Emerald Mutual Fund Advisers Trust Sells 527,411 Shares of Harmonic Inc. (NASDAQ:HLIT)

Emerald Mutual Fund Advisers Trust trimmed its holdings in shares of Harmonic Inc. (NASDAQ:HLIT) by 92.0% in the second quarter, according to its most recent filing with the SEC. The firm owned 45,771 shares of the communications equipment provider’s stock after selling 527,411 shares during the period. Emerald Mutual Fund Advisers Trust’s holdings in Harmonic were worth $539,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in HLIT. Vanguard Group Inc. lifted its position in shares of Harmonic by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 9,852,064 shares of the communications equipment provider’s stock worth $132,412,000 after buying an additional 166,018 shares during the period. Wellington Management Group LLP boosted its stake in shares of Harmonic by 12.7% in the 4th quarter. Wellington Management Group LLP now owns 8,796,165 shares of the communications equipment provider’s stock valued at $114,702,000 after purchasing an additional 990,425 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Harmonic by 2.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,389,426 shares of the communications equipment provider’s stock worth $44,198,000 after purchasing an additional 82,822 shares during the last quarter. Leeward Investments LLC MA increased its position in shares of Harmonic by 5.6% during the 2nd quarter. Leeward Investments LLC MA now owns 1,975,966 shares of the communications equipment provider’s stock worth $23,257,000 after purchasing an additional 105,162 shares in the last quarter. Finally, Westfield Capital Management Co. LP bought a new position in Harmonic during the 4th quarter valued at about $19,257,000. Institutional investors own 99.38% of the company’s stock.

Harmonic Stock Down 4.2 %

Shares of HLIT opened at $13.32 on Friday. The business’s fifty day moving average price is $13.16 and its two-hundred day moving average price is $12.30. The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of 22.20 and a beta of 0.87. Harmonic Inc. has a 52 week low of $8.80 and a 52 week high of $15.31. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.32 and a current ratio of 1.87.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings results on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.04. The business had revenue of $138.70 million for the quarter, compared to analyst estimates of $133.67 million. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The firm’s revenue for the quarter was down 11.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.07 earnings per share. On average, analysts predict that Harmonic Inc. will post 0.44 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently weighed in on HLIT shares. Rosenblatt Securities reaffirmed a “buy” rating and set a $18.00 price objective on shares of Harmonic in a report on Thursday, July 18th. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price target on shares of Harmonic in a report on Tuesday, July 30th. Finally, Barclays lifted their price objective on Harmonic from $14.00 to $20.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $18.50.

Insider Activity

In related news, SVP Neven Haltmayer sold 40,000 shares of the stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $14.41, for a total value of $576,400.00. Following the transaction, the senior vice president now directly owns 122,211 shares in the company, valued at $1,761,060.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 2.20% of the company’s stock.

Harmonic Company 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.