DigitalBridge Group Inc. Sells 259,050 Shares of Harmonic Inc. (NASDAQ:HLIT)

DigitalBridge Group Inc. trimmed its holdings in shares of Harmonic Inc. (NASDAQ:HLIT - Free Report) by 22.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 906,615 shares of the communications equipment provider's stock after selling 259,050 shares during the quarter. Harmonic accounts for about 0.9% of DigitalBridge Group Inc.'s portfolio, making the stock its 28th largest position. DigitalBridge Group Inc. owned 0.78% of Harmonic worth $11,995,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Quarry LP bought a new position in Harmonic during the 4th quarter worth approximately $33,000. Russell Investments Group Ltd. boosted its position in Harmonic by 5,388.1% during the fourth quarter. Russell Investments Group Ltd. now owns 5,543 shares of the communications equipment provider's stock valued at $73,000 after acquiring an additional 5,442 shares during the last quarter. AlphaQuest LLC grew its holdings in Harmonic by 14,765.9% during the 4th quarter. AlphaQuest LLC now owns 6,095 shares of the communications equipment provider's stock worth $81,000 after acquiring an additional 6,054 shares during the period. KBC Group NV raised its position in shares of Harmonic by 84.8% in the 4th quarter. KBC Group NV now owns 6,295 shares of the communications equipment provider's stock worth $83,000 after acquiring an additional 2,888 shares in the last quarter. Finally, Cresset Asset Management LLC bought a new position in shares of Harmonic in the 4th quarter worth about $133,000. 99.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on HLIT. Wall Street Zen raised Harmonic from a "hold" rating to a "buy" rating in a research note on Thursday, March 27th. Rosenblatt Securities dropped their target price on shares of Harmonic from $12.00 to $11.00 and set a "buy" rating on the stock in a research report on Tuesday, April 29th. Northland Securities cut their target price on shares of Harmonic from $14.00 to $12.50 and set an "outperform" rating on the stock in a research note on Tuesday, February 11th. Jefferies Financial Group assumed coverage on shares of Harmonic in a research note on Friday, February 21st. They issued a "hold" rating for the company. Finally, Needham & Company LLC reissued a "buy" rating and set a $14.00 price objective on shares of Harmonic in a research report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $12.33.

Harmonic Stock Down 0.3%

HLIT traded down $0.03 during trading on Thursday, hitting $9.14. 173,456 shares of the company's stock were exchanged, compared to its average volume of 1,146,481. Harmonic Inc. has a fifty-two week low of $7.91 and a fifty-two week high of $15.46. The stock has a market cap of $1.03 billion, a P/E ratio of 27.71 and a beta of 1.03. The business's 50 day moving average is $9.15 and its two-hundred day moving average is $10.93. The company has a quick ratio of 1.80, a current ratio of 2.18 and a debt-to-equity ratio of 0.26.

Harmonic (NASDAQ:HLIT - Get Free Report) last posted its earnings results on Monday, April 28th. The communications equipment provider reported $0.11 EPS for the quarter, topping the consensus estimate of $0.05 by $0.06. The company had revenue of $133.14 million during the quarter, compared to the consensus estimate of $127.51 million. Harmonic had a net margin of 5.78% and a return on equity of 15.90%. Harmonic's revenue was up 9.1% on a year-over-year basis. As a group, equities analysts expect that Harmonic Inc. will post 0.31 earnings per share for the current fiscal year.

Harmonic declared that its board has initiated a share buyback program on Monday, February 10th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the communications equipment provider to repurchase up to 15.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

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.