Waterfront Wealth Inc. Decreases Stock Position in Harmonic Inc. (NASDAQ:HLIT)

Waterfront Wealth Inc. decreased its stake in Harmonic Inc. (NASDAQ:HLIT - Free Report) by 31.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 82,113 shares of the communications equipment provider's stock after selling 37,224 shares during the quarter. Waterfront Wealth Inc. owned approximately 0.07% of Harmonic worth $1,086,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Handelsbanken Fonder AB lifted its stake in Harmonic by 2.6% in the 4th quarter. Handelsbanken Fonder AB now owns 36,100 shares of the communications equipment provider's stock valued at $478,000 after buying an additional 900 shares in the last quarter. Captrust Financial Advisors raised its holdings in shares of Harmonic by 14.9% during the third quarter. Captrust Financial Advisors now owns 12,671 shares of the communications equipment provider's stock valued at $185,000 after acquiring an additional 1,647 shares during the last quarter. Inspire Investing LLC lifted its position in shares of Harmonic by 6.9% in the fourth quarter. Inspire Investing LLC now owns 30,154 shares of the communications equipment provider's stock valued at $399,000 after acquiring an additional 1,944 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Harmonic by 6.0% in the third quarter. Franklin Resources Inc. now owns 39,041 shares of the communications equipment provider's stock worth $538,000 after acquiring an additional 2,207 shares during the last quarter. Finally, Stanley Laman Group Ltd. increased its position in shares of Harmonic by 0.9% during the fourth quarter. Stanley Laman Group Ltd. now owns 322,353 shares of the communications equipment provider's stock worth $4,265,000 after purchasing an additional 2,742 shares in the last quarter. Institutional investors and hedge funds own 99.38% of the company's stock.

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Harmonic Trading Up 0.3 %

Harmonic stock traded up $0.03 during midday trading on Tuesday, hitting $10.08. 1,014,995 shares of the stock were exchanged, compared to its average volume of 1,450,005. 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 stock's 50-day simple moving average is $12.02 and its 200 day simple moving average is $12.90. Harmonic Inc. has a fifty-two week low of $8.42 and a fifty-two week high of $15.46. The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of 30.55 and a beta of 0.89.

Harmonic (NASDAQ:HLIT - Get Free Report) last announced its quarterly earnings results on Monday, February 10th. The communications equipment provider reported $0.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.37 by $0.01. Harmonic had a net margin of 5.78% and a return on equity of 15.90%. On average, equities analysts anticipate that Harmonic Inc. will post 0.31 EPS for the current year.

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

Insider Buying and Selling at Harmonic

In other Harmonic news, Director Daniel T. Whalen acquired 3,000 shares of the business's stock in a transaction that occurred on Monday, February 24th. The stock was purchased at an average cost of $10.15 per share, with a total value of $30,450.00. Following the transaction, the director now owns 8,840 shares of the company's stock, valued at $89,726. This trade represents a 51.37 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director David Krall bought 10,000 shares of the stock in a transaction on Thursday, February 13th. The shares were bought at an average cost of $9.78 per share, with a total value of $97,800.00. Following the purchase, the director now owns 163,490 shares of the company's stock, valued at $1,598,932.20. This trade represents a 6.52 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 32,780 shares of company stock worth $316,607 over the last quarter. 2.36% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on HLIT shares. Raymond James lowered Harmonic from a "strong-buy" rating to an "outperform" rating and decreased their price objective for the company from $17.00 to $14.00 in a report on Tuesday, October 29th. Barclays decreased their price target on shares of Harmonic from $14.00 to $10.00 and set an "equal weight" rating on the stock in a research note on Tuesday, February 11th. Needham & Company LLC lowered their price target on shares of Harmonic from $18.00 to $14.00 and set a "buy" rating on the stock in a research report on Tuesday, February 11th. Jefferies Financial Group started coverage on shares of Harmonic in a report on Friday. They issued a "hold" rating for the company. Finally, Northland Securities decreased their target price on shares of Harmonic from $14.00 to $12.50 and set an "outperform" rating on the stock in a research note on Tuesday, February 11th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $12.50.

Harmonic 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.