Jane Street Group LLC Sells 178,440 Shares of Harmonic Inc. (NASDAQ:HLIT)

Jane Street Group LLC lessened its holdings in Harmonic Inc. (NASDAQ:HLIT - Free Report) by 88.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 22,946 shares of the communications equipment provider's stock after selling 178,440 shares during the quarter. Jane Street Group LLC's holdings in Harmonic were worth $304,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of HLIT. Quarry LP acquired a new stake in shares of Harmonic during the 4th quarter valued at $33,000. Russell Investments Group Ltd. boosted its holdings in shares of Harmonic by 5,388.1% during the 4th 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 in the last quarter. AlphaQuest LLC boosted its holdings in shares of Harmonic by 14,765.9% during the 4th quarter. AlphaQuest LLC now owns 6,095 shares of the communications equipment provider's stock valued at $81,000 after acquiring an additional 6,054 shares in the last quarter. KBC Group NV boosted its holdings in shares of Harmonic by 84.8% during the 4th quarter. KBC Group NV now owns 6,295 shares of the communications equipment provider's stock valued at $83,000 after acquiring an additional 2,888 shares in the last quarter. Finally, Cibc World Markets Corp acquired a new stake in shares of Harmonic during the 4th quarter valued at $137,000. Institutional investors and hedge funds own 99.38% of the company's stock.

Harmonic Trading Down 0.6%

Shares of HLIT stock traded down $0.06 during mid-day trading on Wednesday, hitting $9.40. The company's stock had a trading volume of 663,096 shares, compared to its average volume of 1,143,465. The company's fifty day simple moving average is $9.09 and its 200-day simple moving average is $10.83. Harmonic Inc. has a 52 week low of $7.91 and a 52 week high of $15.46. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.80 and a current ratio of 2.18. The company has a market cap of $1.06 billion, a PE ratio of 28.49 and a beta of 1.03.

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

Harmonic declared that its board has authorized a stock buyback program on Monday, February 10th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the communications equipment provider to purchase up to 15.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts recently weighed in on HLIT shares. Jefferies Financial Group started coverage on Harmonic in a report on Friday, February 21st. They set a "hold" rating on the stock. Northland Securities cut their target price on Harmonic from $14.00 to $12.50 and set an "outperform" rating on the stock in a report on Tuesday, February 11th. Barclays reaffirmed an "underperform" rating on shares of Harmonic in a report on Tuesday, April 29th. Wall Street Zen raised Harmonic from a "hold" rating to a "buy" rating in a report on Thursday, March 27th. Finally, Rosenblatt Securities cut their target price on Harmonic from $12.00 to $11.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $12.33.

Harmonic 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.