Raymond James Financial Inc. Makes New Investment in Harmonic Inc. (NASDAQ:HLIT)

Raymond James Financial Inc. purchased a new position in Harmonic Inc. (NASDAQ:HLIT - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 324,391 shares of the communications equipment provider's stock, valued at approximately $4,292,000. Raymond James Financial Inc. owned 0.28% of Harmonic as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of HLIT. Handelsbanken Fonder AB boosted its position in shares of Harmonic by 2.6% during the 4th quarter. Handelsbanken Fonder AB now owns 36,100 shares of the communications equipment provider's stock valued at $478,000 after purchasing an additional 900 shares in the last quarter. Captrust Financial Advisors lifted its stake in Harmonic by 14.9% in the third quarter. Captrust Financial Advisors now owns 12,671 shares of the communications equipment provider's stock valued at $185,000 after buying an additional 1,647 shares during the period. Inspire Investing LLC boosted its holdings in shares of Harmonic by 6.9% during the 4th quarter. Inspire Investing LLC now owns 30,154 shares of the communications equipment provider's stock worth $399,000 after buying an additional 1,944 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Harmonic by 6.0% during the 3rd quarter. Franklin Resources Inc. now owns 39,041 shares of the communications equipment provider's stock worth $538,000 after buying an additional 2,207 shares during the period. Finally, Stanley Laman Group Ltd. grew its position in shares of Harmonic by 0.9% during the 4th quarter. Stanley Laman Group Ltd. now owns 322,353 shares of the communications equipment provider's stock worth $4,265,000 after buying an additional 2,742 shares during the period. 99.38% of the stock is owned by institutional investors.

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Insiders Place Their Bets

In other Harmonic news, Director Daniel T. Whalen bought 3,000 shares of Harmonic stock in a transaction dated Monday, February 24th. The stock was bought at an average cost of $10.15 per share, with a total value of $30,450.00. Following the completion of the acquisition, the director now directly owns 8,840 shares in the company, valued at approximately $89,726. The trade was a 51.37 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director David Krall purchased 10,000 shares of the firm's stock in a transaction that occurred on Thursday, February 13th. The shares were acquired at an average cost of $9.78 per share, with a total value of $97,800.00. Following the completion of the transaction, the director now directly owns 163,490 shares of the company's stock, valued at $1,598,932.20. The trade was a 6.52 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 32,780 shares of company stock valued at $316,607 in the last 90 days. 2.36% of the stock is currently owned by corporate insiders.

Harmonic Stock Down 0.6 %

Harmonic stock traded down $0.06 during trading on Friday, hitting $9.71. 1,174,892 shares of the company were exchanged, compared to its average volume of 1,319,744. 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 $1.14 billion, a P/E ratio of 29.43 and a beta of 0.87. The business's 50 day moving average is $10.65 and its 200 day moving average is $12.28. Harmonic Inc. has a 52 week low of $8.42 and a 52 week high of $15.46.

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

Harmonic declared that its board has authorized a stock buyback 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 stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on HLIT. StockNews.com upgraded shares of Harmonic from a "hold" rating to a "buy" rating in a research report on Thursday. Jefferies Financial Group started coverage on shares of Harmonic in a research report on Friday, February 21st. They set a "hold" rating on the stock. Northland Securities decreased their target price on Harmonic from $14.00 to $12.50 and set an "outperform" rating for the company in a research report on Tuesday, February 11th. Rosenblatt Securities dropped their price target on Harmonic from $16.00 to $12.00 and set a "buy" rating on the stock in a research note on Tuesday, February 11th. Finally, Needham & Company LLC decreased their price target on shares of Harmonic from $18.00 to $14.00 and set a "buy" rating for the company in a research note on Tuesday, February 11th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $12.50.

Harmonic Company 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.