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

DigitalBridge Group Inc. cut its stake in shares of Harmonic Inc. (NASDAQ:HLIT) by 22.2% during the 4th quarter, Holdings Channel reports. The fund owned 906,615 shares of the communications equipment provider’s stock after selling 259,050 shares during the period. Harmonic comprises approximately 0.9% of DigitalBridge Group Inc.’s investment portfolio, making the stock its 28th largest position. DigitalBridge Group Inc.’s holdings in Harmonic were worth $11,995,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also bought and sold shares of HLIT. PharVision Advisers LLC bought a new stake in shares of Harmonic during the fourth quarter worth about $138,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Harmonic by 18.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 322,262 shares of the communications equipment provider’s stock valued at $4,264,000 after buying an additional 50,342 shares during the last quarter. Wolverine Trading LLC purchased a new stake in Harmonic in the 4th quarter valued at $312,000. Squarepoint Ops LLC grew its holdings in shares of Harmonic by 30.2% in the fourth quarter. Squarepoint Ops LLC now owns 585,340 shares of the communications equipment provider’s stock valued at $7,744,000 after acquiring an additional 135,878 shares in the last quarter. Finally, Teza Capital Management LLC purchased a new stake in shares of Harmonic during the 4th quarter valued at $312,000. 99.38% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

HLIT has been the topic of several research analyst reports. Barclays reiterated an “underperform” rating on shares of Harmonic in a research note on Tuesday, April 29th. Wall Street Zen upgraded Harmonic from a “hold” rating to a “buy” rating in a research report on Thursday, March 27th. Rosenblatt Securities decreased their price objective on Harmonic from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Tuesday, April 29th. Jefferies Financial Group started coverage on shares of Harmonic in a report on Friday, February 21st. They issued a “hold” rating on the stock. Finally, Northland Securities decreased their target price on shares of Harmonic from $14.00 to $12.50 and set an “outperform” rating on the stock in a report on Tuesday, February 11th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given 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.

Insider Activity

In related news, Director Daniel T. Whalen purchased 3,000 shares of the firm’s stock in a transaction on Monday, February 24th. The stock was bought at an average cost of $10.15 per share, with a total value of $30,450.00. Following the completion of the acquisition, the director now owns 8,840 shares of the company’s stock, valued at $89,726. The trade was a 51.37% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.21% of the company’s stock.

Harmonic Price Performance

NASDAQ HLIT opened at $8.94 on Friday. The company’s 50 day moving average is $9.23 and its two-hundred day moving average is $10.99. Harmonic Inc. has a 12 month low of $7.91 and a 12 month high of $15.46. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of 27.09 and a beta of 1.03. The company has a current ratio of 2.18, a quick ratio of 1.80 and a debt-to-equity ratio of 0.26.

Harmonic (NASDAQ:HLIT) last released its earnings results on Monday, April 28th. The communications equipment provider reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.06. The firm had revenue of $133.14 million during the quarter, compared to analyst estimates of $127.51 million. Harmonic had a net margin of 5.78% and a return on equity of 15.90%. The company’s revenue for the quarter was up 9.1% compared to the same quarter last year. As a group, research analysts anticipate that Harmonic Inc. will post 0.31 earnings per share for the current year.

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

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.