Harmonic Inc. (NASDAQ:HLIT) Shares Purchased by Alliancebernstein L.P.

Alliancebernstein L.P. raised its stake in Harmonic Inc. (NASDAQ:HLIT) by 8.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,145,357 shares of the communications equipment provider’s stock after buying an additional 175,133 shares during the quarter. Alliancebernstein L.P.’s holdings in Harmonic were worth $28,383,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. lifted its holdings in shares of Harmonic by 3.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,036,729 shares of the communications equipment provider’s stock worth $15,105,000 after acquiring an additional 34,405 shares during the last quarter. FMR LLC raised its position in Harmonic by 2,191.7% in the third quarter. FMR LLC now owns 152,401 shares of the communications equipment provider’s stock valued at $2,220,000 after purchasing an additional 145,751 shares during the period. BNP Paribas Financial Markets lifted its stake in Harmonic by 23.5% during the third quarter. BNP Paribas Financial Markets now owns 58,108 shares of the communications equipment provider’s stock worth $847,000 after purchasing an additional 11,051 shares in the last quarter. Captrust Financial Advisors lifted its stake in Harmonic by 14.9% during the third quarter. Captrust Financial Advisors now owns 12,671 shares of the communications equipment provider’s stock worth $185,000 after purchasing an additional 1,647 shares in the last quarter. Finally, Jane Street Group LLC grew its stake in shares of Harmonic by 40.3% in the third quarter. Jane Street Group LLC now owns 201,386 shares of the communications equipment provider’s stock valued at $2,934,000 after buying an additional 57,888 shares in the last quarter. Hedge funds and other institutional investors own 99.38% of the company’s stock.

Harmonic Stock Down 5.4 %

Shares of NASDAQ:HLIT opened at $8.33 on Monday. The company has a quick ratio of 1.80, a current ratio of 2.18 and a debt-to-equity ratio of 0.26. Harmonic Inc. has a fifty-two week low of $8.15 and a fifty-two week high of $15.46. The stock has a market cap of $975.05 million, a price-to-earnings ratio of 25.24 and a beta of 0.92. The firm’s 50 day moving average price is $10.35 and its 200 day moving average price is $12.13.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, February 10th. The communications equipment provider reported $0.38 earnings per share (EPS) for the quarter, topping 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%. As a group, equities research analysts predict that Harmonic Inc. will post 0.31 earnings per share for the current fiscal year.

Harmonic declared that its board has initiated a share repurchase program on Monday, February 10th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the communications equipment provider to buy up to 15.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at Harmonic

In related news, Director David Krall bought 10,000 shares of the stock in a transaction dated Thursday, February 13th. The stock was acquired at an average price of $9.78 per share, for a total transaction of $97,800.00. Following the acquisition, the director now owns 163,490 shares in the company, valued at approximately $1,598,932.20. This represents a 6.52 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Daniel T. Whalen purchased 3,000 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The shares were bought at an average price of $10.15 per share, for a total transaction of $30,450.00. Following the completion of the purchase, the director now directly owns 8,840 shares in the company, valued at $89,726. This represents a 51.37 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 32,780 shares of company stock valued at $316,607. 2.36% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Needham & Company LLC decreased their target price on Harmonic from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Tuesday, February 11th. Rosenblatt Securities reduced their price target on shares of Harmonic from $16.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, February 11th. Northland Securities dropped their price objective 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 on the stock in a report on Tuesday, February 11th. Finally, Jefferies Financial Group began coverage on shares of Harmonic in a research note on Friday, February 21st. They issued a “hold” rating for the company. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus 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.