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

Waterfront Wealth Inc. cut its holdings in shares of Harmonic Inc. (NASDAQ:HLIT) by 31.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 82,113 shares of the communications equipment provider’s stock after selling 37,224 shares during the period. Waterfront Wealth Inc. owned approximately 0.07% of Harmonic worth $1,086,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of HLIT. KBC Group NV boosted its holdings in Harmonic by 84.8% in the 4th quarter. KBC Group NV now owns 6,295 shares of the communications equipment provider’s stock worth $83,000 after buying an additional 2,888 shares during the last quarter. CWM LLC boosted its holdings in Harmonic by 274.2% in the 3rd quarter. CWM LLC now owns 8,439 shares of the communications equipment provider’s stock worth $123,000 after buying an additional 6,184 shares during the last quarter. Entropy Technologies LP acquired a new stake in Harmonic in the 4th quarter worth about $146,000. iSAM Funds UK Ltd acquired a new stake in Harmonic in the 3rd quarter worth about $166,000. Finally, Captrust Financial Advisors boosted its holdings in Harmonic by 14.9% in the 3rd quarter. Captrust Financial Advisors now owns 12,671 shares of the communications equipment provider’s stock worth $185,000 after buying an additional 1,647 shares during the last quarter. 99.38% of the stock is currently owned by institutional investors and hedge funds.

Harmonic Stock Up 0.3 %

HLIT stock opened at $10.65 on Friday. The firm has a market cap of $1.25 billion, a PE ratio of 32.26 and a beta of 0.89. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.80 and a current ratio of 2.18. The firm’s 50 day moving average price is $12.14 and its 200-day moving average price is $12.95. Harmonic Inc. has a one year low of $8.42 and a one year high of $15.46.

Harmonic (NASDAQ:HLIT) last announced its earnings results on Monday, February 10th. The communications equipment provider reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. Harmonic had a return on equity of 15.90% and a net margin of 5.78%. On average, equities research analysts anticipate that Harmonic Inc. will post 0.31 EPS for the current year.

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

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on HLIT. Rosenblatt Securities lowered their price objective on Harmonic from $16.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, February 11th. Barclays lowered their price objective on Harmonic from $14.00 to $10.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 11th. Raymond James lowered shares of Harmonic from a “strong-buy” rating to an “outperform” rating and decreased their target price for the stock from $17.00 to $14.00 in a research note on Tuesday, October 29th. Needham & Company LLC decreased their target price on shares of Harmonic from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Tuesday, February 11th. Finally, StockNews.com raised shares of Harmonic from a “hold” rating to a “buy” rating in a research note on Wednesday, February 12th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $12.50.

Insider Buying and Selling at Harmonic

In other Harmonic news, CEO Nimrod Ben-Natan purchased 7,780 shares of the company’s stock in a transaction on Thursday, February 13th. The stock was acquired at an average price of $9.65 per share, for a total transaction of $75,077.00. Following the completion of the purchase, the chief executive officer now directly owns 347,797 shares in the company, valued at approximately $3,356,241.05. The trade was a 2.29 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David Krall purchased 10,000 shares of the company’s stock in a transaction on Thursday, February 13th. The stock was acquired at an average price of $9.78 per share, with a total value of $97,800.00. Following the purchase, the director now owns 163,490 shares of the company’s stock, valued at approximately $1,598,932.20. This represents a 6.52 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 29,780 shares of company stock valued at $286,157 over the last quarter. 2.36% of the stock is owned by company 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.