Harmonic (NASDAQ:HLIT) Earns Hold Rating from Analysts at Jefferies Financial Group

Equities researchers at Jefferies Financial Group began coverage on shares of Harmonic (NASDAQ:HLIT - Get Free Report) in a research note issued on Friday, MarketBeat Ratings reports. The brokerage set a "hold" rating on the communications equipment provider's stock.

A number of other research firms also recently issued reports on HLIT. Rosenblatt Securities dropped 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. Northland Securities dropped their price objective on Harmonic from $14.00 to $12.50 and set an "outperform" rating for the company in a research note on Tuesday, February 11th. Raymond James lowered Harmonic from a "strong-buy" rating to an "outperform" rating and lowered their price target for the company from $17.00 to $14.00 in a research report on Tuesday, October 29th. StockNews.com raised shares of Harmonic from a "hold" rating to a "buy" rating in a research report on Wednesday, February 12th. Finally, Needham & Company LLC reduced their price target on Harmonic from $18.00 to $14.00 and set a "buy" 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 company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $12.50.

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Harmonic Price Performance

NASDAQ:HLIT traded up $0.03 during mid-day trading on Friday, hitting $10.08. 1,015,149 shares of the stock traded hands, compared to its average volume of 1,450,005. The business's 50-day moving average price is $12.02 and its 200 day moving average price is $12.90. The company has a quick ratio of 1.80, a current ratio of 2.18 and a debt-to-equity ratio of 0.26. The company has a market cap of $1.18 billion, a PE ratio of 30.55 and a beta of 0.89. Harmonic has a 12-month low of $8.42 and a 12-month high of $15.46.

Harmonic (NASDAQ:HLIT - Get Free Report) last issued its quarterly earnings data 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 return on equity of 15.90% and a net margin of 5.78%. On average, analysts expect that Harmonic will post 0.31 EPS for the current fiscal year.

Harmonic announced that its Board of Directors has initiated a stock repurchase plan 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 plans are usually a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling at Harmonic

In related news, Director David Krall bought 10,000 shares of the stock in a transaction that occurred on Thursday, February 13th. The shares were bought at an average cost 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 of the company's stock, valued at approximately $1,598,932.20. This trade represents a 6.52 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel T. Whalen acquired 3,000 shares of the stock in a transaction dated Monday, February 24th. The shares were bought at an average cost of $10.15 per share, for a total transaction of $30,450.00. Following the completion of the transaction, the director now owns 8,840 shares in the company, valued at approximately $89,726. This represents a 51.37 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 32,780 shares of company stock valued at $316,607. Insiders own 2.36% of the company's stock.

Institutional Investors Weigh In On Harmonic

Institutional investors and hedge funds have recently bought and sold shares of the business. CWM LLC lifted its holdings in Harmonic by 274.2% in the 3rd quarter. CWM LLC now owns 8,439 shares of the communications equipment provider's stock worth $123,000 after purchasing an additional 6,184 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Harmonic by 117.7% during the third quarter. Assenagon Asset Management S.A. now owns 1,187,528 shares of the communications equipment provider's stock worth $17,302,000 after acquiring an additional 642,033 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Harmonic by 18.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 35,365 shares of the communications equipment provider's stock valued at $515,000 after acquiring an additional 5,414 shares during the last quarter. Baker Avenue Asset Management LP purchased a new stake in Harmonic in the 3rd quarter worth $833,000. Finally, Los Angeles Capital Management LLC bought a new position in shares of Harmonic during the 3rd quarter valued at about $842,000. 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.