California Public Employees Retirement System trimmed its position in shares of Harmonic Inc. (NASDAQ:HLIT) by 36.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 226,075 shares of the communications equipment provider’s stock after selling 129,700 shares during the quarter. California Public Employees Retirement System owned 0.28% of Harmonic worth $1,187,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Municipal Employees Retirement System of Michigan raised its holdings in Harmonic by 5.6% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 19,030 shares of the communications equipment provider’s stock worth $100,000 after purchasing an additional 1,010 shares during the period. Sei Investments Co. bought a new position in Harmonic in the 2nd quarter worth $142,000. Louisiana State Employees Retirement System raised its holdings in Harmonic by 0.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 32,800 shares of the communications equipment provider’s stock worth $172,000 after purchasing an additional 300 shares during the period. BNP Paribas Arbitrage SA raised its holdings in Harmonic by 36.3% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 35,456 shares of the communications equipment provider’s stock worth $186,000 after purchasing an additional 9,437 shares during the period. Finally, Arizona State Retirement System raised its holdings in Harmonic by 1.2% in the 2nd quarter. Arizona State Retirement System now owns 42,018 shares of the communications equipment provider’s stock worth $221,000 after purchasing an additional 500 shares during the period. 99.08% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities analysts recently commented on the company. BidaskClub cut Harmonic from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. ValuEngine cut Harmonic from a “hold” rating to a “sell” rating in a report on Monday, October 2nd. Jefferies Group LLC reaffirmed a “hold” rating and issued a $4.00 target price (up from $3.50) on shares of Harmonic in a report on Tuesday, August 1st. Dougherty & Co reaffirmed a “buy” rating and issued a $6.50 target price on shares of Harmonic in a report on Monday, October 23rd. Finally, Zacks Investment Research cut Harmonic from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 18th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $5.25.

In other Harmonic news, insider Patrick Harshman sold 7,979 shares of the stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $3.47, for a total value of $27,687.13. Following the completion of the sale, the insider now owns 570,733 shares in the company, valued at approximately $1,980,443.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 14,495 shares of company stock valued at $51,166 in the last quarter. 4.27% of the stock is currently owned by company insiders.

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Shares of Harmonic Inc. (HLIT) opened at $3.80 on Friday. Harmonic Inc. has a 12 month low of $2.80 and a 12 month high of $6.18. The company has a quick ratio of 0.99, a current ratio of 1.20 and a debt-to-equity ratio of 0.56.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings results on Monday, October 30th. The communications equipment provider reported ($0.01) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.08) by $0.07. Harmonic had a negative return on equity of 13.06% and a negative net margin of 22.02%. The business had revenue of $92.00 million during the quarter, compared to analyst estimates of $85.63 million. During the same quarter in the prior year, the business posted ($0.01) EPS. Harmonic’s revenue for the quarter was down 9.3% compared to the same quarter last year. sell-side analysts predict that Harmonic Inc. will post -0.51 EPS for the current fiscal year.

Harmonic Profile

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.

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Institutional Ownership by Quarter for Harmonic (NASDAQ:HLIT)

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