Harmonic (NASDAQ:HLIT) to Buyback $200.00 million in Shares

Harmonic (NASDAQ:HLIT) declared that its board has authorized a share buyback plan on Monday, February 10th, RTT News reports. The company plans to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the communications equipment provider to purchase up to 15.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Harmonic Stock Performance

Shares of NASDAQ HLIT opened at $9.51 on Thursday. The firm’s fifty day moving average is $12.47 and its two-hundred day moving average is $13.09. Harmonic has a 52-week low of $8.42 and a 52-week high of $15.46. The company has a market cap of $1.11 billion, a P/E ratio of 13.03 and a beta of 0.89. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.62 and a current ratio of 2.08.

Harmonic (NASDAQ:HLIT) last posted its earnings results on Monday, February 10th. The communications equipment provider reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Harmonic had a return on equity of 7.56% and a net margin of 13.62%. As a group, analysts anticipate that Harmonic will post 0.52 EPS for the current fiscal year.

Analyst Ratings Changes

HLIT has been the topic of a number of recent analyst reports. Barclays decreased their target price on shares of Harmonic from $14.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Northland Securities decreased their price objective on shares of Harmonic from $14.00 to $12.50 and set an “outperform” rating on the stock in a research report on Tuesday. Raymond James downgraded shares of Harmonic from a “strong-buy” rating to an “outperform” rating and dropped their target price for the stock from $17.00 to $14.00 in a report on Tuesday, October 29th. Rosenblatt Securities decreased their price target on Harmonic from $16.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Jefferies Financial Group lowered Harmonic from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $14.00 to $12.50 in a research note on Tuesday, October 29th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target 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.