Harmonic Inc. (NASDAQ:HLIT) Director Daniel T. Whalen Purchases 3,000 Shares

Harmonic Inc. (NASDAQ:HLIT - Get Free Report) Director Daniel T. Whalen bought 3,000 shares of the stock in a transaction on Monday, February 24th. The shares were bought at an average price of $10.15 per share, for a total transaction of $30,450.00. Following the purchase, the director now directly owns 8,840 shares in the company, valued at approximately $89,726. This trade represents a 51.37 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Harmonic Stock Performance

NASDAQ HLIT traded up $0.07 on Friday, hitting $10.31. 856,398 shares of the company traded hands, compared to its average volume of 1,400,323. The business's 50 day moving average price is $11.84 and its 200-day moving average price is $12.84. Harmonic Inc. has a 52-week low of $8.42 and a 52-week high of $15.46. The company has a current ratio of 2.18, a quick ratio of 1.80 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $1.21 billion, a price-to-earnings ratio of 31.24 and a beta of 0.89.

Harmonic (NASDAQ:HLIT - Get Free Report) last posted its quarterly earnings data on Monday, February 10th. The communications equipment provider reported $0.38 earnings per share 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%. Equities analysts expect that Harmonic Inc. will post 0.31 earnings per share for the current year.

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Harmonic declared that its board has approved a stock repurchase plan on Monday, February 10th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the communications equipment provider to reacquire up to 15.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages recently weighed in on HLIT. 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 report on Tuesday, February 11th. 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, February 11th. Rosenblatt Securities cut their price objective on Harmonic from $16.00 to $12.00 and set a "buy" rating for the company in a report on Tuesday, February 11th. StockNews.com raised Harmonic from a "hold" rating to a "buy" rating in a report on Wednesday, February 12th. Finally, Jefferies Financial Group assumed coverage on Harmonic in a research note on Friday, February 21st. They set a "hold" rating for the company. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Harmonic has a consensus rating of "Moderate Buy" and a consensus target price of $12.50.

Institutional Investors Weigh In On Harmonic

Several large investors have recently made changes to their positions in the company. Jane Street Group LLC grew its holdings in Harmonic by 40.3% during the 3rd quarter. Jane Street Group LLC now owns 201,386 shares of the communications equipment provider's stock valued at $2,934,000 after buying an additional 57,888 shares in the last quarter. Baker Avenue Asset Management LP bought a new position in shares of Harmonic during the 3rd quarter valued at approximately $833,000. Lisanti Capital Growth LLC purchased a new position in shares of Harmonic in the third quarter valued at $2,915,000. Geode Capital Management LLC increased its position in 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 purchasing an additional 17,665 shares during the last quarter. Finally, Bouvel Investment Partners LLC bought a new stake in Harmonic in the third quarter worth $1,756,000. 99.38% of the stock is owned by institutional investors.

About Harmonic

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.