Harmonic Inc. (NASDAQ:HLIT) CFO Walter Jankovic Buys 12,000 Shares

Harmonic Inc. (NASDAQ:HLIT - Get Free Report) CFO Walter Jankovic bought 12,000 shares of the business's stock in a transaction dated Wednesday, February 12th. The stock was bought at an average price of $9.44 per share, for a total transaction of $113,280.00. Following the purchase, the chief financial officer now owns 46,129 shares in the company, valued at approximately $435,457.76. This represents a 35.16 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Harmonic Trading Up 2.8 %

NASDAQ HLIT traded up $0.27 on Monday, hitting $10.06. 2,592,129 shares of the stock were exchanged, compared to its average volume of 907,712. The company's 50-day moving average price is $12.35 and its two-hundred day moving average price is $13.03. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.08 and a quick ratio of 1.62. Harmonic Inc. has a 52-week low of $8.42 and a 52-week high of $15.46. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of 13.78 and a beta of 0.89.

Harmonic (NASDAQ:HLIT - Get Free Report) last issued its quarterly earnings results 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 7.56% and a net margin of 13.62%. Research analysts predict that Harmonic Inc. will post 0.52 EPS for the current year.

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in HLIT. Vanguard Group Inc. boosted its stake in shares of Harmonic by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 11,063,328 shares of the communications equipment provider's stock valued at $146,368,000 after buying an additional 235,188 shares during the period. Invesco Ltd. boosted its position in Harmonic by 20.0% during the fourth quarter. Invesco Ltd. now owns 7,788,714 shares of the communications equipment provider's stock valued at $103,045,000 after purchasing an additional 1,300,128 shares during the last quarter. Millennium Management LLC grew its stake in Harmonic by 9,004.4% in the fourth quarter. Millennium Management LLC now owns 4,719,837 shares of the communications equipment provider's stock valued at $62,443,000 after purchasing an additional 4,667,996 shares in the last quarter. Geode Capital Management LLC grew its stake 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 valued at $38,986,000 after purchasing an additional 17,665 shares in the last quarter. Finally, Alliancebernstein L.P. raised its stake in shares of Harmonic by 8.9% during the 4th quarter. Alliancebernstein L.P. now owns 2,145,357 shares of the communications equipment provider's stock worth $28,383,000 after purchasing an additional 175,133 shares in the last quarter. Institutional investors and hedge funds own 99.38% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Barclays lowered their price target on Harmonic from $14.00 to $10.00 and set an "equal weight" rating for the company in a report on Tuesday, February 11th. Jefferies Financial Group cut shares of Harmonic from a "buy" rating to a "hold" rating and dropped their target price for the stock from $14.00 to $12.50 in a report on Tuesday, October 29th. Northland Securities decreased their price target on shares of Harmonic from $14.00 to $12.50 and set an "outperform" rating for the company in a report on Tuesday, February 11th. StockNews.com upgraded shares of Harmonic from a "hold" rating to a "buy" rating in a research note on Wednesday, February 12th. Finally, Raymond James cut Harmonic from a "strong-buy" rating to an "outperform" rating and cut their target price for the company from $17.00 to $14.00 in a research note on Tuesday, October 29th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, Harmonic currently has a consensus rating of "Moderate Buy" and a consensus target price of $12.50.

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.