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

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Jefferies Financial Group cut shares of Harmonic from a “buy” rating to a “hold” rating and reduced their price target for the company from $14.00 to $12.50 in a research report on Tuesday, October 29th. StockNews.com upgraded Harmonic from a “hold” rating to a “buy” rating in a report on Wednesday. Needham & Company LLC lowered their target price on Harmonic from $18.00 to $14.00 and set a “buy” rating for the company in a research note on Tuesday. Rosenblatt Securities reduced their price target on Harmonic from $16.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Barclays lowered their price objective on Harmonic from $14.00 to $10.00 and set an “equal weight” rating for the company in a research report on Tuesday. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $12.50.

Harmonic Trading Up 1.0 %

Harmonic stock opened at $9.51 on Thursday. Harmonic has a 12 month low of $8.42 and a 12 month high of $15.46. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of 13.03 and a beta of 0.89. The business’s fifty day simple moving average is $12.47 and its two-hundred day simple moving average is $13.09. The company has a current ratio of 2.08, a quick ratio of 1.62 and a debt-to-equity ratio of 0.29.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings data 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 net margin of 13.62% and a return on equity of 7.56%. As a group, equities analysts predict that Harmonic will post 0.52 earnings per share for the current fiscal year.

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.