Harmonic (NASDAQ:HLIT) Releases Q2 Earnings Guidance

Harmonic (NASDAQ:HLIT) issued an update on its second quarter earnings guidance on Monday morning. The company provided earnings per share guidance of $0.00-0.05 for the period, compared to the consensus earnings per share estimate of $0.05. The company issued revenue guidance of $125-140 million, compared to the consensus revenue estimate of $139.53 million. Harmonic also updated its FY24 guidance to $0.51-0.71 EPS.

Analysts Set New Price Targets

A number of brokerages recently commented on HLIT. Needham & Company LLC restated a buy rating and issued a $18.00 price target on shares of Harmonic in a research report on Wednesday, April 17th. Rosenblatt Securities dropped their target price on shares of Harmonic from $18.00 to $16.00 and set a buy rating for the company in a research report on Tuesday, January 30th. TheStreet upgraded shares of Harmonic from a c rating to a b rating in a research report on Monday, January 29th. Raymond James lowered their price objective on shares of Harmonic from $19.00 to $18.00 and set a strong-buy rating for the company in a research report on Tuesday, January 30th. Finally, StockNews.com raised Harmonic from a sell rating to a hold rating in a report on Wednesday, February 28th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Buy and a consensus target price of $17.20.

Harmonic Price Performance

NASDAQ:HLIT traded up $0.20 on Monday, hitting $9.40. The company had a trading volume of 2,336,639 shares, compared to its average volume of 2,027,902. The firm has a 50 day moving average of $12.25 and a two-hundred day moving average of $11.78. The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of 13.34 and a beta of 0.84. Harmonic has a 52 week low of $8.80 and a 52 week high of $18.43. The company has a current ratio of 1.21, a quick ratio of 0.91 and a debt-to-equity ratio of 0.02.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, January 29th. The communications equipment provider reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.03. Harmonic had a return on equity of 4.71% and a net margin of 13.82%. The company had revenue of $167.10 million for the quarter, compared to the consensus estimate of $158.98 million. During the same quarter last year, the business posted $0.12 EPS. Harmonic’s revenue for the quarter was up 1.7% on a year-over-year basis. On average, research analysts anticipate that Harmonic will post 0.32 earnings per share for the current year.

Insiders Place Their Bets

In other Harmonic news, SVP Neven Haltmayer sold 14,747 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $13.68, for a total value of $201,738.96. Following the transaction, the senior vice president now directly owns 156,559 shares of the company’s stock, valued at $2,141,727.12. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, SVP Neven Haltmayer sold 14,747 shares of Harmonic stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $13.68, for a total transaction of $201,738.96. Following the transaction, the senior vice president now owns 156,559 shares of the company’s stock, valued at $2,141,727.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Nimrod Ben-Natan sold 100,000 shares of the stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $12.91, for a total transaction of $1,291,000.00. Following the completion of the sale, the senior vice president now owns 302,214 shares of the company’s stock, valued at approximately $3,901,582.74. The disclosure for this sale can be found here. In the last 90 days, insiders sold 150,000 shares of company stock worth $1,917,122. 2.20% of the stock is currently owned by insiders.

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.