Harmonic (NASDAQ:HLIT) Given New $12.50 Price Target at Northland Securities

Harmonic (NASDAQ:HLIT - Free Report) had its price target decreased by Northland Securities from $14.00 to $12.50 in a research note issued to investors on Tuesday,Benzinga reports. Northland Securities currently has an outperform rating on the communications equipment provider's stock.

Other analysts have also issued research reports about the company. Needham & Company LLC reissued a "buy" rating and set a $18.00 price target on shares of Harmonic in a report on Tuesday, October 29th. Raymond James downgraded Harmonic from a "strong-buy" rating to an "outperform" rating and lowered their price objective for the company from $17.00 to $14.00 in a research report on Tuesday, October 29th. Barclays downgraded Harmonic from an "overweight" rating to an "equal weight" rating and lowered their price objective for the company from $17.00 to $14.00 in a research report on Thursday, January 9th. Rosenblatt Securities restated a "buy" rating and issued a $16.00 price objective on shares of Harmonic in a research report on Tuesday, February 4th. Finally, Jefferies Financial Group downgraded Harmonic from a "buy" rating to a "hold" rating and lowered their price objective for the company from $14.00 to $12.50 in a research report on Tuesday, October 29th. Two research 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.com, the company presently has an average rating of "Moderate Buy" and an average target price of $12.50.

Harmonic Stock Up 2.3 %

Shares of HLIT stock traded up $0.22 during mid-day trading on Tuesday, hitting $10.01. The company's stock had a trading volume of 1,790,658 shares, compared to its average volume of 1,354,864. Harmonic has a 52-week low of $8.42 and a 52-week high of $15.46. The business has a 50-day moving average price of $12.47 and a 200 day moving average price of $13.09. 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 stock has a market cap of $1.17 billion, a price-to-earnings ratio of 13.75 and a beta of 0.89.

Harmonic (NASDAQ:HLIT - Get Free Report) last issued its quarterly earnings data on Monday, February 10th. The communications equipment provider reported $0.38 EPS for the quarter, topping the consensus estimate of $0.37 by $0.01. Harmonic had a return on equity of 7.56% and a net margin of 13.62%. Research analysts predict that Harmonic will post 0.52 EPS for the current fiscal year.

Harmonic announced that its board has approved a share repurchase program on Monday, February 10th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the communications equipment provider to repurchase up to 15.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other news, CFO Walter Jankovic bought 12,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 12th. The shares were bought at an average cost of $9.44 per share, for a total transaction of $113,280.00. Following the completion of the transaction, the chief financial officer now owns 46,129 shares of the company's stock, valued at approximately $435,457.76. This represents a 35.16 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Nimrod Ben-Natan bought 7,780 shares of the firm's stock in a transaction that occurred on Thursday, February 13th. The stock was purchased at an average price of $9.65 per share, for a total transaction of $75,077.00. Following the completion of the transaction, the chief executive officer now directly owns 347,797 shares of the company's stock, valued at $3,356,241.05. This represents a 2.29 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 29,780 shares of company stock worth $286,157. Corporate insiders own 2.36% of the company's stock.

Institutional Investors Weigh In On Harmonic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Aquatic Capital Management LLC raised its position in Harmonic by 67.6% during the fourth quarter. Aquatic Capital Management LLC now owns 26,981 shares of the communications equipment provider's stock valued at $357,000 after purchasing an additional 10,881 shares during the period. Boothbay Fund Management LLC raised its position in Harmonic by 1.4% during the fourth quarter. Boothbay Fund Management LLC now owns 658,182 shares of the communications equipment provider's stock valued at $8,708,000 after purchasing an additional 9,302 shares during the period. Susquehanna Fundamental Investments LLC purchased a new stake in Harmonic during the fourth quarter valued at approximately $2,061,000. MetLife Investment Management LLC raised its position in Harmonic by 5.9% during the fourth quarter. MetLife Investment Management LLC now owns 66,623 shares of the communications equipment provider's stock valued at $881,000 after purchasing an additional 3,709 shares during the period. Finally, First Trust Advisors LP purchased a new stake in Harmonic during the fourth quarter valued at approximately $2,899,000. 99.38% of the stock is currently owned by hedge funds and other 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.