Rosenblatt Securities Cuts Harmonic (NASDAQ:HLIT) Price Target to $12.00

Harmonic (NASDAQ:HLIT - Free Report) had its target price reduced by Rosenblatt Securities from $16.00 to $12.00 in a report issued on Tuesday morning,Benzinga reports. They currently have a buy rating on the communications equipment provider's stock.

A number of other analysts have also issued reports on the company. Raymond James lowered 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 report on Tuesday, October 29th. Barclays cut their target price on Harmonic from $14.00 to $10.00 and set an "equal weight" rating on the stock in a research report on Tuesday. Jefferies Financial Group lowered Harmonic from a "buy" rating to a "hold" rating and cut their target price for the company from $14.00 to $12.50 in a research report on Tuesday, October 29th. Needham & Company LLC cut their target price on Harmonic from $18.00 to $14.00 and set a "buy" rating on the stock in a research report on Tuesday. Finally, Northland Securities cut their target price on Harmonic from $14.00 to $12.50 and set an "outperform" rating on the stock in a research report on Tuesday. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $12.50.

Harmonic Trading Up 2.2 %

Shares of HLIT stock traded up $0.22 during trading on Tuesday, hitting $10.01. 1,790,658 shares of the stock traded hands, compared to its average volume of 1,354,864. The firm has a market capitalization of $1.17 billion, a P/E ratio of 13.75 and a beta of 0.89. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.08 and a quick ratio of 1.62. The firm's fifty day moving average price is $12.47 and its 200-day moving average price is $13.09. Harmonic has a 52-week low of $8.42 and a 52-week high of $15.46.

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

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

Insider Buying and Selling

In other news, CFO Walter Jankovic bought 12,000 shares of the stock in a transaction that occurred on Wednesday, February 12th. The stock was purchased at an average price of $9.44 per share, for a total transaction of $113,280.00. Following the completion of the purchase, the chief financial officer now owns 46,129 shares in the company, valued at approximately $435,457.76. This trade represents a 35.16 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Nimrod Ben-Natan bought 7,780 shares of the stock in a transaction that occurred on Thursday, February 13th. The shares were purchased at an average price of $9.65 per share, with a total value of $75,077.00. Following the purchase, the chief executive officer now owns 347,797 shares of the company's stock, valued at approximately $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 quarter, insiders bought 29,780 shares of company stock worth $286,157. Corporate insiders own 2.36% of the company's stock.

Hedge Funds Weigh In On Harmonic

Several hedge funds have recently made changes to their positions in HLIT. GAMMA Investing LLC grew its holdings in shares of Harmonic by 117.6% during the third quarter. GAMMA Investing LLC now owns 2,448 shares of the communications equipment provider's stock worth $36,000 after purchasing an additional 1,323 shares during the last quarter. CWM LLC grew its holdings in shares of Harmonic by 274.2% during the third 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 during the last quarter. Stanley Laman Group Ltd. grew its holdings in shares of Harmonic by 5.5% during the third quarter. Stanley Laman Group Ltd. now owns 319,611 shares of the communications equipment provider's stock worth $4,657,000 after purchasing an additional 16,558 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings 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 purchasing an additional 642,033 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in shares of Harmonic by 18.1% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 35,365 shares of the communications equipment provider's stock worth $515,000 after purchasing an additional 5,414 shares during the last quarter. Hedge funds and other institutional investors own 99.38% of the company's stock.

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.