Harmonic Inc. (NASDAQ:HLIT) Director Acquires $30,450.00 in Stock

Harmonic Inc. (NASDAQ:HLIT) Director Daniel T. Whalen acquired 3,000 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The stock was bought at an average price of $10.15 per share, with a total value of $30,450.00. Following the completion of the acquisition, the director now directly owns 8,840 shares of the company’s stock, valued at $89,726. This trade represents a 51.37 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Harmonic Trading Up 0.9 %

Shares of HLIT stock opened at $10.24 on Friday. The company has a 50 day moving average of $11.90 and a 200-day moving average of $12.86. 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 Inc. has a 12-month low of $8.42 and a 12-month high of $15.46. The firm has a market cap of $1.20 billion, a P/E ratio of 31.03 and a beta of 0.89.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings results on Monday, February 10th. The communications equipment provider reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.01. Harmonic had a net margin of 5.78% and a return on equity of 15.90%. Sell-side analysts anticipate that Harmonic Inc. will post 0.31 earnings per share for the current year.

Harmonic announced that its Board of Directors has initiated a stock buyback program on Monday, February 10th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the communications equipment provider to buy up to 15.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Harmonic

Large investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC grew its stake in Harmonic by 18.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 35,365 shares of the communications equipment provider’s stock valued at $515,000 after buying an additional 5,414 shares in the last quarter. Baker Avenue Asset Management LP purchased a new position in Harmonic in the 3rd quarter valued at approximately $833,000. Los Angeles Capital Management LLC purchased a new position in Harmonic in the 3rd quarter valued at approximately $842,000. Lisanti Capital Growth LLC purchased a new position in Harmonic in the 3rd quarter valued at approximately $2,915,000. Finally, Versor Investments LP purchased a new position in Harmonic in the 3rd quarter valued at approximately $227,000. Hedge funds and other institutional investors own 99.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. StockNews.com upgraded Harmonic from a “hold” rating to a “buy” rating in a report on Wednesday, February 12th. Rosenblatt Securities decreased their price objective on shares of Harmonic from $16.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, February 11th. Needham & Company LLC decreased their price objective on shares of Harmonic from $18.00 to $14.00 and set a “buy” rating for the company 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, Barclays decreased their price objective on shares of Harmonic from $14.00 to $10.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 11th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $12.50.

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.