Harmonic Inc. (NASDAQ:HLIT) Shares Sold by Waterfront Wealth Inc.

Waterfront Wealth Inc. lowered its position in shares of Harmonic Inc. (NASDAQ:HLIT) by 31.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 82,113 shares of the communications equipment provider’s stock after selling 37,224 shares during the period. Waterfront Wealth Inc.’s holdings in Harmonic were worth $1,086,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Handelsbanken Fonder AB lifted its position in Harmonic by 2.6% in the fourth quarter. Handelsbanken Fonder AB now owns 36,100 shares of the communications equipment provider’s stock valued at $478,000 after acquiring an additional 900 shares during the last quarter. Ieq Capital LLC purchased a new stake in Harmonic in the fourth quarter valued at $279,000. Principal Financial Group Inc. lifted its position in Harmonic by 3.2% in the fourth quarter. Principal Financial Group Inc. now owns 568,187 shares of the communications equipment provider’s stock valued at $7,517,000 after acquiring an additional 17,562 shares during the last quarter. Stanley Laman Group Ltd. lifted its position in Harmonic by 0.9% in the fourth quarter. Stanley Laman Group Ltd. now owns 322,353 shares of the communications equipment provider’s stock valued at $4,265,000 after acquiring an additional 2,742 shares during the last quarter. Finally, Entropy Technologies LP purchased a new stake in Harmonic in the fourth quarter valued at $146,000. Institutional investors and hedge funds own 99.38% of the company’s stock.

Harmonic Trading Up 0.3 %

Shares of HLIT opened at $10.65 on Friday. 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 firm’s 50-day moving average is $12.14 and its two-hundred day moving average is $12.95. Harmonic Inc. has a twelve month low of $8.42 and a twelve month high of $15.46. The firm has a market capitalization of $1.25 billion, a P/E ratio of 32.26 and a beta of 0.89.

Harmonic (NASDAQ:HLIT) 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 5.78% and a return on equity of 15.90%. On average, research analysts predict that Harmonic Inc. will post 0.31 earnings per share for the current fiscal year.

Harmonic declared that its board has authorized a share buyback program 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 buy up to 15.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

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

Insider Activity

In other news, CFO Walter Jankovic bought 12,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 12th. The shares were purchased at an average price of $9.44 per share, for a total transaction of $113,280.00. Following the completion of the transaction, the chief financial officer now owns 46,129 shares in the company, valued at $435,457.76. The trade was a 35.16 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director David Krall purchased 10,000 shares of the business’s stock in a transaction on Thursday, February 13th. The shares were bought at an average cost of $9.78 per share, for a total transaction of $97,800.00. Following the purchase, the director now owns 163,490 shares of the company’s stock, valued at $1,598,932.20. This trade represents a 6.52 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 29,780 shares of company stock worth $286,157 over the last ninety days. 2.36% of the stock is currently owned by insiders.

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.