Wellington Management Group LLP Has $25.44 Million Holdings in Harmonic Inc. (NASDAQ:HLIT)

Wellington Management Group LLP reduced its position in Harmonic Inc. (NASDAQ:HLIT - Free Report) by 7.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,922,859 shares of the communications equipment provider's stock after selling 154,957 shares during the quarter. Wellington Management Group LLP owned about 1.64% of Harmonic worth $25,439,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in HLIT. Vanguard Group Inc. boosted its position in shares of Harmonic by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 11,063,328 shares of the communications equipment provider's stock worth $146,368,000 after acquiring an additional 235,188 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Harmonic by 20.0% in the 4th quarter. Invesco Ltd. now owns 7,788,714 shares of the communications equipment provider's stock valued at $103,045,000 after purchasing an additional 1,300,128 shares in the last quarter. Millennium Management LLC increased its stake in shares of Harmonic by 9,004.4% in the 4th quarter. Millennium Management LLC now owns 4,719,837 shares of the communications equipment provider's stock valued at $62,443,000 after purchasing an additional 4,667,996 shares during the last quarter. Alliancebernstein L.P. raised its holdings in shares of Harmonic by 8.9% during the 4th quarter. Alliancebernstein L.P. now owns 2,145,357 shares of the communications equipment provider's stock worth $28,383,000 after buying an additional 175,133 shares in the last quarter. Finally, CenterBook Partners LP lifted its position in shares of Harmonic by 4.5% during the 4th quarter. CenterBook Partners LP now owns 1,335,941 shares of the communications equipment provider's stock worth $17,674,000 after buying an additional 57,046 shares during the last quarter. 99.38% of the stock is currently owned by institutional investors and hedge funds.

Harmonic Trading Down 0.6%

NASDAQ HLIT traded down $0.06 on Wednesday, hitting $9.40. The company's stock had a trading volume of 663,096 shares, compared to its average volume of 1,144,209. The company's 50-day moving average is $9.08 and its 200 day moving average is $10.82. The firm has a market cap of $1.06 billion, a PE ratio of 28.49 and a beta of 1.03. Harmonic Inc. has a 1-year low of $7.91 and a 1-year high of $15.46. 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 quarterly earnings data on Monday, April 28th. The communications equipment provider reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates of $0.05 by $0.06. The business had revenue of $133.14 million during the quarter, compared to the consensus estimate of $127.51 million. Harmonic had a return on equity of 15.90% and a net margin of 5.78%. Harmonic's revenue was up 9.1% compared to the same quarter last year. As a group, analysts predict that Harmonic Inc. will post 0.31 earnings per share for the current fiscal year.

Harmonic announced that its board has approved a share buyback plan on Monday, February 10th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the communications equipment provider to repurchase up to 15.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Barclays reiterated an "underperform" rating on shares of Harmonic in a research report on Tuesday, April 29th. Wall Street Zen upgraded shares of Harmonic from a "hold" rating to a "buy" rating in a research report on Thursday, March 27th. Rosenblatt Securities cut 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. Jefferies Financial Group started coverage on shares of Harmonic in a research note on Friday, February 21st. They set a "hold" rating on the stock. Finally, Northland Securities dropped their price target on Harmonic from $14.00 to $12.50 and set an "outperform" rating for the company in a research note on Tuesday, February 11th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price 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.