Harmonic Inc. (NASDAQ:HLIT) CEO Acquires $75,077.00 in Stock

Harmonic Inc. (NASDAQ:HLIT) CEO Nimrod Ben-Natan purchased 7,780 shares of the firm’s stock in a transaction that occurred on Thursday, February 13th. The shares were acquired at an average price of $9.65 per share, with a total value of $75,077.00. Following the purchase, the chief executive officer now owns 347,797 shares in the company, valued at $3,356,241.05. This trade represents a 2.29 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Harmonic Stock Up 2.8 %

Harmonic stock opened at $10.06 on Friday. The stock’s 50 day moving average price is $12.35 and its 200 day moving average price is $13.05. Harmonic Inc. has a 1-year low of $8.42 and a 1-year high of $15.46. The company has a market cap of $1.17 billion, a PE ratio of 13.78 and a beta of 0.89. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.08 and a quick ratio of 1.62.

Harmonic (NASDAQ:HLIT) last issued its earnings results on Monday, February 10th. The communications equipment provider reported $0.38 EPS for the quarter, topping the consensus estimate of $0.37 by $0.01. Harmonic had a net margin of 13.62% and a return on equity of 7.56%. On average, sell-side analysts predict that Harmonic Inc. will post 0.52 EPS for the current fiscal year.

Harmonic declared that its Board of Directors has authorized a stock repurchase program on Monday, February 10th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the communications equipment provider to repurchase up to 15.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

HLIT has been the topic of a number of research reports. Rosenblatt Securities lowered their price target on Harmonic from $16.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, February 11th. Northland Securities lowered their target price on Harmonic from $14.00 to $12.50 and set an “outperform” rating on the stock in a research note on Tuesday, February 11th. Barclays cut their price target on Harmonic from $14.00 to $10.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 11th. Jefferies Financial Group lowered shares of Harmonic from a “buy” rating to a “hold” rating and lowered their price objective for the company from $14.00 to $12.50 in a research report on Tuesday, October 29th. Finally, Needham & Company LLC cut their price objective on shares of Harmonic from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Tuesday, February 11th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Harmonic has a consensus rating of “Moderate Buy” and an average target price of $12.50.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC grew its holdings in shares of Harmonic by 117.6% in the 3rd quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider’s stock worth $36,000 after acquiring an additional 1,323 shares during the period. CWM LLC raised its holdings in Harmonic by 274.2% during the third quarter. CWM LLC now owns 8,439 shares of the communications equipment provider’s stock worth $123,000 after purchasing an additional 6,184 shares during the last quarter. Stanley Laman Group Ltd. boosted its position in Harmonic by 5.5% during the third quarter. Stanley Laman Group Ltd. now owns 319,611 shares of the communications equipment provider’s stock worth $4,657,000 after purchasing an additional 16,558 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in Harmonic by 117.7% in the third quarter. Assenagon Asset Management S.A. now owns 1,187,528 shares of the communications equipment provider’s stock valued at $17,302,000 after purchasing an additional 642,033 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of Harmonic by 18.1% in the third 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. 99.38% of the stock is owned by hedge funds and other 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.