firm’s quarterly revenue was down 22.6% on a year-over-year basis. As a group, equities analysts expect that Harmonic Inc. will post 0.36 EPS for the current fiscal year.

Insider Buying and Selling at Harmonic

In other news, SVP Neven Haltmayer sold 14,747 shares of the business’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $13.68, for a total value of $201,738.96. Following the completion of the transaction, the senior vice president now owns 156,559 shares in the company, valued at $2,141,727.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Neven Haltmayer sold 14,747 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $13.68, for a total transaction of $201,738.96. Following the sale, the senior vice president now owns 156,559 shares of the company’s stock, valued at approximately $2,141,727.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Ian Graham sold 52,730 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $10.95, for a total transaction of $577,393.50. Following the transaction, the senior vice president now owns 63,616 shares in the company, valued at approximately $696,595.20. The disclosure for this sale can be found here. Company insiders own 2.20% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on HLIT. Raymond James decreased their target price on Harmonic from $19.00 to $18.00 and set a “strong-buy” rating for the company in a research report on Tuesday, January 30th. Rosenblatt Securities lowered their price objective on Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, January 30th. Needham & Company LLC restated a “buy” rating and set a $18.00 target price on shares of Harmonic in a report on Tuesday, April 30th. TheStreet upgraded shares of Harmonic from a “c” rating to a “b” rating in a research note on Monday, January 29th. Finally, StockNews.com raised shares of Harmonic from a “sell” rating to a “hold” rating in a research report on Wednesday, February 28th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Harmonic currently has a consensus rating of “Buy” and a consensus target price of $17.20.

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.