Wellington Management Group LLP Acquires 990,425 Shares of Harmonic Inc. (NASDAQ:HLIT)

Wellington Management Group LLP raised its holdings in shares of Harmonic Inc. (NASDAQ:HLIT) by 12.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,796,165 shares of the communications equipment provider’s stock after purchasing an additional 990,425 shares during the quarter. Wellington Management Group LLP owned 7.86% of Harmonic worth $114,702,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Quadrant Capital Group LLC increased its stake in Harmonic by 237.8% during the 4th quarter. Quadrant Capital Group LLC now owns 2,591 shares of the communications equipment provider’s stock valued at $34,000 after purchasing an additional 1,824 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Harmonic by 12.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 16,622 shares of the communications equipment provider’s stock valued at $160,000 after purchasing an additional 1,871 shares in the last quarter. Swiss National Bank boosted its holdings in Harmonic by 1.3% during the 3rd quarter. Swiss National Bank now owns 232,615 shares of the communications equipment provider’s stock worth $2,240,000 after acquiring an additional 2,900 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in Harmonic by 2.1% during the 4th quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 163,835 shares of the communications equipment provider’s stock worth $2,136,000 after acquiring an additional 3,331 shares during the last quarter. Finally, Boston Partners boosted its holdings in Harmonic by 5.8% during the 4th quarter. Boston Partners now owns 65,934 shares of the communications equipment provider’s stock worth $860,000 after acquiring an additional 3,622 shares during the last quarter. Institutional investors own 99.38% of the company’s stock.

Analyst Ratings Changes

HLIT has been the topic of a number of analyst reports. StockNews.com raised shares of Harmonic from a “sell” rating to a “hold” rating in a report on Wednesday, February 28th. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price objective on shares of Harmonic in a report on Monday. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $17.20.

Insider Buying and Selling at Harmonic

In other Harmonic news, SVP Ian Graham sold 52,730 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $10.95, for a total transaction of $577,393.50. Following the sale, the senior vice president now directly owns 63,616 shares of the company’s stock, valued at $696,595.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 2.20% of the company’s stock.

Harmonic Price Performance

Shares of NASDAQ:HLIT opened at $11.20 on Friday. The company’s 50-day moving average is $11.06 and its 200 day moving average is $11.96. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.78 and a current ratio of 1.09. The company has a market capitalization of $1.26 billion, a P/E ratio of 18.67 and a beta of 0.90. Harmonic Inc. has a fifty-two week low of $8.80 and a fifty-two week high of $18.43.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings results on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). The company had revenue of $122.06 million during the quarter, compared to analysts’ expectations of $121.70 million. Harmonic had a return on equity of 1.35% and a net margin of 12.37%. Harmonic’s quarterly revenue was down 22.6% compared to the same quarter last year. During the same period last year, the firm posted $0.06 earnings per share. On average, equities research analysts forecast that Harmonic Inc. will post 0.36 earnings per share for the current year.

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.