Insider Buying: Harmonic Inc. (NASDAQ:HLIT) CFO Buys 12,000 Shares of Stock

Harmonic Inc. (NASDAQ:HLIT) CFO Walter Jankovic acquired 12,000 shares of the business’s stock in a transaction dated Wednesday, February 12th. The stock was purchased at an average price of $9.44 per share, with a total value of $113,280.00. Following the completion of the transaction, the chief financial officer now directly owns 46,129 shares of the company’s stock, valued at $435,457.76. This trade represents a 35.16 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Harmonic Stock Performance

NASDAQ HLIT opened at $9.79 on Friday. Harmonic Inc. has a 52-week low of $8.42 and a 52-week high of $15.46. The company has a fifty day moving average of $12.47 and a 200-day moving average of $13.09. The company has a market capitalization of $1.14 billion, a P/E ratio of 13.41 and a beta of 0.89. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.62 and a current ratio of 2.08.

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 return on equity of 7.56% and a net margin of 13.62%. As a group, equities research analysts predict that Harmonic Inc. will post 0.52 EPS for the current fiscal year.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC lifted 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 last quarter. Russell Investments Group Ltd. grew its holdings in shares of Harmonic by 5,388.1% during the 4th quarter. Russell Investments Group Ltd. now owns 5,543 shares of the communications equipment provider’s stock valued at $73,000 after purchasing an additional 5,442 shares during the last quarter. AlphaQuest LLC raised its position in Harmonic by 14,765.9% in the 4th quarter. AlphaQuest LLC now owns 6,095 shares of the communications equipment provider’s stock worth $81,000 after purchasing an additional 6,054 shares during the period. KBC Group NV lifted its stake in Harmonic by 84.8% in the fourth quarter. KBC Group NV now owns 6,295 shares of the communications equipment provider’s stock worth $83,000 after purchasing an additional 2,888 shares during the last quarter. Finally, CWM LLC boosted its position in Harmonic by 274.2% during the third quarter. CWM LLC now owns 8,439 shares of the communications equipment provider’s stock valued at $123,000 after buying an additional 6,184 shares during the period. 99.38% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

HLIT has been the topic of a number of analyst reports. StockNews.com raised shares of Harmonic from a “hold” rating to a “buy” rating in a report on Wednesday. Jefferies Financial Group cut shares of Harmonic from a “buy” rating to a “hold” rating and decreased their price target for the stock from $14.00 to $12.50 in a report on Tuesday, October 29th. Rosenblatt Securities dropped their price objective on Harmonic from $16.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday. Raymond James lowered Harmonic from a “strong-buy” rating to an “outperform” rating and decreased their target price for the stock from $17.00 to $14.00 in a research note on Tuesday, October 29th. Finally, Barclays lowered their price target on Harmonic from $14.00 to $10.00 and set an “equal weight” rating on the stock in a report on Tuesday. 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 MarketBeat, Harmonic presently 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.