Harmonic Inc. (NASDAQ:HLIT) Director David Krall Buys 10,000 Shares

Harmonic Inc. (NASDAQ:HLIT) Director David Krall purchased 10,000 shares of the stock in a transaction dated Thursday, February 13th. The shares were purchased at an average price of $9.78 per share, for a total transaction of $97,800.00. Following the completion of the transaction, the director now owns 163,490 shares in the company, valued at $1,598,932.20. This trade represents a 6.52 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Harmonic Stock Up 2.8 %

Shares of NASDAQ:HLIT opened at $10.06 on Friday. The firm has a 50 day simple moving average of $12.35 and a 200 day simple moving average of $13.05. 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 0.29, a quick ratio of 1.62 and a current ratio of 2.08. The company has a market cap of $1.17 billion, a PE ratio of 13.78 and a beta of 0.89.

Harmonic (NASDAQ:HLIT) last released its earnings results on Monday, February 10th. The communications equipment provider reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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, research analysts expect that Harmonic Inc. will post 0.52 earnings per share for the current year.

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

Hedge Funds Weigh In On Harmonic

Several institutional investors and hedge funds have recently bought and sold shares of HLIT. Jane Street Group LLC boosted its holdings in shares of Harmonic by 40.3% during the third quarter. Jane Street Group LLC now owns 201,386 shares of the communications equipment provider’s stock worth $2,934,000 after purchasing an additional 57,888 shares during the period. Baker Avenue Asset Management LP acquired a new stake in shares of Harmonic during the 3rd quarter valued at $833,000. Lisanti Capital Growth LLC purchased a new position in shares of Harmonic during the 3rd quarter valued at $2,915,000. Geode Capital Management LLC increased its stake in shares of Harmonic by 0.7% in the third quarter. Geode Capital Management LLC now owns 2,675,268 shares of the communications equipment provider’s stock worth $38,986,000 after acquiring an additional 17,665 shares during the last quarter. Finally, Bouvel Investment Partners LLC acquired a new position in shares of Harmonic in the third quarter worth $1,756,000. Hedge funds and other institutional investors own 99.38% of the company’s stock.

Wall Street Analysts Forecast Growth

HLIT has been the subject of several research reports. StockNews.com raised Harmonic from a “hold” rating to a “buy” rating in a research note on Wednesday. Northland Securities lowered their price objective on shares of Harmonic from $14.00 to $12.50 and set an “outperform” rating on the stock in a research note on Tuesday. Jefferies Financial Group downgraded shares of Harmonic from a “buy” rating to a “hold” rating and dropped their target price for the stock from $14.00 to $12.50 in a report on Tuesday, October 29th. Rosenblatt Securities reduced their target price on shares of Harmonic from $16.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Raymond James cut Harmonic from a “strong-buy” rating to an “outperform” rating and dropped their price target for the company from $17.00 to $14.00 in a report on Tuesday, October 29th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Harmonic presently has an average rating of “Moderate Buy” and an average price target 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.