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In a series of transactions on February 13, Nimrod Ben-Natan, President and CEO of Harmonic Inc . (NASDAQ:HLIT), acquired a substantial number of shares in the company. The purchases consisted of 7,780 shares of common stock, with a total value of $75,060. The shares were bought at prices ranging from $9.635 to $9.65 per share, according to a recent SEC filing. The timing is notable as InvestingPro data shows the stock has declined by 12% in the past week, with the company's shares currently trading below their Fair Value.
These acquisitions were made through open market purchases, increasing Ben-Natan's direct ownership in the company. Following these transactions, he now holds 347,797 shares of Harmonic Inc. This move underscores the executive's confidence in the company's future prospects. InvestingPro analysis reveals the company maintains strong financial health with liquid assets exceeding short-term obligations and a healthy current ratio of 2.18. For deeper insights into Harmonic's valuation and 10+ additional ProTips, check out the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Harmonic Inc. has been in the limelight due to various financial developments. The company reported a significant 33% year-over-year revenue increase and a $0.32 rise in earnings per share (EPS) for the fourth quarter of 2024. However, Harmonic's projected EPS for Q1 2025 falls between $0.02-$0.08 on revenue of $120-$135 million, well below analyst projections.
Simultaneously, Rosenblatt Securities and Needham analysts adjusted their outlooks on Harmonic, reducing the price target to $12.00 and $14.00, respectively, while maintaining a Buy rating. Rosenblatt's adjustment follows Harmonic's announcement of an expected decrease in its Broadband business due to slower than expected deployments of DOCSIS 4.0 technology. On the other hand, Needham's change in outlook is attributed to reduced demand from key clients Comcast (NASDAQ:CMCSA) and Charter.
Despite the lowered guidance and ensuing investor dissatisfaction, both Rosenblatt and Needham see potential for Harmonic's upside as the year progresses. These recent developments offer investors a glimpse into Harmonic's current financial standing and market position.
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