Stock Buyback Program Authorized by Harmonic (NASDAQ:HLIT) Board

Harmonic (NASDAQ:HLIT) declared that its board has initiated a stock repurchase plan on Monday, February 10th, RTT News reports. The company plans to repurchase $200.00 million in shares. This repurchase authorization permits the communications equipment provider to repurchase up to 15.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Harmonic Trading Down 15.3 %

Shares of HLIT opened at $9.42 on Wednesday. Harmonic has a 52-week low of $8.42 and a 52-week high of $15.46. The stock has a market cap of $1.10 billion, a PE ratio of 12.90 and a beta of 0.89. The firm’s fifty day moving average is $12.54 and its two-hundred day moving average is $13.11. The company has a quick ratio of 1.62, a current ratio of 2.08 and a debt-to-equity ratio of 0.29.

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

Wall Street Analyst Weigh In

HLIT has been the topic of several analyst reports. Raymond James lowered shares of Harmonic from a “strong-buy” rating to an “outperform” rating and dropped their price target for the company from $17.00 to $14.00 in a research report on Tuesday, October 29th. Jefferies Financial Group cut Harmonic from a “buy” rating to a “hold” rating and dropped their target price for the company from $14.00 to $12.50 in a research report on Tuesday, October 29th. Barclays reduced their price target on Harmonic from $14.00 to $10.00 and set an “equal weight” rating for the company in a report on Tuesday. Northland Securities dropped their price objective on Harmonic from $14.00 to $12.50 and set an “outperform” rating on the stock in a report on Tuesday. Finally, Rosenblatt Securities cut their price objective on Harmonic from $16.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Harmonic has a consensus rating of “Moderate Buy” and an average price target of $12.50.

About Harmonic

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.