Harmonic Inc. (NASDAQ:HLIT) Receives $12.33 Consensus Price Target from Analysts

Shares of Harmonic Inc. (NASDAQ:HLIT - Get Free Report) have been assigned an average rating of "Moderate Buy" from the six research firms that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have given a buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $12.33.

Several equities analysts recently issued reports on the stock. Jefferies Financial Group initiated coverage on shares of Harmonic in a report on Friday, February 21st. They issued a "hold" rating on the stock. Barclays restated an "underperform" rating on shares of Harmonic in a research report on Tuesday, April 29th. StockNews.com raised Harmonic from a "hold" rating to a "buy" rating in a research note on Thursday, March 27th. Needham & Company LLC reissued a "buy" rating and issued a $14.00 price target on shares of Harmonic in a research note on Tuesday, April 29th. Finally, Rosenblatt Securities reduced their price objective on shares of Harmonic from $12.00 to $11.00 and set a "buy" rating for the company in a research report on Tuesday, April 29th.

Harmonic Stock Performance

NASDAQ:HLIT remained flat at $9.08 during trading hours on Thursday. The company had a trading volume of 760,018 shares, compared to its average volume of 1,166,899. The company has a market cap of $1.03 billion, a PE ratio of 27.52 and a beta of 1.03. Harmonic has a twelve month low of $7.91 and a twelve month high of $15.46. The business's 50 day moving average is $9.42 and its two-hundred day moving average is $11.21. The company has a quick ratio of 1.80, a current ratio of 2.18 and a debt-to-equity ratio of 0.26.

Harmonic (NASDAQ:HLIT - Get Free Report) last posted its quarterly earnings data on Monday, April 28th. The communications equipment provider reported $0.11 EPS for the quarter, topping analysts' consensus estimates of $0.05 by $0.06. Harmonic had a return on equity of 15.90% and a net margin of 5.78%. The company had revenue of $133.14 million for the quarter, compared to analyst estimates of $127.51 million. The firm's quarterly revenue was up 9.1% on a year-over-year basis. Equities research analysts predict that Harmonic will post 0.31 earnings per share for the current fiscal year.

Harmonic declared that its Board of Directors has initiated a share 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 repurchase up to 15.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Insider Transactions at Harmonic

In related news, Director David Krall bought 10,000 shares of the business's stock in a transaction that occurred on Thursday, February 13th. The shares were bought at an average price 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 in the company, valued at approximately $1,598,932.20. This represents a 6.52 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Daniel T. Whalen purchased 3,000 shares of the stock in a transaction that occurred on 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 transaction, the director now directly owns 8,840 shares in the company, valued at $89,726. The trade was a 51.37 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 32,780 shares of company stock valued at $316,607 over the last three months. Corporate insiders own 2.36% of the company's stock.

Hedge Funds Weigh In On Harmonic

Hedge funds have recently bought and sold shares of the company. Quarry LP bought a new position in shares of Harmonic during the fourth quarter valued at about $33,000. CWM LLC lifted its position in shares of Harmonic by 132.6% during the 1st quarter. CWM LLC now owns 7,119 shares of the communications equipment provider's stock worth $68,000 after buying an additional 4,058 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Harmonic by 5,388.1% in the 4th quarter. Russell Investments Group Ltd. now owns 5,543 shares of the communications equipment provider's stock worth $73,000 after buying an additional 5,442 shares during the last quarter. AlphaQuest LLC grew its holdings in shares of Harmonic by 14,765.9% in the fourth quarter. AlphaQuest LLC now owns 6,095 shares of the communications equipment provider's stock valued at $81,000 after acquiring an additional 6,054 shares in the last quarter. Finally, KBC Group NV increased its position in shares of Harmonic by 84.8% during the fourth quarter. KBC Group NV now owns 6,295 shares of the communications equipment provider's stock valued at $83,000 after acquiring an additional 2,888 shares during the last quarter. 99.38% of the stock is 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.