10,337 Shares in Harmonic Inc. (NASDAQ:HLIT) Acquired by Cibc World Markets Corp

Cibc World Markets Corp bought a new stake in Harmonic Inc. (NASDAQ:HLIT) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 10,337 shares of the communications equipment provider’s stock, valued at approximately $137,000.

Other large investors also recently added to or reduced their stakes in the company. AlphaQuest LLC lifted its stake in shares of Harmonic by 14,765.9% in the 4th quarter. AlphaQuest LLC now owns 6,095 shares of the communications equipment provider’s stock valued at $81,000 after purchasing an additional 6,054 shares during the last quarter. KBC Group NV raised its holdings in 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 buying an additional 2,888 shares in the last quarter. Entropy Technologies LP acquired a new stake in shares of Harmonic in the fourth quarter worth about $146,000. iSAM Funds UK Ltd bought a new stake in shares of Harmonic during the 3rd quarter worth about $166,000. Finally, Captrust Financial Advisors increased its holdings in shares of Harmonic by 14.9% during the 3rd quarter. Captrust Financial Advisors now owns 12,671 shares of the communications equipment provider’s stock valued at $185,000 after acquiring an additional 1,647 shares during the last quarter. 99.38% of the stock is owned by institutional investors.

Harmonic Stock Performance

NASDAQ:HLIT opened at $9.77 on Friday. 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 is $10.71 and its 200-day moving average is $12.33. Harmonic Inc. has a 52-week low of $8.42 and a 52-week high of $15.46. The company has a market cap of $1.14 billion, a price-to-earnings ratio of 29.61 and a beta of 0.87.

Harmonic (NASDAQ:HLIT) last posted 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 return on equity of 15.90% and a net margin of 5.78%. Equities research analysts anticipate that Harmonic Inc. will post 0.31 earnings per share for the current year.

Harmonic announced that its Board of Directors has approved a stock buyback plan on Monday, February 10th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the communications equipment provider to reacquire up to 15.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Harmonic

In other Harmonic news, Director Daniel T. Whalen acquired 3,000 shares of Harmonic stock in a transaction dated 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 acquisition, the director now owns 8,840 shares of the company’s stock, valued at approximately $89,726. The trade was a 51.37 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Walter Jankovic bought 12,000 shares of the stock in a transaction that occurred on Wednesday, February 12th. The stock was acquired at an average cost of $9.44 per share, for a total transaction of $113,280.00. Following the purchase, the chief financial officer now owns 46,129 shares of the company’s stock, valued at $435,457.76. This trade represents a 35.16 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 32,780 shares of company stock valued at $316,607 in the last 90 days. 2.36% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Northland Securities decreased their target price on Harmonic from $14.00 to $12.50 and set an “outperform” rating for the company in a research report on Tuesday, February 11th. Jefferies Financial Group began coverage on shares of Harmonic in a report on Friday, February 21st. They set a “hold” rating for the company. Rosenblatt Securities dropped their target price on shares of Harmonic from $16.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, February 11th. Barclays decreased their price target 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. Finally, StockNews.com upgraded Harmonic from a “hold” rating to a “buy” rating in a research note on Thursday. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $12.50.

Harmonic 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.