Harmonic Inc. (NASDAQ:HLIT) Director Acquires $16,500.00 in Stock

Key Points

• Harmonic Inc. director Daniel T. Whalen purchased 2,000 shares at $8.25 each, increasing his stake by 16.89% to a total of 13,840 shares valued at approximately $114,180.
• In its latest earnings report, Harmonic exceeded EPS forecasts with $0.09, outperforming analysts' expectations of $0.03, and reported quarterly revenue of $138.03 million.
• Investment analysts have mixed views on Harmonic, with price targets ranging from $8.00 to $12.00, and an average rating of "Hold" on the stock.

Harmonic Inc. (NASDAQ:HLIT - Get Free Report) Director Daniel T. Whalen bought 2,000 shares of the company's stock in a transaction on Friday, August 1st. The stock was bought at an average cost of $8.25 per share, with a total value of $16,500.00. Following the completion of the purchase, the director owned 13,840 shares of the company's stock, valued at approximately $114,180. The trade was a 16.89% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Harmonic Trading Up 1.2%

Shares of NASDAQ HLIT traded up $0.11 during midday trading on Friday, reaching $8.85. 200,380 shares of the stock were exchanged, compared to its average volume of 1,173,840. Harmonic Inc. has a 12 month low of $7.80 and a 12 month high of $15.46. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of 15.01 and a beta of 1.00. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.99 and a quick ratio of 1.58. The business has a 50-day simple moving average of $9.18 and a two-hundred day simple moving average of $9.63.

Harmonic (NASDAQ:HLIT - Get Free Report) last posted its earnings results on Monday, July 28th. The communications equipment provider reported $0.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.03 by $0.06. Harmonic had a return on equity of 17.83% and a net margin of 9.96%. The firm had revenue of $138.03 million during the quarter, compared to analysts' expectations of $134.90 million. During the same period in the previous year, the firm earned $0.08 earnings per share. The company's revenue was down .5% on a year-over-year basis. As a group, equities research analysts expect that Harmonic Inc. will post 0.31 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on HLIT. Wall Street Zen cut Harmonic from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Wolfe Research began coverage on shares of Harmonic in a research report on Tuesday, July 8th. They set an "underperform" rating for the company. Barclays dropped their price target on shares of Harmonic from $10.00 to $8.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 29th. Needham & Company LLC lowered their target price on shares of Harmonic from $14.00 to $12.00 and set a "buy" rating for the company in a report on Tuesday, July 29th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $11.00 target price on shares of Harmonic in a research report on Tuesday, July 29th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Harmonic presently has an average rating of "Hold" and a consensus target price of $11.67.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Quarry LP bought a new stake in Harmonic in the 4th quarter valued at $33,000. Russell Investments Group Ltd. boosted its position in shares of Harmonic by 5,388.1% during the 4th quarter. Russell Investments Group Ltd. now owns 5,543 shares of the communications equipment provider's stock worth $73,000 after acquiring an additional 5,442 shares in the last quarter. CWM LLC increased its stake in shares of Harmonic by 132.6% in the 1st quarter. CWM LLC now owns 7,119 shares of the communications equipment provider's stock valued at $68,000 after purchasing an additional 4,058 shares during the last quarter. GAMMA Investing LLC raised its stake in Harmonic by 415.7% during the first quarter. GAMMA Investing LLC now owns 8,612 shares of the communications equipment provider's stock worth $898,000 after acquiring an additional 6,942 shares in the last quarter. Finally, Cresset Asset Management LLC acquired a new stake in Harmonic in the fourth quarter valued at approximately $133,000. 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.