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

Harmonic Inc. (NASDAQ:HLIT) Director Daniel T. Whalen acquired 3,000 shares of Harmonic stock in a transaction that occurred on Monday, February 24th. The stock was acquired at an average price of $10.15 per share, with a total value of $30,450.00. Following the completion of the purchase, the director now directly owns 8,840 shares in the company, valued at $89,726. This represents a 51.37 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link.

Harmonic Stock Performance

NASDAQ HLIT opened at $10.24 on Friday. Harmonic Inc. has a 52-week low of $8.42 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 capitalization of $1.20 billion, a P/E ratio of 31.03 and a beta of 0.89. The company has a fifty day moving average of $11.90 and a 200-day moving average of $12.86.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings data on Monday, February 10th. The communications equipment provider reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Harmonic had a net margin of 5.78% and a return on equity of 15.90%. As a group, equities research analysts predict that Harmonic Inc. will post 0.31 EPS for the current fiscal year.

Harmonic announced that its board has authorized a stock repurchase 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 repurchase up to 15.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. StockNews.com raised shares of Harmonic from a “hold” rating to a “buy” rating in a report on Wednesday, February 12th. Needham & Company LLC cut their price target on shares of Harmonic from $18.00 to $14.00 and set a “buy” rating for the company in a report on Tuesday, February 11th. Jefferies Financial Group assumed coverage on shares of Harmonic in a report on Friday, February 21st. They issued a “hold” rating for the company. Northland Securities cut their price target on shares of Harmonic from $14.00 to $12.50 and set an “outperform” rating for the company in a report on Tuesday, February 11th. Finally, Barclays cut their price target on shares of Harmonic from $14.00 to $10.00 and set an “equal weight” rating for the company in a report on Tuesday, February 11th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $12.50.

Institutional Trading of Harmonic

Several hedge funds have recently added to or reduced their stakes in the business. Handelsbanken Fonder AB lifted its stake in Harmonic by 2.6% in the fourth quarter. Handelsbanken Fonder AB now owns 36,100 shares of the communications equipment provider’s stock worth $478,000 after purchasing an additional 900 shares during the last quarter. Barclays PLC lifted its stake in Harmonic by 0.7% in the fourth quarter. Barclays PLC now owns 203,300 shares of the communications equipment provider’s stock worth $2,690,000 after purchasing an additional 1,324 shares during the last quarter. Captrust Financial Advisors lifted its stake in Harmonic by 14.9% in the third quarter. Captrust Financial Advisors now owns 12,671 shares of the communications equipment provider’s stock worth $185,000 after purchasing an additional 1,647 shares during the last quarter. Inspire Investing LLC lifted its stake in Harmonic by 6.9% in the fourth quarter. Inspire Investing LLC now owns 30,154 shares of the communications equipment provider’s stock worth $399,000 after purchasing an additional 1,944 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Harmonic by 3.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,811 shares of the communications equipment provider’s stock worth $831,000 after purchasing an additional 2,146 shares during the last quarter. 99.38% of the stock is owned by institutional investors.

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.