Prudential Financial Inc. raised its stake in shares of Harmonic Inc. (NASDAQ:HLIT) by 1.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 132,054 shares of the communications equipment provider’s stock after buying an additional 1,360 shares during the period. Prudential Financial Inc. owned approximately 0.16% of Harmonic worth $786,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in HLIT. Mason Street Advisors LLC raised its stake in shares of Harmonic by 9.0% in the first quarter. Mason Street Advisors LLC now owns 18,654 shares of the communications equipment provider’s stock valued at $111,000 after buying an additional 1,534 shares during the last quarter. Louisiana State Employees Retirement System raised its position in shares of Harmonic by 3.2% in the first quarter. Louisiana State Employees Retirement System now owns 32,500 shares of the communications equipment provider’s stock valued at $193,000 after buying an additional 1,000 shares during the last quarter. Thrivent Financial for Lutherans raised its position in shares of Harmonic by 6.8% in the fourth quarter. Thrivent Financial for Lutherans now owns 41,980 shares of the communications equipment provider’s stock valued at $210,000 after buying an additional 2,690 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its position in shares of Harmonic by 1.7% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 54,612 shares of the communications equipment provider’s stock valued at $273,000 after buying an additional 929 shares during the last quarter. Finally, Texas Permanent School Fund raised its position in shares of Harmonic by 1.1% in the first quarter. Texas Permanent School Fund now owns 57,756 shares of the communications equipment provider’s stock valued at $344,000 after buying an additional 613 shares during the last quarter. Institutional investors own 97.27% of the company’s stock.

Harmonic Inc. (HLIT) traded down 1.47% during midday trading on Friday, reaching $3.35. The company had a trading volume of 571,121 shares. Harmonic Inc. has a 52 week low of $3.25 and a 52 week high of $6.18. The company’s market capitalization is $272.26 million. The firm has a 50-day moving average price of $4.28 and a 200-day moving average price of $5.18.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings data on Monday, July 31st. The communications equipment provider reported ($0.22) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.02. Harmonic had a negative net margin of 21.58% and a negative return on equity of 13.22%. The firm had revenue of $82.30 million for the quarter, compared to analyst estimates of $80.88 million. Harmonic’s quarterly revenue was down 24.9% on a year-over-year basis. Analysts expect that Harmonic Inc. will post ($0.42) EPS for the current fiscal year.

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A number of research firms have recently weighed in on HLIT. TheStreet lowered Harmonic from a “c-” rating to a “d+” rating in a report on Wednesday, August 9th. ValuEngine downgraded Harmonic from a “hold” rating to a “sell” rating in a research report on Friday, August 4th. Jefferies Group LLC reaffirmed a “hold” rating and set a $4.00 price target (up from $3.50) on shares of Harmonic in a research report on Tuesday, August 1st. BidaskClub downgraded Harmonic from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Finally, Zacks Investment Research downgraded Harmonic from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 18th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $5.67.

In related news, insider Patrick Harshman sold 7,979 shares of the company’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $3.47, for a total transaction of $27,687.13. Following the sale, the insider now directly owns 570,733 shares of the company’s stock, valued at approximately $1,980,443.51. The sale was disclosed in a legal filing with the SEC, which is available through this link. 4.27% of the stock is owned by corporate insiders.

About Harmonic

Harmonic Inc (Harmonic) designs, manufactures and sells video infrastructure products, and system solutions. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers.

Institutional Ownership by Quarter for Harmonic (NASDAQ:HLIT)

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