Harmonic (NASDAQ:HLIT) Upgraded at StockNews.com

StockNews.com upgraded shares of Harmonic (NASDAQ:HLIT) from a hold rating to a buy rating in a report released on Thursday.

A number of other analysts have also recently issued reports on HLIT. 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. 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 report on Tuesday, February 11th. Needham & Company LLC cut their target price on Harmonic from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Tuesday, February 11th. Barclays reduced their price target on Harmonic from $14.00 to $10.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 11th. Finally, Northland Securities lowered their price objective on Harmonic from $14.00 to $12.50 and set an “outperform” rating on the stock in a report on Tuesday, February 11th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $12.50.

Harmonic Stock Down 0.6 %

HLIT stock opened at $9.71 on Thursday. The company has a 50 day moving average of $10.65 and a two-hundred day moving average of $12.29. 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 has a 12-month low of $8.42 and a 12-month high of $15.46. The company has a market cap of $1.14 billion, a price-to-earnings ratio of 29.43 and a beta of 0.87.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data 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 15.90% and a net margin of 5.78%. On average, equities analysts anticipate that Harmonic will post 0.31 earnings per share for the current fiscal year.

Harmonic declared that its board has authorized a stock repurchase 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 reacquire up to 15.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Insider Activity at Harmonic

In related news, Director David Krall bought 10,000 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The stock was purchased at an average cost of $9.78 per share, for a total transaction of $97,800.00. Following the purchase, the director now directly owns 163,490 shares in the company, valued at $1,598,932.20. This trade represents a 6.52 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Nimrod Ben-Natan purchased 7,780 shares of Harmonic stock in a transaction on Thursday, February 13th. The stock was bought at an average cost of $9.65 per share, with a total value of $75,077.00. Following the completion of the acquisition, the chief executive officer now owns 347,797 shares in the company, valued at approximately $3,356,241.05. This trade represents a 2.29 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 32,780 shares of company stock worth $316,607 in the last 90 days. 2.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On Harmonic

Institutional investors have recently added to or reduced their stakes in the company. PharVision Advisers LLC bought a new stake in shares of Harmonic in the 4th quarter worth approximately $138,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Harmonic by 18.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 322,262 shares of the communications equipment provider’s stock valued at $4,264,000 after purchasing an additional 50,342 shares in the last quarter. Wolverine Trading LLC bought a new position in Harmonic in the fourth quarter worth $312,000. Squarepoint Ops LLC boosted its stake in Harmonic by 30.2% during the fourth quarter. Squarepoint Ops LLC now owns 585,340 shares of the communications equipment provider’s stock worth $7,744,000 after buying an additional 135,878 shares in the last quarter. Finally, Teza Capital Management LLC bought a new stake in Harmonic in the 4th quarter valued at $312,000. 99.38% of the stock is owned by institutional investors and hedge funds.

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.