Allspring Global Investments Holdings LLC Has $14.75 Million Stock Holdings in Harmonic Inc. (NASDAQ:HLIT)

Posted by on Oct 4th, 2023

Allspring Global Investments Holdings LLC increased its position in Harmonic Inc. (NASDAQ:HLIT – Free Report) by 34.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 912,252 shares of the communications equipment provider’s stock after buying an additional 235,060 shares during the period. Allspring Global Investments Holdings LLC owned 0.82% of Harmonic worth $14,751,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Captrust Financial Advisors raised its holdings in shares of Harmonic by 411.4% in the 1st quarter. Captrust Financial Advisors now owns 3,866 shares of the communications equipment provider’s stock worth $36,000 after purchasing an additional 3,110 shares during the period. Advisor Group Holdings Inc. grew its position in shares of Harmonic by 80.5% during the 4th quarter. Advisor Group Holdings Inc. now owns 3,271 shares of the communications equipment provider’s stock valued at $43,000 after purchasing an additional 1,459 shares in the last quarter. Belpointe Asset Management LLC grew its position in shares of Harmonic by 2,615.0% during the 1st quarter. Belpointe Asset Management LLC now owns 3,258 shares of the communications equipment provider’s stock valued at $48,000 after purchasing an additional 3,138 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of Harmonic during the 2nd quarter valued at $65,000. Finally, Graham Capital Management L.P. purchased a new position in shares of Harmonic during the 1st quarter valued at $105,000. 99.38% of the stock is currently owned by institutional investors and hedge funds.

Harmonic Stock Down 2.0 %

HLIT opened at $9.25 on Wednesday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.76 and a current ratio of 1.15. Harmonic Inc. has a fifty-two week low of $9.19 and a fifty-two week high of $18.43. The firm’s fifty day moving average is $10.57 and its 200 day moving average is $13.96. The stock has a market cap of $1.04 billion, a price-to-earnings ratio of 51.39 and a beta of 0.90.

Harmonic (NASDAQ:HLIT – Get Free Report) last announced its quarterly earnings results on Monday, July 31st. The communications equipment provider reported $0.07 EPS for the quarter, missing the consensus estimate of $0.08 by ($0.01). Harmonic had a return on equity of 11.78% and a net margin of 3.40%. The company had revenue of $155.96 million during the quarter, compared to analysts’ expectations of $167.27 million. On average, sell-side analysts forecast that Harmonic Inc. will post 0.25 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently issued reports on HLIT. Rosenblatt Securities cut their target price on shares of Harmonic from $22.00 to $18.00 and set a “buy” rating for the company in a research report on Tuesday, August 1st. StockNews.com upgraded shares of Harmonic from a “sell” rating to a “hold” rating in a research report on Monday. Barclays cut their price target on shares of Harmonic from $23.00 to $20.00 and set an “overweight” rating for the company in a research report on Tuesday, August 1st. Raymond James upgraded shares of Harmonic from an “outperform” rating to a “strong-buy” rating and upped their price target for the company from $15.00 to $16.00 in a research report on Thursday, August 10th. Finally, Northland Securities cut their price target on shares of Harmonic from $23.00 to $20.00 and set an “outperform” rating for the company in a research report on Tuesday, August 1st. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $18.50.

Get Our Latest Analysis on HLIT

Harmonic Profile

(Free Report)

Harmonic Inc, together with its subsidiaries, provide video delivery software, products, system solutions, and services worldwide. The company operates in two segments, Video and Broadband. The Video segment sells video processing, production, and playout solutions and services to broadband operators, and satellite and telecommunications Pay-TV service providers, as well as to broadcast and media, including streaming media companies.

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Institutional Ownership by Quarter for Harmonic (NASDAQ:HLIT)

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